SIFMA submitted comments to the SEC on proposals to allow participants to attest that "substantially all" orders submitted to the Retail Liquidity Program ("RLP" or the "Programs") will qualify as "Retail Orders." In the letter, SIFMA states that the proposed amendments represent a material and problematic departure from the Programs originally considered by the SEC. The Programs each create a new class of market participants: Retail Member Organizations ("RMOs"). In order to qualify as an RMO, a participant is required to submit an attestation to the Exchange that "any" order flow submitted

SIFMA submitted comments to the MSRB on codifying time of trade disclosure obligation and Proposed Rule G-47, MSRB Notice 2013-04. SIFMA stated that it generally supports the concept behind this initial effort by the MSRB to "provide clarity to regulated entities by reorganizing or eliminating certain interpretive guidance associated with MSRB Rule G-17 ("Conduct of Municipal Securities and Municipal Advisory Activities") into new or revised rules that highlight core principles." At the same time, however, SIFMA asserted that Proposed Rule G-47 ("Time of Trade Disclosure") has significant gaps

The SEC charged a NY-based private equity adviser, a former senior executive and an employee for violating securities laws by reason of the employee, who was not a registered as, or associated with, a broker-dealer, soliciting more than $500 million in capital commitments for private funds managed by the adviser. The adviser, the former senior executive and the employee agreed to settle the SEC's charges. According to the enforcement release, the relevant employee was supposed to act in the capacity of being a "finder," but his activities went beyond that. The employee's activities cited in

The SEC charged two investment advisers at Oppenheimer & Co. with misleading investors about the valuation policies and performance fees of private equity funds under their management. The funds managed by Oppenheimer were, in turn, invested in other funds. Although the Oppenheimer funds' quarterly reports and marketing materials stated that valuations were based on the underlying managers' estimated values, the funds' largest investment was significantly marked up from that estimated value, which, in turn, artificially inflated the funds' performance, alleged the SEC. See: SEC Order (links

The CFTC's Division of Market Oversight issued a letter advising the Bolsa de Valores, Marcadorias e Futuros ("BVMF-Brazil") that its MICEX Index, Hang Seng Index, FTSE/JSE Top 40 Index, and the BSE Sensitive Index futures contracts were deemed certified. The contracts satisfy the requirements of the Commodity Exchange Act and the CFTC's Regulations and may be offered or sold to persons in the U.S. through the BVMF's direct access terminals located in the U.S. Click here to view letter in full (links externally to CFTC website). See also: BVMF Memo Hang Seng; BVMF Memo Top 40; and BVMF Memo