New and ongoing members were sworn in by Board of Governors of the Federal Reserve System ("FRB") Chair Janet Yellen to serve on the FRB. The members are as follows: Lael Brainard was sworn in as a new member of the FRB; Jerome H. Powell was sworn in to serve a second term; and Stanley Fischer, who became a member of the FRB on May 28, 2014 to fill an unexpired term, was sworn in to serve as Vice Chairman of the U.S. Federal Reserve. Members of the FRB serve for a term of 14 years. Fischer, Brainard and Powell join Daniel K. Tarullo, whose term expires in 2022, and Chair Janet Yellen, whose

The SEC charged hedge fund advisory firm Paradigm Capital Management ("Paradigm") and its owner with first engaging in prohibited principal transactions, and then retaliating against the employee who reported the trading activity to the SEC. The SEC also charged the firm's owner with causing the prohibited transactions. According to the SEC order, Paradigm's owner conducted transactions between Paradigm and a broker-dealer that the owner also owned while trading on behalf of a hedge fund client. Despite the transactions' posing conflicts between the interests of the adviser and the client

The SEC charged four Northern California residents with insider trading in Ross Stores stock options based on nonpublic information about monthly sales results leaked by one of the retailer's employees. See: SEC Complaint; SEC Press Release. See generally: Insider Trading Materials (available to Cabinet subscribers only).

After being confirmed by the U.S. Senate on June 3, 2014, J. Christopher Giancarlo was officially sworn in to serve as Commissioner of the CFTC. Mr. Giancarlo joins the CFTC from the GFI Group Inc., an interdealer broker based in New York, where he was executive vice president. See: CFTC Press Release. See also: Senator Cochran Reminds New CFTC Members of Commitments to Agriculture Sector (in his letter, Senator Cochran says that Commissioner Giancarlo indicated that he would be responsible particularly for focusing on concerns of interest to the agriculture industry).

IOSCO met in Madrid to discuss its work on market-based finance and key initiatives to support the G20-FSB's efforts to restore stability in the global financial system. The initiatives discussed included: methodologies for identifying non-bank global systemically important financial institutions or activities in the areas of asset management and market intermediaries; the role capital markets and securities regulators can play in supporting long-term finance, including infrastructure investment and SME financing; and the implementation of IOSCO Principles on Financial Benchmarks, IOSCO