Leaders of the North American Securities Administrators Association ("NASAA") from 18 states submitted a letter to SEC Chair White in response to the SEC's "attempt to preempt state authority over small corporate offerings" through its Proposed Rule Amendments and Additional Issues Exemptions under Securities Act Section 3(b) ("Regulation A+"). According to the letter, the NASAA leaders cannot fulfill their obligations to protect investors or help small businesses grow their companies when the SEC "attempts to prohibit our review as contemplated in the Regulation A+ Proposal." The letter

The SEC issued for comment a draft of its five-year Strategic Plan, which details its vision for the regulatory environment, resources, strategic goals and initiatives for the fiscal years 2014 through 2018. Lofchie Comment : It might be possible for the SEC to get through a material portion of this in the next five years if nothing new happens during that time. Click here to see a summary of the Strategic Plan from Delta Strategy Group. See also: SEC Strategic Plan.

FINRA released a regulatory notice outlining two rule changes, which the SEC approved, relating to FINRA Rule 8312 ("FINRA BrokerCheck Disclosure"). The SEC approved amendments to permanently and publicly make available BrokerCheck information about former associated persons of a FINRA member firm who were registered on or after August 16, 1999, and who have been the subject of an investment-related civil action brought by a state or foreign financial regulatory authority that was dismissed pursuant to a settlement agreement. Additionally, the SEC approved amendments to include BrokerCheck

The SEC announced that Division of Trading and Markets Acting Director John Ramsay will leave the SEC, and Stephen Luparello will be the new director. Additionally, the SEC named Sharon B. Binger as director of the Philadelphia Regional Office. Lofchie Comment: Both the outgoing and the incoming director have had long and distinguished careers in the securities industry. Mr. Luparello's joining the SEC at this time will add an important layer of expertise to this challenging and varied role. See: John Ramsay to Leave SEC; Stephen Luparello Named Director of Trading and Markets; Sharon Binger

The SEC granted approval of a FINRA rule amendment regarding its Capacity Management Plan (the "Plan"). The SEC noted that the rule change was published for comment in the Federal Register on January 8, 2014, but received no comments. To ensure that the Alternative Display Facility ("ADF") has sufficient capacity to handle the volume of quotes, order and trade data submitted to the ADF, without maintaining unused data capacity, FINRA proposed to adopt the Plan for those FINRA members that opt to utilize the ADF for quoting and trade reporting. Pursuant to the Plan, each ADF Trading Center