In this issue

New Rules, Proposed Rules, Guidance and Alerts

• SEC Proposes Amendments to Auditor Independence Rules to Address Certain Lending Relationships
• SEC Proposes New Rule That Would Require Broker-Dealers to Act in Best Interest of Retail Customers
• SEC Proposes New Disclosure Requirements for Financial Professionals
• SEC Issues Interpretive Guidance Regarding the Standard of Conduct for Investment Advisers
• SEC Staff Issues Share Class Selection Disclosure Initiative FAQs
• OCIE Issues Risk Alert on Advisory Fees and Expense Compliance Issues Identified in Deficiency Letters

Public Statements, Press Releases and Testimony

• SEC Division of Investment Management Director Dalia Blass Discusses Standard of Conduct Rule making Proposals and Liquidity Risk Management at PLI Investment Management Institute

Litigation and Enforcement Actions and Initiatives

• SEC Reaches Settlements with Three Registered Investment Advisers on Share Class Selection Allegations

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