SEC News Digest

ENFORCEMENT PROCEEDINGS

Commission Sanctions vFinance Investments, Inc. and Richard Campanella for Failures to Preserve and Produce Electronic Communications

The Commission has found that vFinance Investments, Inc., a broker dealer based in Florida, failed to preserve and promptly produce electronic communications to Commission staff. The Commission also found that Richard Campanella, the Firm's former chief compliance officer, willfully aided and abetted and was a cause of these violations. For these violations, the Commission sustained an administrative law judge's decision ordering the Firm and Campanella to cease and desist from committing future violations, censuring Campanella, and assessing penalties of $100,000 against the Firm and $30,000 against Campanella. In addition, the Commission determined that it is in the public interest to censure the Firm and to bar Campanella from associating with any broker or dealer in any principal or supervisory capacity with a right to reapply after two years. (Rel. 34-62448; File No. 3 12918)

SELF-REGULATORY ORGANIZATIONS

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change filed by The Options Clearing Corporation (SR-OCC-2010-08) to add Schedule C-1 to the Agreement for Clearing and Settlement Services dated Dec. 5, 2008, between The Options Clearing Corporation and ELX Futures L.P. has become effective pursuant to Section 19(b)(3)(A)(iii) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of July 5. (Rel. 34-62421)

A proposed rule change filed by Financial Industry Regulatory Authority (SR-FINRA-2010-031) amending Financial Industry Regulatory Authority, Inc. Online Form NMA has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of July 5. (Rel. 34-62429)

A proposed rule change filed by the International Securities Exchange (SR-ISE-2010-69) relating to amending the Direct Edge ECN Fee Schedule has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of July 5. (Rel. 34-62430)

The Commission issued a notice of filing and immediate effectiveness of a proposed rule change (SR-CBOE-2010-066) filed by the Chicago Board Options Exchange under Rule 19b-4 of the Securities Exchange Act of 1934 to reduce the payments that CBOE makes to CBOE Trading Permit Holders that participate in a program under which CBOE subsidizes the costs of providing and/or using certain order routing functionalities. Publication is expected in the Federal Register during the week of July 5. (Rel. 34-62432)

A proposed rule change filed by the International Securities Exchange (SR-ISE-2010-64) to expand its $1 Strike Program has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of July 5. (Rel. 34-62442)

A proposed rule change filed by the Chicago Board Options Exchange (SR-CBOE-2010-064) to expand its $1 Strike Program has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of July 5. (Rel. 34-62443)

A proposed rule change filed by the International Securities Exchange (SR-ISE-2010-72) to expand and permanently establish its Short Term Option Series Program has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of July 5. (Rel. 34-62444)

Approval of Proposed Rule Changes

The Commission approved a proposed rule change (SR-Phlx-2010-72) submitted by NASDAQ OMX PHLX pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to expand its $1 Strike Program to 150 classes. Publication is expected in the Federal Register during the week of July 5. (Rel. 34-62420)

The Commission has issued an order approving a proposed rule change by the Financial Industry Regulatory Authority (SR-FINRA-2009-089) to establish FINRA Rule 6490 (Processing of Company-Related Actions) to Clarify the Scope of FINRA's Authority When Processing Documents Related to Announcements for Company-Related Actions for Non-Exchange Listed Securities and to Implement Fees for Such Services. Publication is expected in the Federal Register during the week of July 5. (Rel. 34-62434)

Accelerated Approval of Proposed Rule Change

The Commission granted accelerated approval to a proposed rule change (SR-ISE-2010-70) submitted by the International Securities Exchange pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 relating to the amounts that Direct Edge ECN, in its capacity as an introducing broker for non-ISE members, passes through to such non-ISE members. Publication is expected in the Federal Register during the week of July 5. (Rel. 34-62431)

Proposed Rule Changes

EDGA Exchange filed a proposed rule change (SR-EDGA-2010-06) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder to amend EDGA Fee Schedule to impose fees for physical ports used to connect to EDGA Exchange. Publication is expected in the Federal Register during the week of July 5. (Rel. 34-62436)

EDGX Exchange filed a proposed rule change (SR-EDGX-2010-06) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder to amend EDGX Fee Schedule to impose fees for physical ports used to connect to EDGX Exchange. Publication is expected in the Federal Register during the week of July 5. (Rel. 34-62437)

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