The SEC Office of Inspector General ("OIG") opened an investigation in response to an anonymous complaint alleging mismanagement of a computer security lab in the Division of Trading and Markets Automation Review Policy ("ARP") program. The lab, known as the ARP lab, is used to support the Division of Trading and Markets Office of Market Continuity inspection program, which inspects SRO, stock exchange and clearing agency computer networks. The anonymous complaint alleged that ARP lab staff and management inappropriately allocated and spent significant budget dollars to purchase computer

Effective Friday, December 7, 2012, the following changes are being made to procedures related to Block Trade Minimum Quantities and Reporting Deadlines: Change to Minimum Quantity Requirements for Multi-Leg Transactions for Agricultural Financial Products; Changes to Block Trade Reporting Times for Agricultural Financial Products; and Changes to Reporting Deadline for Block Trades Executed Outside of Normal Trading Hours. View Notice in full here (links externally to ICE website).

The SEC is adopting a new rule 6a-5 under the Investment Company Act of 1940 to establish a standard of creditworthiness in place of a statutory reference to credit ratings that the Dodd-Frank Act removes. The rule will apply to entities registered as business and industrial development companies. Effective Date: 30 days after the date of publication in the Federal Register. View final rule here (links externally to SEC website).

The SEC charged the hedge fund advisory firm CR Intrinsic Investors LLC, its former portfolio manager, and a medical consultant for an expert network firm for their roles in a $276 million insider trading scheme involving a clinical trial for an Alzheimer's drug being jointly developed by two pharmaceutical companies. According to the SEC, the gains alleged to have been generated in this scheme make it the largest insider trading case ever charged by the SEC. View complaint in full here (links externally to SEC website). See also: Press Release; SEC Director Khuzami's Remarks

CFTC Chairman Gary Gensler delivered a speech on the CFTC's Financial Report for Fiscal Year 2012 and the current progress of the swaps market regulation. Gensler stated that, as the CFTC has shifted to the implementation of rules and direct oversight of the swaps market, the CFTC is in need of more resources. Gensler asserted that swap regulation is bringing, or will soon bring, substantial benefits to the public. Chairman Gensler said he believes that swaps into central clearing will lower the risk of a highly interconnected financial system. Chairman Gensler stated that the CFTC is moving