Topics:

Litigation

• U.S. Supreme Court Hears Jones v. Harris Associates

New Rules, Proposed Rules and Guidance

• Federal Regulatory Agencies Issue Model Privacy Notice Form
• SEC Adopts Regulation S-AM
• Massachusetts Publishes Final Information Security Program Regulations
• Implementation of Identity Theft Prevention Programs Further Delayed Until June 1, 2010
• SEC Proposes Amendments to Rules Requiring Internet Availability of Proxy Materials
• SEC Proposes Rules to Enhance Credit Ratings Disclosure
• SEC Removes Rule References to Nationally Recognized Statistical Rating Organizations
• FINRA Requests Comments on Proposed Amendments to Rules Governing Communications With the Public
• 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

New Legislation

• House Financial Services Committee Approves Investor Protection Act of 2009
• Senator Introduces Mutual Fund Transparency Act of 2009
• House Financial Services Committee Approves Private Fund Adviser Registration

Other News

• Director of SEC’s Division of Investment Management Comments on Closed-End Fund Issues
• ICI And IDC Issue Report on Intermediary Relationships
• IDC Issues Task Force Report on Board Oversight of Fund Compliance

Enforcement Actions

• FINRA Fines Terra Nova Financial $400,000 for Improper Soft Dollar Payments
• SEC Charges Investment Adviser and Two Senior Officers for $24 Million Fraudulent Scheme
• FINRA Settles Auction Rate Securities Violations with Three Firms