In This Issue:

- I. Supreme Court Cases Review

- II. Securities Law Cases

- III. Insider Trading Cases

- IV. Settlements

- V. Investment Adviser and Hedge Fund Cases

- VI. CFTC Cases and Developments

- VII. SEC Policy and Regulatory Developments

- VIII. The SEC Cooperation Program

- Excerpt below from Supreme Court Cases Review

- After a momentous start to the year—with three securities law decisions by the United States Supreme Court, including the landmark decision in Halliburton Co. v. Erica P. John Fund, Inc. (as discussed in our 2014 Mid-Year Report)—the Supreme Court docket had fewer securities-related events in the second half of 2014. Specifically, over the past six months the Supreme Court (i) dismissed a case that concerned the tolling provisions of the Securities Act and (ii) heard oral arguments about whether statements of opinion in registration statements that are not subjectively false are nevertheless actionable under Section 11 of the Securities Act (Section 11).