The SEC announced a settlement with Credit Suisse Group AG that resolved charges that CSAG, acting through a non-U.S. broker-dealer and investment adviser, violated federal securities laws by providing cross-border brokerage and investment advisory services to U.S. clients without registering with the SEC. The Order stated that Swiss-based relationship managers traveled to the U.S. to solicit clients, provide investment advice, and induce securities transactions. These employees were not registered to provide brokerage or investment advisory services, nor were they affiliated with a registered

The Board of Directors of National Futures Association ("NFA") re-elected Christopher K. Hehmeyer to serve a one-year term as Chairman.The Board also re-elected Michael C. Dawley to serve as Vice Chairman. See: NFA Press Release.

The International Swaps and Derivatives Association ("ISDA") announced the publication of the 2014 ISDA Credit Derivatives Definitions, which revises the 2003 ISDA Credit Derivatives Definitions that contains the basic terms used in the documentation of most credit derivatives transactions. The 2014 ISDA Credit Derivatives Definitions introduce several new terms, including: bail-in/financial terms for credit default swap ("CDS") contracts on financial reference entities: incorporates a new credit event triggered by a government-initiated bail-in and a provision for delivery of the proceeds of

The Second U.S. Circuit Court of Appeals in New York ruled (in a 2-1 decision) that former Jefferies Group portfolio manager, Joseph Contorinis, must pay over $9 million in fines for illegal profits and civil forfeiture regarding alleged insider trades from the firm's Paragon Fund. Currently, Contorinis is serving a six-year prison term following his 2010 conviction for trading securities in Albertsons Inc. ahead of its 2006 buyout by Supervalu Inc., CVS Corp. Bondi Comment: The Second Circuit applied disgorgement in a punitive nature, but, as Judge Chin correctly explained in his dissent

SEC Chair Mary Jo White delivered a speech at SEC Speaks 2014, discussing the current state of the SEC as well as its 2014 agenda. Chair White explained that much progress has been made on the nearly 100 new rulemaking mandates required by Dodd-Frank and the JOBS Act, including identity theft rules, money market fund rules and rules regarding bad actors, among others. However, White stated that funding for the SEC still "falls significantly short" of the level it needs to continue to fulfill its mission to investors, companies, and the markets. Chair White went on to describe the SEC's "other