The Securities and Exchange Commission today charged a Hawaii resident and two firms he used to orchestrate a scheme in which he covertly founded small companies, installed management, and recruited overseas boiler rooms that pressured investors into buying their stock while he pocketed more than $2 million in consulting fees from proceeds of the fraudulent stock sales. View release in full here.View related SEC Complaint.

This joint guidance is applicable to all institutions supervised by the agencies with more than $10 billion in total consolidated assets. Specifically, with respect to the OCC, these banking organizations include national banking associations, federal savings associations, and federal branches and agencies; with respect to the Board, these banking organizations include state member banks, bank holding companies, savings and loan holding companies, and all other institutions for which the Federal Reserve is the primary federal supervisor; with respect to the FDIC, these banking organizations

This statement is intended to provide clarification of supervisory expectations for stress testing by community banks. Cross References: Dodd-Frank Sections 155 156 View statement in full here.

See: 77 FR 28476 The SEC is making a technical amendment to the definition of "covered associate" in rule 206(4)-5 under the Investment Advisers Act of 1940 ("Advisers Act") to correct an inadvertent error in the rule as published in the Federal Register on July 19, 2011. Cross References: Advisers Act Rule 206(4)-5; Proposed Rule Release No. IA-3110; Final Rule Release No. IA-3221. For more information about this document, you may contact one of the following Cadwalader attorneys: Steven D. Lofchie; Brian W. Kleinhaus.

View source release here (links externally to SEC website). "On April 27, 2012, IOSCO published the above captioned Consultation Report without the concurrence of the U.S. Securities and Exchange Commission (the Commission). We feel that it is important to state for the record that the Consultation Report does not reflect the views and input of a majority of the Commission. In fact, a majority of the Commission expressed its unequivocal view that the Commission’s representatives should oppose publication of the Consultation Report and that the Commission’s representatives should urge IOSCO to