The National Futures Association ("NFA") has ordered a CTA firm and its principals to withdraw from NFA membership for charging excessive fees and failing to provide customers with a break-even analysis. Additionally, the NFA found that Cap Ex used a misleading disclosure document, conducted business with an entity that was required to be registered as a CPO but was not registered in such capacity, and failed to list an entity as a principal of the firm. Cap Ex principals Mr. Bramlett and Mr. Johnson are banned from applying for NFA membership or associate membership for a period of two years

FINRA has issued its 2014 Regulatory and Examination Priorities letter, which highlights significant risks and issues that could adversely affect investors and market integrity this year. The letter addresses topics related to business conduct, fraud, financial and operational concerns, as well as market regulation priorities. Additionally, FINRA has noted that it will update its view on risks throughout the year identified and encourages firms to be dynamic in their assessment of risks.As to suitability issues, which FINRA identifies as one its major concerns, FINRA points to the following

FINRA has issued a regulatory notice to help firms review, reconcile and respond to their Final Renewal Statements, as well as view the reports that are currently available in Web CRD/IARD for the annual registration renewal process. FINRA stated that, if the amount assessed on the Final Renewal Statement is greater than that which is assessed on the Preliminary Renewal Statement, the additional renewal fees are due by January 10, 2014. If the amount assessed on the Final Renewal Statement is less than that which is assessed on the Preliminary Renewal Statement, FINRA has issued a credit to

FERC and the CFTC have signed Memoranda of Understanding ("MOUs") which address (1) overlapping jurisdictions and (2) information sharing of market surveillance in connection with investigations into potential market manipulation, fraud or abuse. The MOU relating to jurisdiction sets out a process under which the agencies will notify one another of activities that may involve overlapping jurisdictions and coordinate to address concerns. The information-sharing MOU establishes procedures through which agencies will share information of mutual interest related to their respective market

The CFTC charged foreign national, Artem Obolensky, with making false and misleading statements of material fact to CFTC staff during an investigation of a trade between the bank of which Mr. Obolensky was president and a non-U.S. fund that was managed by a number of the bank's employees. The CFTC's Order found that Obolensky knowingly made false and misleading statements to CFTC staff on October 13, 2011, regarding a trade in March 2012 Japanese Yen call options contracts between the two entities. According to the Order, Obolensky said: "The two entities pursue different strategies. Pure