SAC's lawyers distributed a "white paper" responding to allegations of improper conduct by Steven A. Cohen. See: Link to access white paper. See also: SEC Files Civil Charges against SAC (Brad Bondi Interview on CNBC Closing Bell) (July 23, 2013); SEC Charges Cohen With Failing to Supervise Portfolio Managers and Prevent Insider Trading (with Lofchie Comment) (July 19, 2013).

The Municipal Securities Rulemaking Board (MSRB) has filed a proposed change to the SEC regarding Rule A-3 to modify the standard of independence for public MSRB board members. The proposed change has been published in the Federal Register. See: MSRB Proposed Rule Change in Fed Reg; Text of Proposed Rule Change.

FINRA has filed a proposed rule change with the SEC to amend FINRA Rule 9217, which sets forth the rules eligible for disposition pursuant to FINRA's Minor Rule Violation Plan ("MRVP"). The proposed rule change would amend FINRA Rule 9217 to include additional rule violations eligible for disposition. See: FINRA Rule 9217 Filing Announcement; Text of the Proposed Rule Change.

MFA has submitted critical comments to the SEC regarding the amendments to FINRA Rule 5123 ("Private Placements of Securities"), which requires issuers to file a private placement memorandum or other disclosure document with FINRA in connection with certain private placements. MFA commented that this requirement: Conflicts with the statutory scheme for the regulation of offerings by private funds under the federal securities laws; Imposes an unnecessary burden on issuers; and Conflicts with the long-standing regulatory framework for private fund offerings. See: MFA Blog News Release; MFA

The SEC has charged the founder and operator of Bitcoin Savings and Trust ("BTCST"), with defrauding investors in a Ponzi scheme involving bitcoin, a virtual currency traded on online exchanges for conventional currencies like the dollar or to purchase goods and online services. The SEC alleges that Shavers offered and sold bitcoin-denominated investments through the Internet, raising at least 700,000 bitcoin in BTCST investments amounting to more than $4.5 million in 2011 and 2012. Separately, the SEC has issued an investor alert warning investors of the threat of potential investment scams