FINRA filed with the SEC a proposed rule change to update cross-references and make other non-substantive changes within FINRA rules, primarily as a result of the approval of new consolidated FINRA rules. FINRA filed the proposed rule change for "immediate effectiveness." The implementation date for the proposed rule change will be May 1, 2014. See: Text of Proposed Rule Change.

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued three separate no-action letters providing relief to CPOs regarding the filing of their annual financial statements and reports, pursuant to CFTC Rule 4.7(b)(3) ("Exemption from Certain Part 4 Requirements for Commodity Pool Operators with Respect to Offerings to Qualified Eligible Persons and for Commodity Trading Advisors with Respect to Advising Qualified Eligible Persons") and Rule 4.22(d) ("Reporting to Pool Participants"). CFTC Letters 14-42 and 14-43 provided relief to two different CPOs of commodity pools who

The SEC announced that it is allowing a longer period to take action regarding a FINRA proposed rule change to adopt an interpretation to clarify the classification and reporting of certain securities to FINRA. See: SEC Extension Notice. Related news: FINRA Files Amendment No. 1 Regarding Trace Reporting Involving Asset-Backed Securities (February 25, 2014); FINRA-Proposed Rule Change to Clarify the Classification and Reporting of Certain Securities (September 17, 2013).

The SEC extended the comment period for two releases: Securities Act Release No. 33-9117 (the "2010 ABS Proposing Release") and Securities Act Release No. 33-9244 ("Shelf Eligibility Conditions for Asset-Backed Securities") to allow interested persons to submit comments on the disclosure and registration requirements applicable to asset-backed securities. Comments must be received by April 28, 2014. See: SEC Extension of Comment Period. Related news: SEC Reopens Comment Period for ABS (Fed. Reg.) (February 28, 2014); SEC Releases Memo and Reopens Comment Period for Asset-Backed Securities

SEC Division of Corporation Finance Director Keith F. Higgins delivered remarks regarding the SEC's recent rulemakings and the impact on angel investors. First, Director Higgins stated he is surprised the new Rule 506(c) ("Exemption for Limited Offers and Sales without Regard to Dollar Amount of Offering") exemption has not caught on more widely with "issuers who have long clamored for the general solicitation ban to be lifted." He wondered whether issuers' reluctance to use the new rule was their misinterpretation of the necessary "reasonable steps to verify" the accredited investor status of