The SEC obtained an emergency court order to freeze assets in a Switzerland-based trading account that was used to reap more than $1.7 million from trading in advance of last week's public announcement about the acquisition of H.J. Heinz Company. The SEC alleges that the unknown traders were in possession of material nonpublic information about the impending acquisition when they purchased out-of-the-money Heinz call options the day before the announcement. See: SEC Complaint. See also: SEC Press Release.

The hearing will take place on Wednesday, February 27, at 2:30 p.m. CFTC Chairman Gary Gensler will be the only witness for the hearing. See: Senate Committee on Agriculture Notification.

SIFMA has submitted a comment letter to the MSRB regarding the MSRB's initiative to review its rules and interpretive guidance. SIFMA commended the MSRB for proactively soliciting comments to determine whether any rules or guidance should be revised or restated due to changes in market practices or conditions, or to be more closely aligned with the rules of other self-regulatory organizations or government agencies so as to promote more effective and efficient compliance. SIFMA's comments cover: Guiding themes that should direct MSRB rulemaking; and Specific suggestions to revise specific

The SEC recently approved a proposal by The Nasdaq Stock Market LLC ("Nasdaq") to adopt its proposed Retail Price Improvement Program (the "Nasdaq Program") on a one-year pilot basis. The Nasdaq Program is similar to the NYSE's previously approved Retail Liquidity Program and is also similar to the program of the BATS Y-Exchange. In connection with the approval of the Nasdaq Program, the SEC also granted exemptive relief from Rule 612 of Regulation NMS, which prohibits a national securities exchange from accepting or ranking orders priced greater than $1,00 per share in an increment smaller

The MFA and AIMA have submitted a joint comment letter to ESMA regarding the emergency short selling bans adopted by Member States. In the letter, MFA and AIMA offer suggestions that would facilitate the efficacy of, and investor compliance with, such bans (although both trade associations oppose the imposition of such bans). The letter further asserts that communication could be improved to the benefit of all parties with regards to the scope of the emergency measures, the use of the concepts, definitions, and guidance already agreed upon and harmonized under the Short Selling Regulation, and