Yesterday the CFTC announced that it filed a civil enforcement action against Jose S. Rubio (Rubio) and Rubio Wealth Management, LLC (RWM) of Surfside and Coral Gables, Fla., respectively. The CFTC complaint charges Rubio and RWM with defrauding investors in connection with operating a commodity pool to trade commodity futures and off-exchange foreign currency (forex) contracts. The CFTC complaint also charges Rubio with making false statements to pool participants, misappropriating pool funds, commingling investor funds with those of RWM, failing to register as a commodity pool operator, and

In Thursday’s keynote address, Chairman Gary Gensler elaborated upon the CFTC's efforts to implement swaps market reforms. His comments covered: 1) how transparency will create a more functional and liquid market; 2) the benefits of increasing the use of central clearing; 3) the requirement of swap dealers to #8220;provisionally register,#8221; after the Commission finalizes the definitions of #8220;swap#8221; and #8220;securities-based swap"; 4) the importance of including overseas branches and affiliates in the reforms; 5) the recent reduction of funding to the CFTC. View speech in full here

FINRA Reg. Notice 12-28 The SEC approved amendments to FINRA Rule 13204 of the Code of Arbitration Procedure for Industry Disputes (Industry Code) to preclude collective action claims by employees of FINRA member firms under the Fair Labor Standards Act (FLSA), the Age Discrimination in Employment Act (ADEA) or the Equal Pay Act of 1963 (EPA) from being arbitrated under the Industry Code. Effective Date: July 9, 2012 Cross References: FINRA Rule 13204; SEC Release 34-66774, 77 FR 22374 (April 13, 2012) (Approval of Rule Change). For more information about this document, you may contact one of

The OCC, Board of Governors of the Federal Reserve System, and the FDIC (collectively, the agencies) are revising their market risk capital rules to better capture positions for which the market risk capital rules are appropriate; reduce procyclicality; enhance the rules’ sensitivity to risks that are not adequately captured under current methodologies; and increase transparency through enhanced disclosures. The final rule does not include all of the methodologies adopted by the Basel Committee on Banking Supervision for calculating the standardized specific risk capital requirements for debt

Yesterday the CFTC announced the filing and simultaneous settlement of charges against Open E Cry, LLC (OEC), a registered futures commission merchant (FCM), for failing to diligently supervise the handling of its customer accounts. OEC has offices in Powell, Ohio, and Chicago, Ill. View release in full here(links externally to CFTC website).