FINRA announced that it fined 10 firms for allowing their equity research analysts to solicit investment banking business, and for offering favorable research coverage in connection with the planned initial public offering of Toys "R" Us in 2010. According to FINRA, in April 2010, Toys "R" Us and its private equity owners invited 10 firms to compete for a role in Toys "R" Us planned IPO. FINRA found that each of the 10 firms used its equity research analyst as part of its solicitation for a role in the IPO, and implicitly or explicitly offered favorable research coverage in return for a role

FINRA filed with the SEC a proposal to amend FINRA Rule 2360(b)(5) ("Options"), which involves the reporting of options positions. FINRA proposed to codify the existing requirement that the reporting rules apply to all accounts acting in concert, and added that the proposed changes are consistent with the application of the reporting rules of the options exchanges. See : Text of Proposed Rule Change.

The SEC announced the agenda for the December 17, 2014 meeting of its Advisory Committee on Small and Emerging Companies. The meeting will focus on the definition of "accredited investor." At the meeting, the Advisory Committee will hear presentations on issues surrounding the accredited investor definition from David M. Certner, Legislative Counsel and Legislative Policy Director of AARP, and Marianne Hudson, Executive Director of the Angel Capital Association. The event will begin at 9:30 a.m. and is open to the public, except for the administrative session. See: SEC Press Release.

The Senate Committee on Banking, Housing and Urban Affairs held a hearing, titled "Cybersecurity: Enhancing Coordination to Protect the Financial Sector," which discussed regulatory efforts to address cyber threats and vulnerabilities and coordinate information-sharing among banking industry, regulatory community and financial industry stakeholders. The following witnesses testified at the hearing: Mr. Brian Peretti, Director for the Office of Critical Infrastructure Protection and Compliance Policy, U.S. Department of the Treasury (written testimony); Dr. Phyllis Schneck, Deputy Under

The United States Court of Appeals for the Second Circuit (the "Court") reversed the convictions of two portfolio managers central to an investigation of illicit trading at hedge funds and networking firms and dismissed the indictment, as it pertained to the two managers, "with prejudice." In United States v. Newman and Chiasson, the United States of America (the "Government") alleged that analysts at various advisers to hedge funds and investment firms obtained material, nonpublic information from employees of publicly traded technology companies and passed the information to the portfolio