Topics:

New Rules, Proposed Rules and Guidance

• SEC Proposal Regarding Mutual Fund Distribution Fees
• SEC Adopts Amendments to Part 2 of Form ADV
• SEC Adopts New Rule to Curtail Adviser “Pay to Play” Practices
• NFA Proposes Amendment to Restrict Exclusions from the Commodity Pool Operator Definition for Investment Companies
• SEC Proposes Amendments Regarding Target Date Fund Marketing Materials
• Implementation of Identity Theft Prevention Programs Further Delayed Until December 31, 2010

Legislation

• Dodd-Frank Wall Street Reform and Consumer Protection Act Enacted
• Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 Enacted

Litigation

• Funds Face Lawsuits Over Payments to Distributors; California Court Dismisses First Case

Other News

• New California Account Opening Disclosure Requirement
• SEC Supports Sarbanes-Oxley Whistleblower Provisions for Adviser Employees
• Closed-End Fund Loses Battle to Omit Shareholder Proposal in Proxy Statement

Enforcement Actions

• Fund Portfolio Manager Charged with Tipping Family Members

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