Topics:

Litigation

• Eighth Circuit Adopts a New Standard for Evaluating Mutual Fund Excessive Fee Claims
• U.S. Supreme Court Agrees to Hear Jones v. Harris Associates

New Rules and Guidance

• SEC Proposes Amendments to Proxy Rules to Facilitate Rights of Shareholders to Nominate Directors
• SEC Proposes Amendments to Investment Adviser Custody Rule
• Implementation of Identity Theft Prevention Programs Delayed Until August 1, 2009

Money Market Fund News

• U.S. Treasury Extends Temporary Guarantee Program for Money Market Funds
• ICI Money Market Working Group Issues Report

Other News

• Mutual Fund Directors Forum Issues Guidance for Directors on the Oversight of Sub-Advisers
• SEC Staff Speech on Investment Companies’ Use of Derivatives
• FASB Issues Staff Positions on Fair Value Measurements and Impairments of Securities
• SEC Issues Additional Guidance Relating to Liquidity Protected Preferred Shares
• ICI Issues White Paper on Financial Services Regulatory Reform

Enforcement Actions

• SEC Settles Enforcement Action Against NYLIM Relating to Disclosures to Fund Board During 15(c) Process
• FINRA Settles Auction Rate Securities Violations with Four Firms
• SEC Charges Operators of Reserve Primary Fund With Fraud
• FINRA Fines 25 Firms More Than $2.1 Million for Failures in Mutual Fund Breakpoint Review
• SEC Charges Madoff Auditors With Fraud
• SEC Charges Investment Adviser For Inventing a Billion-Dollar Client to Lure New Investors

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