Credit Suisse obtained from the SEC waivers from disqualifications that might have otherwise resulted from its recent guilty plea to a U.S. tax evasion charge. See: 79 FR 29826. See also: Credit Suisse Fined after Pleading Guilty to U.S. Tax Charge (May 20, 2014).

SIFMA submitted comments regarding the FINRA retrospective rule review of communications with the public, gifts, gratuities, and non-cash compensation, instituted in FINRA Regulatory Notices 14-14 and 14-15. SIFMA applauded FINRA conducting a review of its rules to determine if they were actually effective and if the cost and burdens of the rules outweighed the anticipated benefits of the rules. SIFMA encouraged FINRA to continue its retrospective rule review process for the entire FINRA rulebook. In creating new rules, SIFMA encouraged FINRA to consider a principles-based regulation rather

The SEC issued an order instituting proceedings to determine whether to approve a FINRA-proposed rule change to NASD Rule 2340 ("Customer Account Statements") and FINRA Rule 2310 ("Direct Participation Programs") to modify the requirements applicable to members' participation in a public offering of unlisted direct participation programs ("DPPs") or real estate investment trust ("REIT") securities. Pursuant to the order, the SEC is requesting further comment as to whether the FINRA proposal is consistent with the requirements of Exchange Act Section 15A(b)(6) and 15A(b)(9) ("Registered

The SEC announced that the U.S. Second Circuit Court of Appeals overturned the March 12, 2013 judgment against a former Prudential securities broker, which found that he used fraudulent and deceptive trading practices to conceal his and his customers' identities to evade trading blocks from mutual fund companies that detected market timing activity by the broker. In reversing the judgment, the Second Circuit Court of Appeals concluded that there was insufficient evidence to support a finding of negligence. See: SEC Litigation Release. Related news: Court Orders Former Prudential Securities

The situation in Ukraine is nearing another critical juncture in the aftermath of the presidential elections on May 25, 2014. As previously reported on the Cabinet, U.S. and European leaders continue to assess whether Russian meddling constitutes grounds for the imposition of a new round of sanctions, including sector-based measures that may target the Russian energy, minerals, and financial services industries, among others. Beyond Ukraine, a number of other sanctions-related developments occurred in the past week. On May 23, 2014, the U.S. Treasury Department announced sanctions against the