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    SEC approves securities arbitration fraud intervention rule

    SEC approves securities arbitration fraud intervention rule. The U.S. Securities and Exchange Commission has approved a rule that will let securities arbitrators immediately report frauds that may threaten the investing public if they learn about them in the middle of a case. The agency’s approval, published in the Federal Register on Wednesday, ends years of controversy about the proposal, which was sparked by multibillion-dollar Ponzi schemes orchestrated by Bernard Madoff and R. Allen Stanford. More on Reuters here.

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    U.S. SEC’s Piwowar takes a swing at ‘broken windows’ enforcement policy

    A top official at the U.S. Securities and Exchange Commission on Tuesday criticized the “broken windows” enforcement strategy being deployed by the agency, saying it hinders the agency’s ability to set priorities and have robust, healthy markets. In a speech at the annual Securities Enforcement Forum, SEC Republican Commissioner Mike Piwowar took aim at the approach that SEC Chair Mary Jo White has used, which entails pursuing cases against both big and small violations. “A broken windows approach to enforcement may not achieve the desired result,” said Piwowar. “If every rule is a priority, then no rule is a priority.” More on Reuters here.

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    SEC Making ‘Real Progress’ on Accredited Investor Definition Changes: White

    The SEC’s Investor Advisory Committee on Thursday recommended five updates to the Commission’s decades-old accredited investor definition, including a provision to allow investors to qualify based on their “financial sophistication” and not just their net worth. Barbara Roper, who heads the advisory committee’s Investor as Purchaser Subcommittee, said during the Committee’s meeting held at SEC headquarters in Washington that the recommendations include “several significant changes” from those discussed at the Investor Advisory Committee’s July 10 meeting. More on Think Advisor here.

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    SEC Delays Action on Wall Street Safeguards

    WASHINGTON—Regulators have delayed action on a proposal to require trading firms to put in place new testing and maintenance checks aimed at preventing market mishaps such as Nasdaq Stock Market’s fumbling of the Facebook Inc. public offering. The holdup comes amid internal conflicts over the scope of the rule within the Securities and Exchange Commission, with Democratic commissioners Kara Stein and Luis Aguilar pushing to extend the rule to more trading activity, among other changes, according to people familiar with the decision. Expanding the rule would provide further protections for investors against technology breakdowns, they argue, but some on Wall Street worry it will impose added costs on trading firms and investors. More in the Wall Street Journal here.

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    Wall Street Moles Go to New York’s Top Cop, Spurning SEC Cash

    The U.S. Securities and Exchange Commission’s offer of huge payouts for details on Wall Street wrongdoing hasn’t stopped whistle-blowers who want quick results from calling New York’s top cop. A tip that helped spur New York Attorney General Eric Schneiderman’s June lawsuit against Barclays Plc was first shopped to the SEC, as was another that triggered his investigation into a controversial trading practice at BlackRock (BLK) Inc., said people with direct knowledge of the matter. By going to Schneiderman, informants risk hurting their chances of collecting as much money as possible from the SEC. More on Bloomberg here.

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