The SEC brought an interesting insider trading case where the (apparently unsuspecting) tipper was the head of a public company who disclosed nonpublic details of the company to a person with whom he had a "close friendship." According to the complaint, this information was expected to be maintained in confidence "by implicit understanding and express agreement . . . ." [It would be interesting to know to what extent the SEC is going to rely on the implicit understanding, rather than the express agreement.] As to other information, the complaint asserts that the information was "expected to be

The CFTC is proposing new rules and related forms to enhance its identification of futures and swap market participants. The proposed rules would leverage the CFTC’s existing position and transaction reporting programs by requiring the electronic submission of trader identification and market participant data on amended Forms 102 and 40, and on new Form 71. The proposed rules also incorporate a revised approach to the CFTC’s previous initiative to collect ownership and control information, through a dedicated ownership and control report (‘‘OCR’’), for trading accounts active on reporting

Process for Submissions for Review of Security-Based Swaps for Mandatory Clearing; Technical Amendments; Correction On July 13, 2012, the SEC published a document in 77 FR 41602, concerning, among other things, the process for submissions for review of security-based swaps for mandatory clearing and notice filing requirements for clearing agencies. The document contained typographical errors. The SEC is publishing this correction to the preamble and the general authority as well as a clarification concerning the Office of Management and Budget control number for Rule 3Ca-1 under the Exchange

On July 19, 2010, the CFTC published for public comment a Notice of Proposed Rulemaking that proposed to collect certain account ownership and control information for all trading accounts active on U.S. futures exchanges and other reporting entities (‘‘OCR NPRM’’). After considering all comments received in response to the OCR NPRM, the CFTC is withdrawing the OCR NPRM and instead pursuing the collection of account ownership and control information through a separate proposed rulemaking published today elsewhere in the notice section of the Federal Register. Effective Date: July 26, 2012, the

Extending the operation of the Pilot Program that allows Nasdaq stock market securities to be traded on an exchange. View release in full here (links externally to SEC website).