Topics include

New Rules, Proposed Rules and Guidance

• Division of Investment Management Issues Guidance Update Concerning Business Continuity Planning for Funds
• SEC Proposes New Rule and Rule Amendment Requiring Business Continuity and Transition Plans for Advisers
• SEC Staff Provides Temporary No-Action Relief on Auditor Independence and the "Loan Provision"
• SEC's Rulemaking List Targets 2017 for Proposed Uniform Fiduciary Standard and Other Notable Proposals
• FinCEN Adopts Customer Due Diligence Requirements for Covered Financial Institutions, Including Mutual Funds

Public Statements, Press Releases and Testimony

• SEC Chair Discusses Future Regulatory Initiatives and Emerging Industry Challenges at ICI 2016 General Meeting

Litigation and Enforcement Actions

• Section 36(b) Excessive Fee Litigation Update—U.S. District Court Grants Defendant's Motion to Dismiss in State Farm Excessive Fee Case
• Section 36(b) Excessive Fee Litigation Update—U.S. District Court Denies Defendant's Motion to Dismiss in Metropolitan West Excessive Fee Case
• SEC Settles Charges Against Morgan Stanley For Failing To Adopt Written Policies and Procedures Designed to Protect Customer Data
• Inadvertent Proxy Voting Instruction Results in Denial of State Law Appraisal Claim
• FINRA Publishes Targeted Exam Letter for Mutual Fund Waiver Sweep

Other News and Developments

• Financial Stability Board Issues Policy Recommendations to Address "Structural Vulnerabilities" in Asset Management Industry
• ICI Issues Memo Regarding the Adequacy of Fund Policies, Procedures and Disclosures in Light of Unanticipated Events Affecting Securities Trading Venues

To read the Regulatory Update, click the link below.