The CFTC issued an order requiring Panther Energy Trading LLC and Michael Coscia to pay $2.8 million and imposed a one-year trading ban for utilizing a computer algorithm to engage in the illegal practice of "spoofing." Using the "spoofing" algorithm, Coscia and Panther unlawfully tricked other algorithmic trading systems to hit off-market orders that Panther had placed, resulting in Panther profiting by virtue of the off-market execution. Coscia is subject to a one-year trading ban plus damages that include a civil monetary penalty and disgorging for trading profits. CFTC Commissioner Bart

The Division of Investment Management has denied a request for the SEC to review and overrule the original Division of Investment Management's Staff Response, denying a previous request for the SEC staff to permit Copley Fund, Inc., an open-end management investment company, to change its accounting treatment of certain potential tax liabilities. See: SEC Second Denial Letter.

SIFMA has released comments to the SEC regarding the MSRB's proposed rule amendments to include provisions applicable to retail order periods in MSRB Rules G-8 ("Books and Records to Be Made by Brokers, Dealers and Municipal Securities Dealers"), G-11 ("Primary Offering Practices"), and G-32 ("Disclosures in Connection with Primary Offerings"). SIFMA suggested various changes to the rule amendments that it believed would accomplish the MSRB's objectives in a more efficient manner. See: SIFMA's Comments to the SEC. See also : New MSRB Rules on Retail Order Periods (June 17, 2013).

SIFMA submitted comments to the SEC regarding new MSRB Rule G-45 involving the collection of data relating to 529 College Savings Plans underwritten by brokers, dealers, or municipal securities dealers. See: SIFMA's Comments to the SEC.

The report was compiled in accordance with Dodd-Frank's mandate in Section 202, paragraph (e) ("Study of Bankruptcy and Orderly Liquidation Process for Financial Companies"), that the GAO continually report on ways for the Bankruptcy Code to more effectively provide for a resolution to systemic risk. The principal recommendation made by the report was that the Financial Stability Oversight Counsel consider the benefits and disadvantages of various changes to the Bankruptcy Code with respect to financial institutions and qualified financial contracts. The report did not express a view as to