The SEC announced charges, pursuant toSection 203(f) of The Advisers Act, against hedge fund adviser Steven A. Cohen, of S.A.C. Capital Advisors ("SAC"), for failing to supervise two senior employees who allegedly entered into inside trades during the time that they were under his supervision. The Division of Enforcement alleges that Cohen received highly suspicious information that should have caused him to investigate the basis of trades made by the two portfolio managers. According to the SEC's order announcing administrative proceedings, Cohen oversaw trading by the portfolio managers

The SEC has charged the city of Miami and the former budget director, Michael Boudreaux, with securities fraud in connection to several municipal bond offerings and other disclosures made to investors. An SEC investigation found that beginning in 2008, Miami and Michael Boudreaux made materially false and misleading statements and omissions about certain interfund transfers in bond offers totaling $153.5 million. They similarly included false and misleading information in the city's fiscal year and financial reports that are distributed to broad segments of the investing public. Boudreaux also

The Delta Strategy Group released a summary of the final CFTC Interpretive Guidance on Cross-Border Application of CFTC Rules and Regulations under the Dodd-Frank Act, and the Exemptive Order which sets compliance dates for certain swap regulations. See: Click here to see the Final CFTC Cross-Border Guidance Summary from Delta Strategy Group. CFTC Documents: CFTC Final Cross-Border Interpretive Guidance;CFTC Exemptive Order. Related News: CFTC Commissioner O'Malia Dissents from CFTC Cross-Border Guidance Statement(with Lofchie Comment) (July 18, 2013); CFTC Cross-Border Issues for U.S. and Non

The Division of Clearing and Risk (DCR) issued a time-limited, no-action letter granting relief from required clearing under section 2(h)(1)(A) ("Standard for Clearing") of the CEA and part 50 ("Clearing Requirement") of the CFTC rules for certain swaps entered into by qualifying cooperatives. The no-action letter provides that DCR will not recommend an enforcement action for a cooperative's failure to clear a swap, if the cooperative and the swap meet certain conditions set forth in the no-action letter, including that the swap either is entered into in connection with certain qualifying

The Federal Register published the SEC's action rescinding Exchange Act Rules 17i-1 to 17i-8 ("Supervised Investment Bank Holding Company Rules") and amending 17h1-T to 17h2-T ("Risk Assessment") to eliminate exemptions for broker-dealers associated with SIBHC's pursuant to the Dodd-Frank Act. See: 78 FR 139. See also: SEC Final Rule: Rescinds Exemptions for Supervised Investment Bank Holding Companies (July 15, 2013).