Topics:

Litigation

• Eighth Circuit Adopts a New Standard for Evaluating Mutual Fund Excessive Fee Claims

New Rules and Guidance

• SEC Proposes Rule Amendments to Strengthen the Regulatory Framework for Money Market Funds
• FinCEN Issues Proposal to Define Mutual Funds as "Financial Institutions"
• 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

Other News

• SEC Staff Issues No-Action Letter on TALF Loans for Registered Funds
• 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

Enforcement Actions

• FINRA Fines Wachovia Securities $1.4 Million for Prospectus Delivery Failures
• SEC Charges Madoff Solicitors and Feeder Funds with Fraud
• SEC Settles Charges Against Evergreen Fund Adviser and Distributor over Alleged Mispricing of Mortgage-Backed Securities
• SEC Settles Charges Against Investment Adviser Representative for Aiding and Abetting Merrill Lynch’s Antifraud Violations
• SEC Settles Charges of Aiding and Abetting Adviser’s Fraud with Two Former BISYS Officials
• 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

To read the complete newsletter, click the link below.