SEC Press Release No. 2011-98 April 25, 2011 The SEC announced that it settled insider trading charges against a former analyst at a broker-dealer. The SEC had alleged that the analyst illegally traded in advance of a corporate takeover by a company that the broker-dealer had advised. Cross References SEC Press Release No. 2010-153 (SEC announcement of asset freeze) SEC Complaint Exchange Act §§ 10(b), 14(e) Exchange Act Rules 10b-5; 14e-3

SEC Release No. 34-64336 April 25, 2011 The SEC announced the filing of two administrative enforcement actions against an investment adviser, its president, and the broker-dealer it employed relating to transactions that sought to "mark the close" in certain illiquid securities. According to the release, the adviser repeatedly had its broker-dealer execute trades in order to inflate the prices of certain illiquid securities by placing buy orders at prices well above the most recent previous trade before closing. The SEC charged both the adviser and the broker-dealer with violating Exchange Act

International Swaps and Derivatives Association April 25, 2011 ISDA released the C=C Product Eligibility Matrix that provides data on products and transaction types that will be eligible for Consent = Confirmation, a process to simplify the way parties consent to a novation of a credit derivative position.

FINRA News Release April 19, 2011 FINRA announced that it has indefinitely suspended a Texas-based broker-dealer and its president for failing to comply with a FINRA temporary cease-and-desist order regarding fraudulent misrepresentations in connection with the sale of certain oil and gas joint interests. Cross References FINRA Interim SuspensionFINRA Temporary Cease-and-Desist Order

SR-FINRA-2011-018 April 19, 2011 FINRA submitted to the SEC a proposal to adopt NASD Rule 2830 as FINRA Rule 2341, with significant changes. Rule 2830 generally limits the sales charges that may be paid to broker-dealers in connection with the distribution of investment company securities. Among other things, the FINRA proposal would amend the rule by (1) requiring firms to make new disclosures to investors on cash compensation arrangements; (2) amending the recordkeeping requirements relating to non-cash compensation; (3) eliminating a condition regarding discounted sales of investment