In This Presentation:

- Personnel Changes

- Insider Trading

- Pay to play prohibitions under fire

- F Squared – Administrative proceeding (December 22, 2014)

- Reliance Financial Advisors -- Admin Cease and Desist Proceedings

- How to crowd fund prior to the adoption of the crowdfunding rules

- SEC 2015 National Exam Priorities

- Excerpt from Personnel Changes:

..New Republican Senate majority

..Whither Dodd Frank?

..Obamacare

..SEC changes

..New Director of the Division of Investment Management