In this issue

New Rules, Proposed Rules, Guidance and Alerts

• SEC Proposes New Rule to Permit Certain ETFs to Operate Without an Exemptive Order
• SEC Adopts Targeted Changes to Fund Liquidity Disclosure Requirements
• SEC Adopts Amendments Requiring Inline XBRL Reporting for Fund Risk/Return Summary Information
• SEC Adopts New Rule Providing Optional Internet Availability of Fund Shareholder Reports and Requests Comment on Improving Fund Disclosures and Intermediary Processing Fees
• SEC Staff Issues Additional Guidance Regarding Inadvertent Custody

Litigation and Enforcement Actions and Initiatives

• Adviser Settles SEC Administrative Proceeding Regarding Conflicts of Interest Disclosure
• Defendant Investment Advisers Obtain Partial Summary Judgment in Section 36(b) Excessive Fee Suit

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