House Committee on Agriculture Chairman, Representative Frank Lucas (R-OK), issued a statement regarding CFTC Commissioner Scott O'Malia's last day at the CFTC. Chairman Lucas praised Commissioner O'Malia for never losing sight of the fact that regulatory actions have intended and unintended consequences. Chairman Lucas stated his appreciation for Commissioner O'Malia serving as the "voice of reason" and being an advocate for regulatory reform in the United States. See: Chairman Lucas' Statement. See also: CFTC Commissioner O'Malia to Leave CFTC (with Lofchie Comment) (July 21, 2014).

The CFTC Division of Swap Dealer and Intermediary Oversight issued a letter providing no-action relief from the requirement under CEA Section 4m(1) to register as a commodity pool operator ("CPO"). The relief was issued to a delegating CPO that requested it in accordance with the streamlined approach described in CFTC Letter 14-69. The relief is subject to the conditions that: (i) the designated CPO serves as the CPO of the pool(s); (ii) the designated CPO remains registered as a CPO; and (iii) the delegating CPO(s) and designated CPO continue to meet the criteria represented in the letter

Nine U.S. senators sent a letter to SEC Chair Mary Jo White expressing opposition to the "significant" preemptions of state regulatory oversight in the proposed rules regarding Regulation A+ offerings. In the letter, the senators raised concerns that the SEC broadly preempted Blue Sky laws that preserve the protections of states in the proposed Reg. A rules. That preemption, the senators explained, is inconsistent with the best interests of investors, is "simply and plainly inconsistent with the statute" and must be withdrawn. The letter clarified the intent of Congress when it enacted Title

The SEC charged the former CEO of a ConvergEx Group subsidiary with deceiving brokerage customers with hidden fees to buy and sell securities. The SEC found that the hidden dealer "trading profits" were in addition to and, often, much higher than the agency commissions paid by customers to have their orders executed. The SEC stated that, in trying to conceal the additional fees, the former CEO engaged in deceptive practices by sending misleading statements and authorizing employees to falsify trading data for customers who inquired about the details of their securities transactions. S ee: SEC

FINRA filed a proposed rule change with the SEC to amend FINRA Rule 9231 and Rule 9232 regarding the composition of Hearing Panels and Extended Hearing Panels. Specifically, FINRA proposed to add an additional category of persons eligible to be on a Hearing Panel to conduct disciplinary proceedings. The new category would allow the Chief Hearing Officer to select a panelist who "currently serves or previously served on a committee appointed or approved by the FINRA Board, but does not serve currently on the National Adjudicatory Council or as a Director or a Governor." Additionally, the