In this issue:

- Recent Developments Relating to Rights to Exclude Shareholder Proposals from Proxy Statements

- SEC Approves MSRB Best Execution Rule

- SEC Sanctions Operator of Unregistered Virtual Currency Exchanges

- NYS Department of Taxation and Finance Issues Tax Guidance on Virtual Currency Transactions

- Second Circuit Clarifies a Heightened Standard for Insider Trading Convictions

- Deputy Treasury Secretary Discusses Cybersecurity Checklist for Banks

- FCA Announces Major Restructuring

- Basel Publishes Assessment Reports for the European Union and United States

- ESMA Reviews Supervisory Practices on MiFID Investor Information

- Excerpt from Recent Developments Relating to Rights to Exclude Shareholder Proposals from Proxy Statements:

A recent court decision and no-action letter have brought to light new issues surrounding issuer requests for Securities and Exchange Commission no-action relief with respect to the ability to exclude shareholder proposals from the issuer’s proxy statement.