F INRA filed with the SEC a proposed rule change to adopt the consolidated FINRA supervision rules. Specifically, the proposed rule change would: (1) adopt FINRA Rules 3110 (Supervision) and 3120 (Supervisory Control System) to largely replace NASD Rules 3010 (Supervision) and 3012 (Supervisory Control System), respectively; (2) incorporate into FINRA Rule 3110 and its supplementary material the requirements of NASD IM-1000-4 (Branch Offices and Offices of Supervisory Jurisdiction), NASD IM-3010-1 (Standards for Reasonable Review), Incorporated NYSE Rule 401A (Customer Complaints), and

The SEC announced a settlement, in connection with the improper valuation of securities by a family of mutual funds, that was quite significant in that the action was taken against the funds' directors. These enforcement proceedings resulted in settled charges against eight former directors of five Regions Morgan Keegan open- and closed-end funds that were heavily invested in securities backed by subprime mortgages. The SEC had previously settled charges with, and collected a substantial fine from, the adviser to the mutual funds (as linked below). The settled order found that the directors

The Washington Securities Division is proposing to amend the rules for investment advisers. The proposed amendments would update various provisions of the investment adviser rules, including those regarding financial reporting requirements, custody, books and records, and unethical practices. The proposed amendments would also add new rule sections addressing proxy voting, advisory contracts, and compliance procedures and practices, and would create exemptions from registration for certain private fund advisers and venture capital fund advisers. Many of these changes would make Washington's

MFA announced in its blog that reports have recently circulated indicating that EU Member State Ambassadors (COREPER II) are nearing a General Approach on the Markets in Financial Instruments Directive ("MiFID") and Markets in Financial Instruments Regulation ("MiFIR"). The linked memo from the MFA indicates where MFA believes EU regulators are in the process of developing a common regulatory approach . Click here to learn more (links externally to MFA website).

The SEC announced the promotion of Amelia A. Cottrell to Associate Regional Director for Enforcement in the agency's New York Regional Office. Ms. Cottrell, who came to the SEC in 2005, has been serving as an Assistant Regional Director in the New York office and as a member of the Enforcement Division's nationwide Market Abuse Unit. See: SEC Announcement.