The SEC's Division of Trading and Markets issued a series of FAQs on SEC Rule 15a-6, which provides an exemption from SEC registration for non-U.S. broker-dealers conducting limited securities activities using U.S. jurisdictional means. The FAQs address several important aspects of the Rule, including: Research to Majors: The FAQs confirm that non-U.S. broker-dealers may distribute research directly to "major U.S. institutional investors" ("Majors") under Rule 15a-6(a)(2) without any involvement of an SEC-registered broker-dealer. The FAQs further note that where the non-U.S. firm has an

SEC Commissioner Luis Aguilar called for greater racial diversity and more women at both the SEC and in senior corporate ranks, including the boards of corporations. View speech in full here (links externally to SEC website).

The SEC announced charges against a Houston-based hedge fund manager and his firm accused of defrauding investors in two hedge funds and steering bloated fees to a brokerage firm CEO who was also charged. According to the Order, George R. Jarkesy Jr., and his firm, John Thomas Capital Management (since renamed Patriot28 LLC), allegedly inflated valuations of the funds' assets, causing the value of investors' shares to be overstated, and the managers' fees to be increased. Further, according to the SEC, Jarkesy violated his fiduciary duties to the funds in multiple instances by providing

IOSCO recently published a consultation report seeking comments on its recommendations for addressing issues stemming from increased market fragmentation. In a survey of its members, IOSCO found a rising trend in the fragmentation of equity markets, where the same financial instruments are being traded in multiple trading spaces. This trend was particularly pronounced in the U.S., the EU and Canada, where traditional exchanges compete for order flow with OTC trading and non-exchange market trading systems. In making its recommendations, IOSCO cautioned that regulators must balance the benefits

The SEC granted an exemption from Rule 102(a) of Regulation M under the Securities Exchange Act of 1934 to TriLinc Global Impact Fund, LLC (the "Company"), permitting the Company to initiate a unit repurchase program with investors. The Company limited the number of units it could repurchase in a calendar year and disclosed the details of the repurchase program in its prospectus. However, the SEC granted the exemption subject to the following conditions: the Company must terminate the repurchase program if, during the distribution of its units, a secondary market for the units develops, and