Yesterday, the SEC charged 14 sales agents who misled investors and illegally sold securities for a Long Island-based investment firm at the center of a $415 million Ponzi scheme. View release in full here (links externally to CFTC website). Additional Materials: SEC Complaint

See: 77 FR 35200 The CFTC is adopting rules to further implement the Commodity Exchange Act (CEA) with respect to the new statutory framework regarding swap data recordkeeping and reporting established by the Dodd-Frank Act. The Dodd-Frank Act, which amended the CEA, directs that rules adopted by the CFTC shall provide for the reporting of data relating to swaps entered into before the date of enactment of the Dodd-Frank Act, the terms of which have not expired as of the date of enactment of the Dodd-Frank Act ("pre-enactment swaps") and data relating to swaps entered into on or after the date

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) are seeking comment on three notices of proposed rulemaking (NPRs) that would revise and replace the agencies’ current capital rules. The agencies also announced the finalization of the market risk capital rule that was proposed in 2011. View release in full here (links externally to FDIC website).Basel III NPR - PDF Advanced Approaches and Market Risk NPR - PDF Standardized Approach NPR - PDF Final Rule Regarding Market Risk

The SEC today issued a policy statement describing the order in which it expects new rules regulating the derivatives market would take effect. The statement covers final rules to be adopted by the SEC under the 2010 Dodd-Frank Act. View release in full here (links externally to SEC website).

FINRA Reg. Notice 12-28 The SEC approved amendments to FINRA Rule 13204 of the Code of Arbitration Procedure for Industry Disputes (Industry Code) to preclude collective action claims by employees of FINRA member firms under the Fair Labor Standards Act (FLSA), the Age Discrimination in Employment Act (ADEA) or the Equal Pay Act of 1963 (EPA) from being arbitrated under the Industry Code. Effective Date: July 9, 2012 Cross References: FINRA Rule 13204; SEC Release 34-66774, 77 FR 22374 (April 13, 2012) (Approval of Rule Change). For more information about this document, you may contact one of