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SEC Division of Corporation Finance Director Keith F. Higgins delivered remarks regarding the SEC's recent rulemakings and the impact on angel investors. First, Director Higgins stated he is surprised the new Rule 506(c) ("Exemption for Limited Offers and Sales without Regard to Dollar Amount of Offering") exemption has not caught on more widely with "issuers who have long clamored for the general solicitation ban to be lifted." He wondered whether issuers' reluctance to use the new rule was their misinterpretation of the necessary "reasonable steps to verify" the accredited investor status of

FINRA released the second podcast in a five-part series providing an overview of FINRA's 2014 examination priorities. This podcast focuses on recidivist brokers, conflicts of interest, cybersecurity, qualified plan rollovers, suitability and due diligence of private placements. Recidivist brokers: A small number of brokers have demonstrated a pattern of complaints or disclosures for sales practice abuses that could harm investors as well as the reputations of the securities industry and financial markets. In 2014, FINRA will expand the high-risk broker program and create a dedicated

The CFTC's Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a letter generally liberalizing the de minimis limits that would apply to an entity that is not registered as a swap dealer, but that seeks to enter into dealing swaps with certain power utilities that are within the definition of "special entity." Under the CFTC's swap dealer registration requirement, an entity that engages in as little as $25 million in notional swaps activity with a "special entity" could be required to register as a swap dealer. Under a prior CFTC no-action letter (CFTC Letter No. 12-18), this

The CFTC announced that a public roundtable is scheduled for April 3, 2014, to discuss issues concerning end users. The roundtable will cover the following issues: the obligations of end users under CFTC Rule 1.35 ("Records of Commodity, Interest and Related Cash or Forward Transactions") concerning recordkeeping for commodity interest and related cash or forward transactions; the appropriate regulatory treatment of forward contracts with embedded volumetric optionality; and the appropriate regulatory treatment for purposes of the $25 million ("special entity") de minimis threshold for swap

The CFTC Division of Swap Dealer and Intermediary Oversight issued an advisory that provides guidance regarding requirements imposed on commodity trading advisors ("CTAs") resulting from Dodd-Frank. Dodd-Frank amended the statutory definition of CTA to include any person who engages in the business of advising others on swaps. As a result, provisions of the CEA and CFTC Rules applicable to CTAs may result in new advisory obligations. Additionally, according to the advisory, certain CTAs who were previously exempt from registration with the CFTC are now required to register due to the CFTC’s