The SEC charged a consumer financial services company and its executives with "fraudulent manipulation of the company's financial results to meet analyst expectations." The SEC found that the company "overstated its second quarter 2012 net income," and that its "stock rose when the company announced the inflated financial results." The SEC charged that, ultimately, the company's then-CFO sold "more than $2 million in company stock." The company agreed to pay $15 million to settle the accounting fraud charges. One of its executives agreed to pay more than $180,000 to settle the SEC's charges

The Department of Defense ("DOD") issued a final rule expanding protections provided to service members and their families under the Military Lending Act ("MLA"). The final rule amended implementation regulations and addressed a wider range of credit products than the DOD's previous regulation. The final rule: extends MLA protections, including the Military Annual Percentage Rate ("MAPR") cap, to a wider range of credit products, including credit cards; modifies the MAPR to include fees for credit-related ancillary products sold in connection with the credit transaction, finance charges

SIFMA, the International Securities Lending Association ("ISLA") and the International Capital Market Association ("ICMA") (collectively, the "associations") responded to a Prudential Regulation Authority consultation paper that proposed new rules requiring the recognition of UK resolution stays in certain financial contracts. The consultation paper, titled " Contractual Stays in Financial Contracts Governed by Third-Country Law" concerns contracts governing derivatives, repurchase and reverse repurchase transactions and securities lending transactions governed by the laws of jurisdictions

The Chicago Mercantile Exchange Group ("CME") announced that it will launch 7 and 20-year U.S. Dollar Deliverable Swap Futures ("DSFs") on September 28, 2015. The new DSFs are a product extension to the 2, 5, 10 and 30-year deliverable swap futures that it offers currently. According to CME, DSFs are held by all major client segments, including asset managers, leveraged money and dealers. The CME stated that "[a]t expiration, the contracts physically deliver into an OTC interest rate swap cleared by CME Clearing," with the long-position holder becoming fixed-rate receiver and the short

The SEC charged three traders with fraud pursuant to Section 10(b) and Rule 10b-5 ("Employment of Manipulative and Deceptive Devices") of the Securities Exchange Act, and Section 17(a) ("Fraudulent Interstate Transactions") of the Securities Act. The three traders were accused of lying repeatedly to customers who "relied" on them for "honest and accurate pricing information about residential mortgage-backed securities" ("RMBS"). The SEC alleged that the three traders "defrauded customers to illicitly generate millions of dollars in additional revenue for the New York-based brokerage firm where