On Thursday, President Obama announced additional list-based sanctions against Russia under Executive Order 13661, while also signing a new Executive Order authorizing a potentially significant expansion of list-based sanctions to cover individuals and entities operating in sectors across the Russian economy. ( See attached March 20 Executive Order.) Also on Thursday, lawyers from the U.S. Securities and Exchange Commission reportedly contacted public investment funds with exposure to Russia to ensure that they are aware of and preparing for the potential impact of sanctions. Finally, Russia

FINRA filed with the SEC an immediately effective rule proposal to extend a pilot program related to FINRA Rule 11892 ("Clearly Erroneous Transactions in Exchange-Listed Securities"). FINRA proposes to extend the pilot program to coincide with the pilot period for the Plan to Address Extraordinary Market Volatility, pursuant to Reg. NMS Rule 608 ("Filing and Amendment of National Market System Plans"), known as the "Limit Up-Limit Down Plan." The current pilot program under FINRA Rule 11892 provides for uniform treatment (i) of clearly erroneous execution reviews in multi-stock events

Better Markets, Inc. ("Better Markets"), a nonprofit organization that promotes the "public interest" by "argu[ing] extensively for the adoption of appropriately strong rules governing the derivatives markets" and for "broad application of those rules to international or 'cross-border' transactions," submitted an amicus brief in support of the CFTC's position in the lawsuit filed by ISDA, SIFMA and the Institute of International Bankers ("IIB") (together, the "Associations") challenging the legality of the CFTC's Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations

In a speech before the Investment Company Institute 2014 Mutual Funds and Investment Management Conference, Craig Lewis, SEC Chief Economist and Director of the Division of Economic and Risk Analysis ("DERA"), discussed the economic analysis conducted by the SEC in rule proposals and analyses. Director Lewis explained that the 2012 Memorandum Current Guidance on Economic Analysis in SEC Rulemaking ("Memo") outlines the SEC's approach to "robust" economic analysis. Additionally, Director Lewis said that the Memo "states the fundamental precept that economists are part of the rulemaking process

The SEC charged David Cancian with insider trading ahead of an April 5, 2011 announcement, by Massachusetts-based American Superconductor Corporation, that caused the company's stock price to tumble 42 percent. According to the SEC's complaint, Cancian, while having drinks on April 1, 2011 with a friend who was a senior executive at American Superconductor, learned that the company's stock price was likely to drop. The next trading day, Cancian sold the majority of the American Superconductor stock that he owned and sold "covered call options" to offset losses on the stock that he continued to