The SEC sued a former executive at a biopharmaceutical company for misappropriating approximately $3.2 million in company funds and making materially false statements to auditors and investors.

At a House Financial Services Committee Task Force hearing, witnesses agreed that derivatives are essential to Treasury market function — but that the oversight infrastructure has not kept pace with market complexity.

FINRA amended its rules on transmission of requests for documents, testimony, and written responses to member firms to require delivery exclusively through FINRA Gateway.

The Financial Services Institute, an association representing independent financial services providers, supported a DOL proposal to modify "wage and hour division" regulations governing whether a worker is an employee or an independent contractor.

SEC Commissioner Mark T. Uyeda asserted that the economics of going public no longer work for smaller firms and called for a regulatory overhaul to make small company IPOs viable again.