SEC NEWS DIGEST

COMMISSION ANNOUNCEMENTS

Statement From Chairman Schapiro on Proposed Budget for SEC

The following is a statement from SEC Chairman Mary L. Schapiro regarding the President’s FY 2012 budget request of more than $1.4 billion for the SEC.

“These funds will provide the SEC with the resources needed to carry out both our longstanding core mission as well as our new responsibilities for derivatives, hedge fund advisers and credit rating agencies. By law, the 2012 funding is entirely offset by transaction fees such that the SEC budget will not add to the deficit.” (Press Rel. 2011-44)

ENFORCEMENT PROCEEDINGS

In the Matter of Dale G. Rasmussen, Esq.

Pursuant to Rule 102(e)(5) of the Commission’s Rules of Practice, Dale G. Rasmussen, Esq. has applied for and been granted reinstatement of his privilege to appear and practice before the Commission as an attorney. Mr. Rasmussen was suspended from appearing and practicing before the Commission as an attorney on April 17, 2006. His reinstatement is effective immediately. (Rel. 34-63896; AAE Rel. 3243; File No. 3-12264)

In the Matter of Christopher L. Martin

Pursuant to Rule 102(e)(5) of the Commission’s Rules of Practice , Christopher L. Martin, Esq. has applied for and been granted reinstatement of his privilege to appear and practice before the Commission as an attorney. Mr. Martin was suspended from appearing and practicing before the Commission as an attorney on Aug. 13, 2008. His reinstatement is effective immediately. (Rel. 34-63897; File No. 3-13130)

Court Enters Final Judgment Against Agile Group Founder and Head Portfolio Manager Neal R. Greenberg

The Securities and Exchange Commission announced today that the United States District Court for the District of Colorado entered a Final Judgment, dated February10, 2011, in a civil action against Neal R. Greenberg, the former Chief Executive Officer and majority owner of registered investment adviser Tactical Allocation Services LLC (TAS) and the founder and head portfolio manager for a registered investment adviser wholly-owned by TAS, Agile Group LLC (Agile Group). Greenberg, without admitting or denying the Commission’s allegations, consented to the entry of a Final Judgment that enjoins him from violations of Sections 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rules 206(4)-2, 206(4)-7, and 206(4)-8 thereunder; finds that he is liable for disgorgement of $3,941,185, plus prejudgment interest, but, based on Greenberg’s financial condition, waives payment of all but $330,000 of that amount and, in addition, requires Greenberg to surrender his interests in certain Agile Group hedge funds; imposes no penalty based on Greenberg’s financial condition; and prohibits Greenberg from seeking reimbursement for the money and fund interests he is disgorging and surrendering. Within 60 days, Greenberg is required to submit to the Court, for Court approval, a plan for equitable distribution of his relinquished interests for the benefit of Agile investors.

According to the SEC’s complaint in this matter, extensive losses were suffered by affiliated hedge funds managed and recommended by Greenberg, including the Agile Safety Fund (Safety Fund), the Agile Safety Fund International (International Fund), and the Agile Safety Variable Fund (Variable Fund) (collectively, Agile hedge funds). The Agile hedge funds were marketed and managed by affiliated investment advisers Agile Group and TAS. The Commission’s complaint alleged that Greenberg negligently misrepresented the safety, suitability, and diversification of the Agile hedge funds to TAS clients, in many cases conservative investors in or near retirement. Further, the Complaint alleged that Greenberg made inadequate disclosure concerning advisory fees; failed to implement adequate compliance policies and procedures; failed to properly supervise his subordinate investment advisers; and failed to provide account statements and annual reports to his clients. [SEC v. Neal R. Greenberg, Civ. Action No. 1:11-cv-00313-JLK (D. Colorado)] (LR-21852)

SELF-REGULATORY ORGANIZATIONS

Immediate Effectiveness of Proposed Rule Changes

NASDAQ Stock Market has filed a proposed rule change (SR-NASDAQ-2011-022) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to enhance the Investor Support Program. Publication is expected in the Federal Register during the week of February 14. (Rel. 34-63891)

NASDAQ Stock Market has filed a proposed rule change (SR-NASDAQ-2011-021) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to revise an optional Depth Data Enterprise License Fee for broker-dealer distribution of depth-of-book data. Publication is expected in the Federal Register during the week of February 14. (Rel. 34-63892)

NASDAQ Stock Market has filed a proposed rule change (SR-NASDAQ-2011-023) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to add routing option SOLV and corresponding fees. Publication is expected in the Federal Register during the week of February 14. (Rel. 34-63893)

Approval of Proposed Rule Change

The Commission approved a proposed rule change (SR-FINRA-2009-090), as modified by Amendment No. 1, submitted by the Financial Industry Regulatory Authority, pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to adopt FINRA Rule 5320 (Prohibition Against Trading Ahead of Customer Orders) in the consolidated FINRA rulebook. Publication is expected in the Federal Register during the week of February 14. (Rel. 34-63895)

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http://www.sec.gov/news/digest/2011/dig021411.htm