SEC Press Release 2011-51 Feb. 24, 2011 The SEC announced the filing of civil enforcement action against a California-based broker-dealer and an operator of offshore hedge funds for their alleged manipulation of the prices of microcap stocks in order to artificially inflate the NAV of the hedge funds. The complaint alleges the firms used a number of manipulative techniques, including matched orders, marking the close, and wash sales. The complaint alleges violation of anti-fraud provisions under the Securities Act, the Exchange Act, and the Advisers Act. In addition, the SEC filed settled

Wall Street Journal Blog February 13, 2011 Upwards of 130,000 jobs could be lost if U.S. regulators impose new restrictions on derivatives transactions too broadly, according to a study to be released Monday. Commissioned by several major business groups, the study estimates that if regulators require all S&P 500 companies to put up 3% cash collateral on every over-the-counter derivative trade. The results show that there is "no upside" to imposing margin requirements on end users, said David Hirschmann, who heads the U.S. Chamber's Center for Capital Markets Competitiveness. Cross References

CFTC Remarks February 14, 2011 Arguing that "without adequate funding of our financial market regulatory apparatus, the new legislation [Dodd-Frank] won't mean much in the real world . . . We will once again be vulnerable to the conditions that created the recent economic chaos," CFTC Commissioner Bart Chilton calls for more resources "to make it [Dodd-Frank] work.

Reuters February 11, 2011 President Barack Obama's proposed budget for fiscal 2012 includes $308 million for the Commodity Futures Trading Commission, up 82 percent from the regulator's current spending level, two sources with direct knowledge of the number said on Friday. But House Republicans looking to slash government spending want steep cuts at the CFTC, in a bid to starve it because of its lead role in implementing Dodd-Frank financial reforms. The CFTC is one of the focal points of anticipated bitter partisan fights over funding.

CFTC Dodd-Frank Rulemaking 76 Fed. Reg. 8068 February 11, 2011 Closing Date: April 12, 2011 The proposed CFTC rule would require commodity pool operators ("CPOs") and commodity trading advisors ("CTAs") registered with the CFTC to satisfy certain proposed CFTC filing requirements by filing Form PF with the SEC, but only if those CPOs and CTAs are also registered with the SEC as investment advisers and advise one or more private funds. The information contained in Form PF is designed, among other things, to assist the Financial Stability Oversight Council in its assessment of systemic risk in