Securities Regulation Daily Wrap Up, WORTH NOTING—Other litigation, regulatory activity and industry news, (May 20, 2016)

A weekly roundup of other items of interest to the securities community:

BROKER-DEALERS—Exchange Act Rule 15b12-1 will expire by its own terms and no longer be effective on July 31, 2016. Upon expiration, registered broker-dealers will be prohibited from offering or entering into retail foreign exchange transactions.

PRIVATE PLACEMENTS—The SEC's Advisory Committee on Small and Emerging Companies met on May 18 to consider the definition of “accredited investor” under Regulation D and discuss issues involving the market for unregistered offerings.

FRAUD AND MANIPULATION—The Northern District of California has approved a final settlement of claims that CytRx Corporation hired a marketing firm to write favorable articles about CytRx’s primary oncology drug in a scheme to inflate the company’s stock price (In re CytRx Corporation Securities Litigation, May 18, 2016, King, G.).

DODD-FRANK ACT—Americans for Financial Reform joined more than 250 other organizations in urging members of Congress to oppose any funding bills that include provisions rolling back the Dodd-Frank Act or other financial reform legislation.

BROKER-DEALERS—Hong Kong’s Securities and Futures Commission (SFC) has entered into a memorandum of understanding with FINRA concerning mutual assistance in the supervision and oversight of regulated entities that operate on a cross-border basis.

FINANCIAL INTERMEDIARIES—SIFMA has issued a Single Security Fact Sheet on the Federal Housing Finance Agency’s initiative to implement a single form of mortgage-backed securities to be issued by Fannie Mae and Freddie Mac.

IndustryNews: BrokerDealers DoddFrankAct FinancialIntermediaries FraudManipulation InternationalNews PrivatePlacements CaliforniaNews