The SEC announced charges against a San Diego-based investment advisory firm and its president for allegedly steering winning trades to favored clients and lying about how certain money was being spent. The SEC alleges that the investment adviser engaged in a cherry-picking scheme that awarded more profitable trades to hedge funds in which he and his family had invested, while providing less profitable trades to other clients. The SEC further alleges that the adviser and his firm misused rebates from a brokerage firm on commissions paid by clients for trades executed in the investment adviser

OTC derivatives regulators in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Quebec, Singapore, Switzerland and the United States issued a report regarding common understandings to improve the cross-border implementation of OTC derivatives reforms. The report reflects a number of substantive understandings to improve the cross-border implementation of OTC derivatives reforms, including the following: Early and comprehensive consultation among relevant authorities when equivalence or substituted compliance assessments are being undertaken is essential. A flexible, outcome

FINRA updated the form that firms must use to file offering documents and information pursuant to FINRA Rule 5123 ("Private Placements of Securities") and Rule 5122 ("Private Placements of Securities Issued by Members"). The updated form includes six new questions, as well as an update to the Private Placement Form Frequently Asked Questions. See: FINRA Reg. Notice 13-26; Sale of Private Placements FAQs.

The SEC approved amendments to FINRA Rule 8313 ("Release of Disciplinary Complaints, Decisions and Other Information"). The rules govern the release of disciplinary and other information by FINRA to the public. The amendments establish general standards for the release of disciplinary information to the public to provide greater access, clarify the scope of information subject to FINRA Rule 8313, and eliminate provisions that do not address the release of information by FINRA to the public. See: FINRA Regulatory Notice 13-27; FINRA Press Release. See also: SIFMA Submits Supplemental Comments

Commentary by Robert Zwirb, "CFTC Opines on Retail Commodity Transactions," on the CFTC's issuance of an Interpretation of the term "actual delivery" in connection with retail commodity transactions under CEA Section 2(c)(2)(D) ("Retail Commodity Transactions"). In addition to analyzing the CFTC's clarification of the term "actual delivery" in the context of certain transactions conducted with retail participants, the article also discusses the implications of the Interpretation for commodity transactions between eligible contract participants where actual delivery does not take place, and