The SEC charged NASDAQ with securities laws violations resulting from the Facebook IPO. In settling these charges, NASDAQ agreed to pay a $10 million penalty and to certain undertakings, including enhancements to its technology change process and an expansion and formalization of the role of the NASDAQ's Regulatory Group in the technology change process. The order also resolves charges stemming from unrelated violations by NASDAQ of Regulation SHO and Regulation NMS. While the SEC's charges relating to the Facebook IPO were based upon NASDAQ's failure to comply with several of its own rules

The FINRA Investor Education Foundation ("FINRA Foundation") released the results of America's State-by-State Financial Capability Survey, finding that many Americans continue to struggle to make ends meet, plan ahead and make sound financial decisions. The survey findings illustrate a significant disparity in financial capability among state populations. For instance, California, Massachusetts and New Jersey were ranked as the most financially capable states. Interestingly, New York State had some very high (and some pretty low) relative scores. The most worrisome finding of the study is that

In order to assist firms that may wish to request registration relief from the CFTC which allows them to delegate CPO functions, we link to a form of request letter that firms may tailor to their specific facts. As noted in the Cadwalader Cabinet newsletter May 24th, 2013, the CFTC recently issued several no-action letters granting CPO registration relief to the general partners of investment funds that delegated their CPO functions to the fund’s CFTC-registered investment manager. By way of background, in August 2012 the CFTC issued Frequently Asked Questions on Amendments to CPO Obligations

SEC Chief Economist and Director, Craig M. Lewis, delivered a speech at the Pennsylvania Association of Public Employee Retirement Systems Annual Spring Forum on the role of economic analysis in furthering the Commission's mission to protect investors and the ways in which the public can help craft regulations to effectively accomplish this goal. Lewis specifically discussed what the Commission considers the four basic elements of a robust economic analysis. These elements include: (1) an identification of the justification for the regulatory action; (2) a definition of the baseline against

Firms may calculate option position limits in accordance with volume and float criteria specified by FINRA for conventional ( i.e., otc) equity options overlying securities that are part of an index designated by FINRA and submit a post-trade notice filing to FINRA. FINRA previously designated the FTSE All-World Index. Effective June 27, 2013, FINRA is designating the NASDAQ Global Large Mid-Cap Index to permit firms to use the volume and float criteria to calculate position limits for conventional equity options on securities in that index. Effective Date : June 27, 2013. See : Reg. Notice 13