Topics:

Litigation

• Court Rules in Favor of American Funds in Fee Case
• U.S. Supreme Court Hears Jones v. Harris Associates

New Rules, Proposed Rules and Guidance

• SEC Adopts Amendments to Investment Adviser Custody Rule
• SEC Extends Temporary Rule Regarding Adviser Principal Trades
• SEC Reopens Comment Period on Proposed Amendments to Proxy Rules to Facilitate Rights of Shareholders to Nominate Directors
• SEC Adopts New Disclosure Requirements for Board Governance Matters
• Federal Regulatory Agencies Issue Model Privacy Notice Form
• SEC Adopts Regulation S-AM
• Massachusetts Publishes Final Information Security Program Regulations
• Implementation of Identity Theft Prevention Programs Further Delayed Until June 1, 2010
• SEC Proposes Amendments to Rules Requiring Internet Availability of Proxy Materials
• SEC Proposes Rules to Enhance Credit Ratings Disclosure
• SEC Removes Rule References to Nationally Recognized Statistical Rating Organizations

New Legislation

• Congressmen Introduce Regulated Investment Company Modernization Act of 2009
• House Approves Wall Street Reform and Consumer Protection Act of 2009
• Senator Introduces Mutual Fund Transparency Act of 2009

Other News

• Director of SEC’s Division of Investment Management Comments on Independent Director Issues at IDC Conference

Enforcement Actions

• SEC Charges U.S. Subsidiary of World’s Largest Inter-Dealer Broker for Displaying Fictitious Trades and Misleading Customers
• SEC Charges Investment Adviser and COO for Trade Allocation Violations
• FINRA Fines Terra Nova Financial $400,000 for Improper Soft Dollar Payments
• SEC Charges Investment Adviser and Two Senior Officers for $24 Million Fraudulent Scheme

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