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The SEC announced fraud charges against two Tampa-area investment advisers accused of failing to inform clients truthfully about compensation received from offshore funds. The advisers recommended the funds as safe investments despite substantial risks and red flags. The SEC's Enforcement Division alleged that Gregory J. Adams and Larry C. Grossman solicited and directed the clients of their investment firm, Sovereign International Asset Management, to invest almost exclusively in funds controlled by an asset manager named Nikolai Battoo, whom the SEC has previously charged in a separate

On September 17, 2013, the MSRB filed with the SEC a proposed rule change consisting of new MSRB Rule G-47 ("Time of Trade Disclosures"), new MSRB Rules D-15 and G-48 ("Relating to Sophisticated Muni Market Professionals"), and amendments to MSRB Rule G-19 ("Suitability"). The SEC received two comment letters in response to the proposed rule change, to which letters the MSRB responded on January 14. The SEC is publishing this order to solicit additional input from interested persons and to institute proceedings to determine whether to approve or disapprove the proposed rule change. Lofchie