A broad-based coalition of organizations submitted a letter to SEC Chairman White, urging the SEC to establish a uniform fiduciary standard for broker-dealers and investment advisers that is at least as strong as the existing standard for investment advisers and asserted vigorous opposition to any rule that would weaken investor protections. The letter outlines the group's concerns that the SEC's March Request for Information ("RFI") signals that the SEC may be backing away from requiring a fiduciary standard for broker-dealers that is "no less stringent" than the one under which registered

FINRA released a podcast on June 3rd summarizing the notices, news, and education information issued by FINRA for May 2013.The notice summary included the SEC approving amendment for reporting over-the-counter transactions in equities securities and FINRA's designation of an additional index that firms can use to calculate conventional option position limits and their implementation dates. The news summary included LPL Financial's being fined $7.5 million by FINRA for systemic e-mail failures and making misstatements to FINRA, along with FINRA's new video series called "A Few Minutes with

The CFTC met with SIFMA Asset Management Group regarding cross-border issues. See: Press Release.

The CFTC filed a complaint against U.S. Bank for unlawfully using and holding Peregrine Financial Group's customer segregated funds. The complaint alleges that U.S. Bank unlawfully accepted Peregrine's customers' funds as security on loans it made, and that U.S. Bank improperly held Peregrine's customers' funds in an account which it treated as Peregrine's commercial checking account. See: Complaint: U.S. Bank, N.A. See also: CFTC Press Release.

The CFTC filed an amended complaint in its claim against various defendants accused of fraud. The emendation added allegations that the defendants lied to the CFTC about the fraud. See: Complaint See also: CFTC Press Release.