In this issue:

- Delaware Court of Chancery Rejects Controlling Stockholder Claims and Applies Business Judgment Rule to Merger Suits

- FINRA Remarks at the National Society of Compliance Professionals Conference

- CFTC Issues Interpretation Regarding Accounting for Customer Margin Payments Using Automated Clearing House Payment Processing

- SEC Denies Two Proposed Applications for Non-Transparent Active ETFs

- SEC Sanctions Athena in First High-Frequency Trading Manipulation Case

- SEC Announces Record Number of Enforcement Actions in FY 2014

- Recap and Update: AIFM Directive for US Private Fund Managers

- CPMI-IOSCO Recovery of Financial Market Infrastructures Report

- Excerpt from Delaware Court of Chancery Rejects Controlling Stockholder Claims and Applies Business Judgment Rule to Merger Suits:

In In re KKR Financial Holdings LLC Shareholder Litigation, C.A. No. 9210 (Del. Ch. Oct. 14, 2014), the Delaware Court of Chancery dismissed a shareholder derivative suit brought by shareholders of KKR Financial Holdings LLC (KFN) alleging, among other claims, a breach of fiduciary duties by each of (1) KKR & Co. L.P. (KKR), as an alleged controlling stockholder, and (2) KFN’s board of directors, in connection with the acquisition by KKR of KFN in a stock-for-stock merger.