In This Issue:

- SEC Staff Releases Analysis Related to Pay Ratio Disclosure Rules

- States Challenge Blue Sky Preemption Under Regulation A+

- FINRA Proposes Revised BrokerCheck Hyperlink Rule

- NFA Proposes to Enhance Risk Management, Capital, Collateral and Disclosure Requirements for FDMs

- NFA Proposes Amendments to Its Articles of Incorporation

- CFTC Requests Public Comment on a Petition from ASX Clear (Futures) Pty Limited for Exemption From Registration as a DCO

- SEC Proposes Rules to Modernize and Enhance Information Reported by Investment Companies and Investment Advisers

- Tenth Circuit Affirms Clawback From Unsuspecting Recipient of Funds Under Uniform Fraudulent Transfer Act

- Senator Elizabeth Warren Criticizes SEC Chair Mary Jo White for “Extremely Disappointing” Leadership

- The FCA Publishes Its Bi-Annual Hedge Fund Survey

- FCA Provides Comments to European Commission on Proposed EU Capital Markets Union

- Excerpt from States Challenge Blue Sky Preemption Under Regulation A+:

On May 27, the Federal Court of Appeals for the District of Columbia combined lawsuits filed by the commonwealth of Massachusetts and the state of Montana against the Securities and Exchange Commission. The lawsuits seek to enjoin the implementation of new Regulation A+ prior to its June 19 effective date. Both Montana and Massachusetts contend that Regulation A+ exceeded the SEC’s congressional mandate by pre-empting state “blue sky” review of Tier 2 offerings under Regulation A+.