The SEC announced that Vincente L. Martinez has been named Chief of the Enforcement Division’s Office of Market Intelligence. The Division collects and evaluates tips, complaints and referrals that come into the SEC each year. View Press Release in full here (links externally to SEC website).

In a letter to the SEC, Rep. Edward Markey (D-Mass.) has suggested that, because of a 1989 law he co-sponsored, the agency has the ability to slow down, or even stop, high-frequency trading. Rep. Markey has referenced a law that gives the SEC power to "limit practices which result in extraordinary levels of volatility." Lofchie Comment: I worry about the increased assertions that high-frequency trading should be banned as a bad thing without any acknowledgement of quite significant regulatory studies to the effect that HFT has a generally positive effect on financial markets. The letter

The International Organization of Securities Commissions ("IOSCO") published a final report on Suitability Requirements with respect to the Distribution of Complex Financial Products, which sets out principles relating to the distribution by intermediaries of complex financial products to retail and non-retail customers. The report introduces nine principles that cover the following areas related to the distribution of complex financial products by intermediaries: Classification of customers General duties irrespective of customer classification Disclosure requirements Protection of customers

In what she described as her first public appearance as SEC Chairman, Elisse Walter delivered opening remarks at the Investor Advisory Committee Meeting. Chairman Walter mentioned the SEC's progress on rule-making.

Section 922 of the Dodd-Frank Act required the Office of Inspector General ("OIG") to evaluate the SEC’s Whistleblower Program and answer the following questions. OIG will examine whether: 1. the final rules and regulation issued under the amendments of Section 922 have made the whistleblower protection program clearly defined and user-friendly; 2. the program is promoted on the SEC’s website and has been widely publicized; 3. the SEC is prompt in: a) responding to information provided by whistleblowers; b) responding to applications for awards filed by whistleblowers; c) updating