SIFMA, along with 25 other trade associations, issued this joint letter opposing current proposals to use eminent domain to take mortgages from residential mortgage-backed securities. SIFMA and the coalition of trade groups are actively working together to advocate against what they believe to be an abuse of the sovereign power of eminent domain, and assert that such actions will cause irreparable damage to the housing market. Lofchie Comment : Leaving aside the substance of the letter and the very serious issues at stake for the economy, I note that the first page of the letter features a

In two related enforcement actions, the SEC charged three former brokers at an Atlanta-based brokerage firm for "churning" the accounts of customers with conservative investment objectives, causing severe investor losses while the brokers collected excessive commissions, fees, and margin interest. The SEC also sanctioned the firm itself and its President for failure to supervise. The turnover ratios at issue were from 8x to 13 times annually. In footnote 2 of the Turner disciplinary action, the SEC indicates that a turnover ratio of 6 times can reflect excessive trading. Lofchie Comment: The

The NASAA announced at its annual conference a new investor outreach initiative to provide investor education resources to Native American and First Nations populations in the United States and Canada. View news release here(links externally to NASAA website).

The SEC has released updated versions for the DRAFT EDGAR Filer Manual, Volumes I and II. DRAFT EDGAR Filer Manual (Volume I) - General Information (Version 14) DRAFT EDGAR Filer Manual (Volume II) - EDGAR Filing (Version 21)

The SEC’s Office of Investor Education and Advocacy issued this bulletin to help educate investors and to inform investors about the SEC’s database for securities certificates reported lost, stolen, missing, or counterfeit. View bulletin here (links externally to SEC website). See also: Investor.gov.