The SEC announced enforcement actions against 10 companies that failed to make the required disclosures about financing deals and other unregistered sales that diluted their stock. SEC investigations found that each of the 10 companies failed to make the required Form 8-K disclosure for a stock dilution scenario. Additionally, three of the companies failed to use accurate numbers later when reporting the dilution of their common stock in quarterly or annual reports. See: SEC Press Release. See also: SEC Investor Bulletin: How to Read a Form 8-K.

IOSCO published a final report, titled "Strategic Framework for Investor Education and Financial Literacy," that discusses IOSCO's strategic framework for promoting investor education and financial literacy. In June 2013, IOSCO established the Committee on Retail Investors ("C8") for the purpose of conducting policy work on retail investor education and financial literacy. The final report lays out the C8's strategy, which includes: reviewing IOSCO members' current practices and approaches to investor education and financial literacy, with a view to identifying effective techniques; providing

The Board of Governors of the Federal Reserve System ("FRB") issued a final rule to implement Dodd-Frank Section 622, which prohibits a financial company from acquiring, consolidating or merging with another company if the ratio of the resulting company's liabilities exceeds 10 percent of the aggregate consolidated liabilities of all the financial companies. The final rule, which is substantially similar to the proposal issued in May, adds an exemption to clarify that financial companies which have reached the 10 percent threshold may continue to engage in securitization activities. Under the

The United Stated District Court for the Southern District of New York entered a final judgment by consent against former hedge fund manager Rajarengan "Rengan" Rajaratnam. The court ordered Mr. Rajaratnam to pay a fine and enjoined him from future violations of federal securities laws. Additionally, Mr. Rajaratnam agreed to be barred from associating with any securities-related business, with the right to apply for reentry after five years. S ee: SEC Litigation Release. Related news: SEC Litigation Release Regarding "Rengan" Rajaratnam Insider Trading Case (March 25, 2013); SEC Charges

On November 3, 2014, the Bahamian government and the United States signed an Intergovernmental Agreement ("IGA") under FATCA. The Model 1 form of the IGA requires financial institutions and investment entities resident in the Bahamas to report certain information with respect to accounts and interests in such investment entities that are held directly or indirectly by U.S. persons. The United States and the Bahamas announced previously that they reached an "agreement in substance" that permitted Bahamian financial institutions to be treated as compliant with FATCA as of July 1, 2014, but the