The SEC has charged Sam Miri, a former employee at Silicon Valley-based semiconductor company, Marvell Technology Group, for his role in disclosing nonpublic information used in connection with Raj Rajaratnam's massive insider trader scheme. The SEC alleges that Miri tipped confidential information about the company's financial performance to former Galleon Management portfolio manager Ali Far, who used the information to trade Marvell securities on behalf of hedge funds he founded after leaving Galleon. According to the SEC, Far earned hundreds of thousands of dollars in illicit profits based

The Office of the Comptroller of the Currency ("OCC") announced that it is rescinding the Office of Thrift Supervision ("OTS") compliance documents. Additionally, the OCC is applying the policy guidance listed in Appendix B to federal savings associations ("FSA") in cases where policy guidance did not already exist. See: Appendix A: Rescinded OTS Documents; Appendix B: OCC Policy Guidance Applicable to FSAs; OCC Press Release.

The SEC has announced that Judge Robert N. Chatigny of the United States District Court of Connecticut sentenced David Miller to 30 months' imprisonment, followed by three years of supervised release, for his role in a fraudulent scheme to place a series of unauthorized purchases of more than 1.6 million shares of Apple, Inc. stock while employed as an institutional sales trader for Rochdale Securities, LLC. Judge Chatigny also ordered Miller to make full restitution to Rochdale, which suffered a loss of over $5 million and ceased all business operations as a result of Miller's actions. See

The Office of the Comptroller of the Currency ("OCC") has published final supervisory guidance for national banks and federal savings associations which addresses risks and agency expectations associated with deposit advance products. The guidance details OCC expectations for any OCC-supervised institution offering deposit advance products to address potential credit, reputation, operational and compliance risks associated with the products. The OCC notes that the final guidance is substantially the same as that in the proposal issued on April 25, 2013. Amendments to the proposed guidance

Federal Reserve Governor Jerome H. Powell gave a speech discussing recent regulatory efforts to reform the OTC derivatives markets and, in particular, those reforms which are intended to strengthen market infrastructure by expanding the use of central clearing counterparties ("CCPs") and introducing margin requirements for bilateral OTC derivatives. With respect to the role of CCPs, Governor Powell touted their ability to mitigate risk exposure and improve market transparency, but acknowledged that concentrating risk in a central counterparty could create a single point of failure. To that end