In this issue

New Rules, Proposed Rules, Guidance and Alerts

• SEC Staff No-Action Letter Allows Fund Boards to Rely on CCO Representations for Affiliated Transactions

Public Statements, Press Releases and Testimony

• Testimony of Dalia Blass Before the House Subcommittee on Capital Markets, Securities and Investment
• Stephanie Avakian, Co-Director of the SEC’s Division of Enforcement, Assesses the Effectiveness of the SEC’s Enforcement Program
• SEC Chairman Clayton Issues Statement About SEC Staff Views
• SEC Staff Withdraws Proxy Advisory Guidance

Litigation and Enforcement Actions and Initiatives

• Ninth Circuit Affirms in Part District Court Dismissal of Class Claims in Northstar Financial v. Schwab Investments Case
• SEC Settles Charges Against Firm for Inadequate Cybersecurity and Identity Theft Prevention Programs
• SEC Reaches Settlements with Two Registered Investment Advisers Regarding Improper Cross Trades
• SEC Obtains Consent Judgment against Hedge Fund Adviser for Alleged Scheme to Increase Profits above High-Water Mark

Download the Regulatory Update below.