The SEC charged JPMorgan Chase Co. with misstating financial results and lacking the effective internal controls to detect and prevent its traders from fraudulently overvaluing investments to conceal trading losses, resulting in a penalty of $200 million. As part of a coordinated global settlement, three other agencies also announced settlements with JPMorgan, including the UK Financial Conduct Authority, the Board of Governors of the Federal Reserve, and the Office of the Comptroller of the Currency. JPMorgan is paying a total of approximately $920 million in penalties to settle the charges

FINRA approved a proposal requiring securities representatives who are changing firms to disclose to customers whose accounts they seek to transfer to the new firm any recruitment compensation paid to them as an incentive to move to the new firm. If approved by the new firm, representatives would be required to disclose for a full year their recruitment compensation, including signing bonuses, up-front and back-end bonuses, loans, accelerated payouts, and transition assistance, to any customers that chose to follow them to their new firm. Firms would also be required to make certain

FINRA issued a public statement, authored by the Office of the Chief Economist, to provide a framework to help ensure FINRA's rules are better designed to protect the investing public and maintain market integrity while minimizing unnecessary burdens. The framework outlined in the statement applies to the prospective analysis of rules and rule changes, and describes how FINRA will evaluate significant new rule proposals and amendments to existing rules. The public statement highlights three "core principles" regarding economic assessment impact for rulemaking: consult with key stakeholders in

The CFTC approved the application of TeraExchange, LLC for temporary registration as a swap execution facility ("SEF"), pursuant to CFTC Rule 37.3. See: CFTC Letter to TeraExchange; CFTC Press Release. See also: CFTC Issues Notice of Temporary Registration as SEFs to SwapEx, LLC, GFI Swaps Exchange LLC, and MarketAxess SEF Corp. (September 13, 2013); CFTC Issues Notices of Temporary Registration to TW SEF LLC and DW SEF LLC as Swap Execution Facilities (September 9, 2013); CFTC Issues Temporary Registration as Swap Execution Facility to Bloomberg (with Lofchie Comment) (July 31, 2013).

The CFTC has approved the applications of Javelin SEF, LLC and BGC Derivative Markets, L.P for temporary registration as swap execution facilities ("SEFs") pursuant to CEA Section 5h ("Swap Execution Facilities") and CFTC Rule 37.3(c). See: CFTC Letter to Javelin; CFTC Letter to BGC; CFTC Press Release. See also: CFTC Issues Notice of Temporary Registration as SEFs to SwapEx, LLC, GFI Swaps Exchange LLC, and MarketAxess SEF Corp. (September 13, 2013); CFTC Issues Notices of Temporary Registration to TW SEF LLC and DW SEF LLC as Swap Execution Facilities (September 9, 2013); CFTC Issues