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Commentary by Steven Lofchie

SIFMA filed an amicus curiae brief with the U.S. Supreme Court in Merrill Lynch, Pierce, Fenner & Smith, Inc., et al. v. Manning . The case presents the question of whether claims that are based on state law but that relate to violations of the Exchange Act must be heard in federal court. The Third Circuit decided that Section 27 of the Exchange Act did not confer exclusive federal jurisdiction over the claims (which relate to alleged improper short sales that, under federal law, would arguably violate Regulation SHO). SIFMA asserts that the court of appeals' decision is "inconsistent with the

The North American Securities Administrators Association ("NASAA") reminded investors to exercise caution before investing in "three products recently making news: marijuana-related investments, binary options and digital currency." NASAA President and Maine Securities Administrator Judith Shaw stated: "At first glance, these products appear to have no real connection to one another. But what they all have in common is their recent emergence as three investments that both sellers and buyers hope will become the 'next big thing.' Before you consider investing, make sure you understand what