The CFTC issued an order that filed and simultaneously settled charges against a registered Futures Commission Merchant ("FCM") for failing to invest customer segregated funds properly, to prepare and file accurate financial reports, and to maintain required books and records, among other things. According to the CFTC Order, Deutsche Bank Securities Inc. ("DBSI") failed to compute accurately the amount of customer funds on deposit for the period from June 18, 2012 through August 15, 2012. As a result of the miscalculations, DBSI's investment of customer funds in certain money-market mutual

The CFTC Division of Clearing and Risk extended the no-action relief granted in CFTC Letter 13-73 to Japan Securities Clearing Corporation ("JSCC") and its qualifying clearing participants and affiliates. In the letter, the CFTC stated that it will not recommend enforcement action against: JSCC, with respect to its registering as a derivatives clearing organization ("DCO") pursuant to the requirements of CEA Section 5b(a); and a qualified clearing participant of JSCC, or a parent or affiliate of a JSCC qualified clearing participant, subject to the Japanese clearing requirement, with respect

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a staff advisory for the chief compliance officers ("CCOs") of futures commission merchants, swap dealers and major swap participants ("Registrants"). The advisory provides guidance on the requirements to prepare an annual report on the state of the Registrants' compliance program under CFTC Rule 3.3(e). In connection with the advisory, DSIO also issued time-limited no-action relief to certain Registrants concerning the timing of the filing of the CCO annual report. CFTC Rule 3.3(f) requires the CCO annual report to be

SEC Commissioner Daniel Gallagher and former Commissioner and current Stanford law professor Joseph Grundfest co-authored a paper asserting that the Harvard Shareholder Rights Project (the "SRP") repeatedly violated Exchange Act Rule 14a-8 ("Shareholder Proposals") of the Exchange Act by submitting materially false and misleading shareholder proposals for inclusion in annual proxy solicitations. Rule 14a-8 requires U.S. public companies to include shareholder proposals in their annual proxy solicitations, but also requires that such proposals not contain "materially false or misleading

The SEC approved a proposal that would revise rules regarding thresholds for issuer registration, termination of registration, and suspension of reporting under Exchange Act Section 12(g) ("Registration of securities by issuer; exemptions"). The proposal would implement the JOBS Act by: amending Exchange Act Rules 12g-1 through 12g-4 and 12h-3 which govern the procedures relating to issuer registration, termination of registration under Section 12(g), and suspension of reporting obligations under Exchange Act Section 15(d) ("Registration and regulation of brokers and dealers") to reflect the