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The SEC announced that starting on May 25, 2013, the fee rates applicable to most securities transactions will decrease from $22.40 per million dollars to $17.40 per million dollars. See : Order - Adjustments to Fee Rates .

SEC Commissioner Luis A. Aguilar gave a speech on the important role of institutional investors in two respects: (i) as monitors of public disclosures made by emerging growth companies that are exempted from some of the otherwise applicable disclosure requirements by the JOBS Act and (ii) as private overseers of executive compensation and other issues in good corporate governance. In both these regards, he suggested that there is, or should be, an implicit partnership between institutional investors and the SEC as the public overseer of corporations. Lofchie Comment : It would be hard to

The SEC issued a report which makes clear that companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure ("Regulation FD") so long as investors have been alerted about which social media site will be used to disseminate such information. The report was issued in response to an announcement by an officer of NetFlix on Facebook announcing that Nexflix had streamed a significant amount of content in June. This raised concerns that readers of Hasting's Facebook page were obtaining inside information. (Regulation FD

The MFA has submitted a comment letter to the SEC in response to its proposed implementation ofJOBS Act Section 201 ("Modification of Exemption"), in which the MFA responded to recommendations proposed by the SEC's Investor Advisory Committee for the SEC to make certain changes to the private offering framework and related regulations in connection with its implementation of the JOBS Act. The MFA's principal recommendations and commendations were as follows: agreed that the filing of Form D, or some other regulatory form, be made a condition to relying on Regulation D, provided that an issuer