FINRA filed with the SEC proposed rule changes to amend FINRA Rule 5110("Corporate Financing Rule - Underwriting Terms and Arrangements") and Rule 5121("Public Offerings of Securities with Conflicts of Interest") to "simplify and refine" the scope of the rules. Rule 5110 generally regulates underwriting compensation and prohibits unfair arrangements in connection with the public offering of securities. Rule 5121 generally provides that members with a conflict of interest may not participate in a public offering unless the members comply with certain prescribed disclosures or other protections

FINRA has filed with the SEC a proposed rule change to adopt FINRA Rule 7640A ("Data Products Offered by Nasdaq") that would affect the process by which fees are set for market information. According to FINRA, the rule change (i) describes FINRA's practices relating to the distribution of market data for over-the-counter ("OTC") transactions in national market system ("NMS") stocks generated through the operation of the FINRA/Nasdaq Trade Reporting Facility ("TRF"), and (ii) identifies Nasdaq rules relating to products that distribute FINRA/Nasdaq TRF data to third parties. See: Text of the

The SEC charged snack food company, Diamond Foods and two of its former executives for their roles in an accounting scheme to falsify walnut costs in order to boost earnings and meet estimates by stock analysts. According to the SEC release, one of the company's significant lines of business involves buying walnuts from its growers and selling the walnuts to retailers. The SEC explained that, with the sharp increases in walnut prices in 2010, Diamond encountered a situation where it needed to pay more to its growers in order to maintain longstanding relationships with them. However, Diamond

The CFTC has announced the extension of the comment period to its' proposed rules on aggregation of position limits in CFTC Rules Part 150 ("Limits on Positions") until February 10, 2014. The comment period was originally set to close on January 14, 2014. The proposed amendments to the aggregation rules were adopted at the same November 5, 2013, CFTC public meeting at which the proposed rule regarding Position Limits for Derivatives was adopted. However, the two proposals were published in the Federal Register on different dates, which resulted in different comment periods. According to the

The SEC granted the BATS y-Exchange, Inc. ("BYX") an extension to the limited exemption from Regulation NMS Rule 612(c) ("Sub-Penny Rule") in connection with the operation of the BYX Retail Price Improvement ("RPI") Program. BYX was originally granted a limited exemption from the Sub-Penny Rule on November 27, 2012. That exemption was granted coterminous with the effectiveness of the pilot RPI Program, which is scheduled to expire on January 11, 2014. BYX requested an extension of the exemption until January 31, 2015, and the request was made in conjunction with an immediately effective filing