The SEC charged a former marketing executive of e-commerce company GSI Commerce ("GSI") with insider trading in advance of eBay's acquisition of GSI. The SEC also charged five traders and entered into a non-prosecution agreement with a trader who provided "extraordinary cooperation" in the investigation. According to the SEC complaint, the CEO of GSI's market solutions division provided family members and friends with nonpublic information about the pending acquisition and encouraged them to trade on it. The SEC also instituted and settled administrative proceedings against two other traders

Russ Iuculano, executive director of the North American Securities Administrators Association ("NASAA"), issued a statement of support regarding FINRA's decision finding Charles Schwab & Co., Inc. in violation of FINRA rules when the firm attempted to limit its customers' ability to participate in class-action lawsuits. See : NASAA Statement. Related News : FINRA Board Finds Charles Schwab & Co. Violated Rules by Adding Waiver Provisions in Customer Agreements (April 24, 2014).

A FINRA rule change relating to amending the securities futures risk disclosure statement (the "Statement") was published in the Federal Register. The original Statement was approved by the SEC in 2002, and the first supplement to the Statement was added in 2010. FINRA is proposing a second supplement to the Statement to accommodate proposed changes by OneChicago, LLC to list a product with a physical delivery settlement cycle shorter than three business days. The proposed supplement is intended to be read in conjunction with the Statement. Comments must be submitted by May 16, 2014. See: 79

The CFTC Division of Swap Dealer and Intermediary Oversight and the Division of Market Oversight (the "Divisions") issued a time-limited no-action letter (expiring on December 31, 2014). In connection to execution of swaps, the no-action letter provides relief to commodity trading advisors that are members of designated contract markets ("DCMs") or swap execution facilities ("SEFs") for certain oral recording requirements set forth in CFTC Rule 1.35(a) ("Records of Commodity, Interest and Related Cash or Forward Transactions"). The letter extends no-action relief that previously was granted by

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued two no-action letters to commodity pool operators ("CPOs") regarding Annual Report filing and certification requirements in CFTC Rule 4.22 ("Reporting to Pool Participants"). CFTC Letter 14-58 grants relief to a CPO from the requirement to file and distribute an Annual Report with audited financial statements to participants of the pool pursuant to CFTC Rules 4.22(c) and (d). The relief is contingent upon the CPO filing with the National Futures Association ("NFA") and distributing to participants unaudited financial