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Vedder Thinking | Articles Investment Services Regulatory Update

Newsletter/Bulletin

Topics:

Litigation

  • U.S. Supreme Court Rules in Jones v. Harris Associates; Vacates and Remands Gallus v. Ameriprise Financial
  • Court Allows Class Action Against Evergreen Entities and Fund Trustees to Proceed
  • District Court Judge Rules in Favor of Plaintiffs in Schwab YieldPlus Fund Case
  • First Circuit Rejects the SEC’s Interpretation of Rule 10b-5
  • Second Circuit Vacates Dismissal of Section 10(b) Claims Against Citigroup Entities, Affirms Dismissal of Section 36(b) Claims

New Rules, Proposed Rules and Guidance

  • SEC Releases AML Guidance on Beneficial Ownership Information
  • SEC Adopts Restrictions to Short-Selling Practices
  • SEC Adopts Amendments to Rules Requiring Internet Availability of Proxy Materials

Legislation

  • Senate Committee Approves Restoring American Financial Stability Act of 2010

Other News

  • Mutual Fund Directors Forum Issues Practical Guidance for Fund Directors on Effective Risk Management Oversight
  • IDC Issues Memorandum on Board Oversight of Target Retirement Date Funds
  • SEC Staff Evaluating the Use of Derivatives by Funds
  • Closed-End Fund May Not Exclude Shareholder Proposal to Amend Bylaws Directing Board to Terminate Advisory Agreement

Enforcement Actions

  • FINRA Fines HSBC Securities (USA) and U.S. Bancorp Investments for Auction Rate Securities Violations
  • FINRA Files Complaint Against Morgan Keegan for Misleading Customers Regarding Risks of Bond Funds
  • SEC Charges Madoff’s Director of Operations with Falsifying Accounting Records and Siphoning Investor Funds
  • SEC Charges State Street for Misleading Investors About Subprime Mortgage Investments

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