The SEC National Exam Program ("NEP") published its examination priorities for 2013. The NEP establishes certain general priorities, as well as specific priorities applicable to each of (i) investment advisers and investment companies, (ii) broker-dealers, (iii) clearing and transfer agents and (iv) "market oversight" (particularly the securities exchanges, FINRA and MSRB). The NEP also identifies a number of policy priorities (including rulemaking around the JOBS Act). NEP priorities include the following: The market-wide priorities are identified as (i) fraud detection and prevention, (ii)

SEC Chairman Elisse Walter delivered remarks on informed risk-taking for investor protection and confidence. In her speech, the Chairman urged legislators and regulators to maximize stability and minimize risk, enhance capital requirements, minimize moral hazard and increase scrutiny by regulators. Walter states that regulators should protect investors against fraud and ensure that those who invest are sufficiently sophisticated and able to bear the risk. Among the specific issues raised by Chairman Walter were (i) that the SEC have sufficient tools to detect fraud and insider trading, (ii)

The SEC charged an investment adviser located in the U.S. Virgin Islands with defrauding clients from whom he withheld the fact that he was receiving kickbacks for investing their money in thinly traded companies. View Order in full here (links externally to SEC website). See also: Press Release

The CFTC and IOSCO will hold a public roundtable on Tuesday, February 26, 2013, to discuss the IOSCO Consultation Report, " Financial Benchmarks," which was published in January 2013. Along with the written comments and the roundtable discussion held in London on February 20, this rountable is intended to provide input for the IOSCO Final Report containing principles of best practices for benchmark methodologies and governance. Click hereto learn more (links externally to CFTC website). Related News Item: IOSCO Report on Financial Benchmarks; e.g., LIBOR (with Lofchie Comment).

SIFMA provided comments to FINRA on a proposed change toFINRA Rule 2267 (Investor Education and Protection) that would require FINRA member firms to "include a prominent description of and link to FINRA BrokerCheck, as prescribed by FINRA," on firm "websites, social media pages and any comparable Internet presence". The proposed amendment would require the same descriptions and links to be included on websites, social media pages and any comparable Internet presence "relating to a member's investment banking or securities business maintained by or on behalf of any person associated with a