Topics:

New Rules, Proposed Rules and Guidance

• SEC Proposes Reporting Obligations for Advisers to Private Funds
• SEC Proposes Net Worth Standard for Accredited Investors
• SEC Extends Compliance Date for Initial Delivery of Form ADV Brochure Supplements
• SEC Extends Temporary Rule Regarding Adviser Principal Trades

Other News

• SEC Outlines 2011 Exam Priorities
• ICI Issues Legal Memorandum Regarding Effect of State Laws on “Pay-to-Play” Policies and Procedures
• Clarification of Inapplicability of “Say on Pay” Rule to Closed-End Funds
• SEC Staff Submits Study on Investment Adviser and Broker-Dealer Regulatory Standards
• SEC Staff Submits Study on Investment Adviser Examinations
• ICI Issues Comment Letter on President’s Working Group Report on Money Market Funds

Legislation

• President Obama Signs Regulated Investment Company Modernization Act of 2010

Enforcement Actions

• SEC Charges Adviser and Chief Executive Officer for IPO Allocations
• SEC Charges AXA Rosenberg Entities for Concealing Error in Quantitative Investment Model
• SEC Charges Merrill Lynch for Misusing Customer Order Information and Charging Undisclosed Trading Fees
• SEC Charges BNY Mellon and Order Desk Manager for Best Execution Failure
• SEC Charges Schwab Advisers and Two Executives with Making Misleading Statements

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