In this issue:

- SEC Rejects Motion to Stay Resource Extraction Disclosure Rules

- Register for Our 2013 Proxy Season Update Webinar

- CFTC Proposes Swaps Report

- CFTC Issues FAQ on Energy Agreements

- House Financial Services Committee Releases Staff Report on MF Global

- CFTC to Appeal Federal Court Decision to Vacate Position Limits Rule

- SEC and Department of Justice Release Detailed FCPA Resource Guide

- Delaware Supreme Court Rejects Chancery Court’s Determination that Default Fiduciary Duties Apply to All LLC Members

- FSA Requires Asset Managers to Address Conflicts of Interest

- FSA Publishes Consultation Paper on AIFMD Implementation

- FSA Fines Manager for Systemic Suitability Failings

An excerpt from "Delaware Supreme Court Rejects Chancery Court’s Determination that Default Fiduciary Duties Apply to All LLC Members"

The Delaware Supreme Court ultimately affirmed the ruling of the Delaware Chancery Court in finding the manager of an LLC in violation of his contractual fiduciary duties, but while doing so it took pains to reject as unnecessary the Chancery Court’s decision that default fiduciary duties apply to all LLC members under the Delaware Limited Liability Corporation Act (Delaware LLC Act).