The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing titled "Oversight of the SEC's Agenda, Operations, and FY 2015 Budget Request." The hearing allowed Committee Members to question SEC Chair Mary Jo White on a range of issues regarding the SEC and U.S. equity markets. Click here for a summary of the hearing prepared by Delta Strategy Group. See: Hearing Page and Webcast.

The FINRA-proposed rule change that relates to revisions of the Series 26 Examination Program was published in the Federal Register. The proposed revisions, which are effective immediately, update the testing material to reflect changes to the laws, rules and regulations covered by the examination. In addition, the proposed revisions incorporate the functions and associated tasks performed currently by an Investment Company and Variable Contracts Products Principal. Comments must be submitted by May 20, 2014. See: 79 FR 24047. Related news: FINRA-Proposed Rule Change to Revise the Series 26

On April 29, testifying in front of the U.S. House of Representatives' Committee on Financial Services, SEC Chair Mary Jo White stated that The United States Court of Appeals for the District of Columbia Circuit's decision to strike down a provision of the SEC's conflict minerals rule did not justify a delay in the rule's implementation. Chair White defended the decision by stating that the D.C. Circuit "went out of its way" to uphold a "vast majority" of the rule. She added that the agency would issue guidance by the end of April regarding what public companies will be required to report by

The SEC approved proposed amendments to FINRA Rule 5110("Corporate Financing Rule – Underwriting Terms and Arrangements") and Rule 5121("Public Offerings of Securities with Conflicts of Interest") that simplify and refine the scope of the rules. The amendments narrow the scope of certain definitions, modify the lockup restrictions to exclude shares owned by an underwriter that are not considered "items of value" and limit certain information requirements to a "participating" (rather than "any") member. See: SEC Order of Approval. Related news: FINRA Proposes Rule Change to Simplify and Refine

The North American Securities Administrators Association ("NASAA") released an Informed Investor Advisory on virtual currency. The NASAA Advisory addressed a variety of subjects of which investors should be aware when investing in virtual currency. These included: the definition of virtual currency; risks associated with virtual currency; virtual currency as an investment; and schemes involving virtual currency. See: Informed Investor Alert. Related news: NASAA and CSBS Release Guidance on Virtual Currency (April 23, 2014).