FINRA Reg. Notice 12-24 This Notice reminds firms that FINRA Rule 5131(d)(4) prohibits firms from accepting a market order for the purchase of shares in a new issue in the secondary market prior to the commencement of trading of such shares in the secondary market. Cross References: FINRA Rule 5130; FINRA Rule 5131; Regulatory Notice 10-60; Regulatory Notice 11-29. For more information about this document, you may contact one of the following Cadwalader attorneys: Steven D. Lofchie; Nihal S. Patel.

View CFTC webcast here. To view additional materials from this meeting, go to the related May 10th regulatory update.

U.S. Securities and Exchange CommissionToronto, Ontario Pre- and post-trade transparency -- Summary of introductory remarks by Chairman Schapiro. View speech here.

The U.S. Commodity Futures Trading Commission (CFTC) obtained two federal court consent orders of permanent injunction, one order requiring defendant Ronald E. Satterfield, of Charleston, S.C., to pay $957,146 of restitution and a $2,871,438 civil monetary penalty, and the other order requiring defendant Nicholas Bos (Bos) of Ludington, Mich., to pay $849,146 of restitution and a $2,547,438 civil monetary penalty, for operating a foreign currency (forex) Ponzi scheme. The Bos order also requires Patricia Bos (P. Bos), a relief defendant and Bos' wife, to disgorge $295,000 in ill-gotten gains

See: 77 FR 28819 The CFTC issued a proposed exemptive Order that extends the effective date for certain provisions of the Dodd-Frank Act requiring the regulation of swaps until December 31, 2012, or until the Commission's rules and regulations go into effect, whichever is sooner, thus providing further transitional relief until the CFTC and SEC finalize key definitions including that for "swaps.' The Order modifies temporary exemptive relief previously granted in 2011 that twice extended the effective date of Title VII of the Dodd-Frank Act by providing another six-month extension of the