In This Issue:

*SEC/CORPORATE

..SEC Adopts Proxy Rule Changes to Notice and Access Model

..SEC Issues Technical Corrections to Recent Rule Amendments

*LITIGATION

..Employer Not Named in Employment Agreement Can Enforce Arbitration Clause

..Unwitting Beneficiaries of Ponzi Scheme Cannot Discharge Debt Under Chapter 7

*BROKER DEALER

..SEC Adopts Uptick Rule Restricting Certain Short Sales

..SEC Approves Amendments to FINRA Rules Governing Expedited Proceedings

..FINRA Provides Guidance from SEC on FAS 167 for FOCUS Reporting

..FINRA to Amend Arbitration Rules Regarding Deficient Claims

*PRIVATE INVESTMENT FUNDS

*INVESTMENT COMPANIES AND INVESTMENT ADVISERS

..Deadline for Annual Form ADV Update Approaches

*BANKING

..Fed Explains New Overdraft Rules for Debit and ATM Cards

*EXECUTIVE COMPENSATION AND ERISA

..Employers Should Note White House Attempt to Revive Health Care Reforms

*UK DEVELOPMENTS

..FSA Hedge Fund Surveys Conclusions Published

..FSA Fines Financial Advice Firm £700,000 for Failings Relating to Lehman-Backed Structured Product Sales

Please see full newsletter below for more information.