The Board of the International Organization of Securities Commissions published the final report on Principles for the Valuation of Collective Investment Schemes, containing a list of principles intended to serve as a basis for both industry practitioners and regulators to assess the quality of regulation and industry practices regarding the valuation of collective investment schemes (CIS). Lofchie Comment : Although this document does not have the force of law, for anyone involved in valuation, whether at a public or a private fund, it is worth reviewing. Valuation is, and will be, one of the

New SRO rule changes and proposals have been announced by the SEC. Click on the links below to view the SEC's notice of each rule change and proposal. CBOE: Order Granting Approval of Proposed Rule Change, as Modified by Amendment No. 1, Relating to Trading Ahead of Customer Orders and Best Execution and Interpositioning Requirements DTC: Notice of Filing of Proposed Rule Change in Connection with the Implementation of The Foreign Account Tax Compliance Act (FATCA) FICC: Notice of Filing of Proposed Rule Change to the Government Securities Division Rules and the Mortgage-Backed Securities

The SEC's Office of Investor Education and Advocacy issued the attached alert to educate individual investors about certain risks and possible fraudulent activity involving private offerings of securities for oil and gas ventures. The notice states that the number of fraud cases related to private securities offerings for oil and gas ventures has increased over the last few years. The SEC states that, while all investing involves risk, investing in private offerings "carries unique risks, and private oil and gas offerings have additional risks to consider." Click here to view investor alert in

The SEC announced that Andrew J. Bowden has been named Director of the agency's Office of Compliance Inspections and Examinations ("OCIE") and will lead its National Exam Program. The SEC's National Exam Program conducts inspections and examinations of SEC-registered investment advisers, investment companies, broker-dealers, self-regulatory organizations, clearing agencies, and transfer agents. Bowden will succeed Carlo di Florio, whose departure was announced today. Mr. di Florio will lead a new division of risk and strategy at the FINRA. At FINRA, di Florio will have the overall

SIFMA released a supportive statement from Acting President and CEO, Kenneth E. Bentsen, Jr., after President Barack Obama nominated Representative Mel Watt (D-NC) to be Director of the Federal Housing Finance Agency ("FHFA"). Substantively, SIFMA "call[ed] on Mr. Watt to explicitly address the continued threat to the return of private capital to mortgage markets by proposals to use eminent domain to seize mortgage loans." View statement in full here (links externally to SIFMA website).