Topics:

New Rules, Proposed Rules and Guidance

• SEC Adopts Rule Requiring Disclosure of Certain Money Market Fund Portfolio Information
• SEC Proposes Flash Order Ban
• SEC Proposes Changes to NYSE Corporate Governance Standards
• Massachusetts Proposes Amendments to Information Security Program Regulations and Compliance Deadline
• SEC Makes Short Sale Rule Permanent
• SEC Proposes New Rule to Curtail Adviser “Pay to Play” Practices
• Implementation of Identity Theft Prevention Programs Further Delayed Until November 1, 2009

Proposed Legislation

• Legislation Proposed to Require Private Fund Advisers to Register with the SEC

Other News

• IDC Issues Task Force Report on Board Oversight of Fund Compliance
• SEC Provides No-Action Relief Permitting Foreign Funds to Invest in U.S. Funds in Excess of 1940 Act Limitations
• SEC Issues No-Action Letter Related to Mixed and Shared Funding Orders

Enforcement Actions

• FINRA Settles Auction Rate Securities Violations with Three Firms
• SEC Charges Adviser and Its CEO for Fraudulently Overstating Assets
• FINRA Fines Merrill Lynch and UBS for Supervisory Failures in Sales of Closed-End Funds
• FINRA Fines Bank Broker-Dealers $1.65 Million for Supervisory Failures in Variable Annuity, Mutual Fund and UIT Transactions