The change to Nasdaq Rule 5605 modifies the exceptions that apply to circumstances in which permits a non-independent director of a listed company can serve on certain of the company's board committees. The modifications relate to circumstances where the lack of independence is due to a family relationship. View release in full here (links externally to SEC website).

In a speech given on July 19, 2012, CFTC Commissioner Scott O'Malia shared his recommendations regarding a technology strategy for the CFTC. His comments covered: The current state of play and why it is important for the CFTC to develop a comprehensive technology strategy moving forward. (SL Comment: While it is undoubtedly true that the regulators will have to devote far more of their resources to technology, in my view the regulators are making a significant mistake by pumping out rules relating to record keeping and reporting before giving sufficient consideration to whether there are

FINRA and the other interested members of the Intermarket Surveillance Group (ISG interested members) have extended the effective dates for firms to submit new data elements for Electronic Blue Sheets (EBS) to correspond with the recent extension by the SEC of the implementation of SEC Large Trader Reporting Rule (SEA Rule 13h-1). (Electronic Blue Sheets are described in Section III.C of the Broker-Dealer Guide, Recordkeeping Chapter.) Effective November 30, 2012, and May 1, 2013, as discussed in more detail below, firms must begin submitting the additional formats of Blue Sheet data specified

The SEC found that Noonan Capital misappropriated client assets by charging excessive advisory fees in the amount of $183,908, which amounts to almost double what should have been charged. Additionally, Noonan Capital misrepresented its AUM and failed to withdraw its registration from the SEC. Noonan also violated the Advisers Act by failing to maintain proper books and records, and failing to furnish investors with the proper information required by Part 2 of form ADV. View letter in full here (links externally to SEC website).

This matter involves violations of federal securities laws by Delaware Asset Advisors (DAA) and Alex Wei, in connection with the structuring, sales, and marketing of a $1.6 billion collateralized debt obligation known as Delphinus CDO. Wei, the portfolio manager employed by DAA, provided inaccurate information in order to obtain Effective Date Rating Agency Confirmation, in an effort to save his reputation and monthly fees that would have otherwise been in jeopardy. View letter in full here (links externally to SEC website).