Topics:

New Rules, Proposed Rules and Guidance

• SEC Proposes Rules Relating to Investment Adviser Registration
• SEC Extends Compliance Date for New Short-Selling Restrictions
• SEC Proposes Whistleblower Rules Under the Dodd-Frank Act
• SEC Proposes Rule on Institutional Investment Manager Reporting of Proxy Votes on Executive Compensation
• FinCEN Extends Compliance Date for AML Travel Rule for Mutual Funds
• SEC Proposes Rule Defining “Family Office” Adviser
• SEC Stays Effectiveness of Amendments to Proxy Rules that Facilitate Rights of Shareholders to Nominate Directors
• SEC Amends Regulation FD as Required by the Dodd-Frank Act
• CFTC Requests Comments on Amendments to Limit the Use of Futures by Investment Companies

Legislation

• House Passes Regulated Investment Company Modernization Act of 2010
• Congress Passes Legislation Limiting Confidentiality Protection for Materials Provided to the SEC

Litigation

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

Other News

• ICI Challenges Montana Notice Filing Fee Change
• SEC Staff Opposes Closed-End Fund Use of Maryland Takeover Statute
• SEC Staff Issues Letter on Director Responsibilities under Affiliated Transaction 
• President’s Working Group Releases Report on Money Market Funds Rules
• CFTC and SEC Staff Issue Joint Report on May 6, 2010 Market Events
• SEC’s Enforcement Head Testifies on Mutual Fund Fee Initiative
• SEC Staff Issues No-Action Letter on Soft Dollar Arrangements

Enforcement Actions

• SEC Charges Managing Director of Securities Lending Program
• SEC Charges Investment Adviser for Books and Records and ADV Violations
• SEC Charges Investment Adviser, Broker Dealer and CCO for Compliance Violations
• SEC Charges Hedge Fund Manager with Defrauding Investors by Overvaluing Fund Position
• Former State Street Employees Charged by SEC for Misleading Investors About Subprime Mortgage Investments
• SEC Charges Broker-Dealer for Deficient CIP Procedures

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