The SEC granted Nasdaq an extension to the limited exemption from Regulation NMS Rule 612(c) ("Sub-Penny Rule") in connection with the operation of the Retail Price Improvement ("RPI") Program. The exemption was granted coterminous with the effectiveness of the pilot program; both the RPI pilot program and exemption were scheduled to expire on March 28, 2014. The SEC extended the exemption until September 30, 2014. See: SEC Extension.

The SEC announced the appointment of David J. Gottesman as deputy chief litigation counsel in the Division of Enforcement. Prior to joining the SEC, Mr. Gottesman was a trial attorney in the Commercial Litigation Branch of the Civil Division of the U.S. Department of Justice, as well as a partner at the law firm of Rosenthal and Schanfield, P.C. in Chicago. See : Press Release.

The staff of the SEC Division of Investment Management (the "staff") issued a Guidance Update regarding the deregistration of investment companies and the accompanying Form N-8F. In the Guidance, the staff stated that it reviews Form N-8F applications on a rolling basis and that, if there are no deficiencies in an application, the staff will prepare a notice to inform the public that the application has been filed. Generally, the guidance notes, the staff issues notices of deregistration on the last Friday of every month. Following a 25-day period, the SEC will then issue an order granting a

The SEC charged Total Wealth Management ("Total Wealth") chief executive officer Jacob Cooper, chief compliance officer Nathan McNamee, and another employee for misleading investors and breaching their fiduciary duties to clients. The SEC's Enforcement Division alleges that Total Wealth Management and its owner and CEO, Jacob Cooper, entered into undisclosed revenue-sharing agreements through which they paid themselves kickbacks or so-called "revenue sharing fees." They failed to disclose the conflicts of interest created by these agreements when recommending the underlying investments to

On April 14, 2014, the Department of Justice (the "DOJ") announced the indictment of two former executives of defunct broker-dealer Direct Access Partners LLC ("DAP") on charges of conspiracy, money laundering, and violations of the Foreign Corrupt Practice Act (the "FCPA") and the Travel Act. Benito Chinea, cofounder and former chief executive officer, and Joseph DeMeneses, former managing partner for global strategy, are alleged to have paid kickbacks to a high-ranking official at state-owned Banco de Desarrollo Económico y Social de Venezuela ("BANDES"), in exchange for directing the bank's