FINRA issued a regulatory notice requesting comment on a revised proposal to adopt FINRA Rule 2231 ("Customer Account Statements"). The rule proposal would transfer, largely unchanged, current NASD Rule 2340 ("Customer Account Statements") and incorporate NYSE Rule 409 ("Statements of Accounts to Customers") into FINRA Rule 2231. The key changes in the revised proposal (i) maintain the quarterly delivery requirement in the current rule (that is, the rule would not require the monthly delivery of statements); and (ii) allow customers to direct the transmission of customer account statements and

The SEC and the U.S. Small Business Administration ("SBA") announced that they will host events jointly to inform small business owners and entrepreneurs about new options that are and will become available for capital raising under the JOBS Act. According to the SEC press release linked below, representatives from the SEC's Office of Small Business Policy in the Division of Corporation Finance, Office of Investor Education and Advocacy, and Office of Minority and Women Inclusion will co-host the events with the SBA's Office of Investment and Innovation, and Office of Entrepreneurial

The CFTC announce that it filed a Notice of Intent to Revoke the Registrations of SAC Capital Advisors, LLC ("SAC LLC") and SAC Capital Advisors, LP ("SAC LP") due to their convictions of guilty pleas regarding felony charges of wire fraud. The CFTC simultaneously issued an Opinion and an Order accepting the offer of settlement from SAC LLC and SAC LP and settling the action. The Order immediately revoked SAC LLC's registrations with the CFTC as a Commodity Trading Advisor ("CTA") and Commodity Pool Operator ("CPO"). Additionally, the CFTC ordered SAC Capital Management, an affiliate of SAC

District Judge Paul Friedman of the D.C. District Court (the "Court") issued a long-awaited opinion in the ongoing lawsuit filed by SIFMA, ISDA and the Institute of International Bankers (the "Associations") against the CFTC's Cross-Border Guidance. The Associations filed the lawsuit on December 4, 2013, seeking to vacate the CFTC Cross-Border Guidance on procedural and substantive grounds. The lawsuit alleged that the CFTC unlawfully circumvented the requirements of the Administrative Procedure Act and the CEA by portraying its regulations as "guidance." Judge Friedman said that the CFTC was

The North American Securities Administrators Association ("NASAA") announced the formation of an advisory council to help inform the work of NASAA's recently formed Committee on Senior Issues and Diminished Capacity. The advisory council includes members from universities, large bank holding companies, government agencies and private firms. Se e: Press Release. Related news: New NASAA Initiative Focuses on Senior Investor Issues (August 19, 2014).