In This Issue:

SEC Reopens Comment Period on Target Date Retirement Funds Proposal; Congress Enacts the JOBS Act, Repeals Ban on General Solicitation and General Advertising; SEC Approves New FINRA Advertising Rules; SEC and CFTC Propose Rules to Help Detect and Prevent Identity Theft; Court Reinstates Summary Judgment for Adviser in Excessive Fee Case; and ICI and U.S. Chamber of Commerce Challenge CFTC Rule in Court.

SEC Reopens Comment Period on Target Date Retirement Funds Proposal

In a proposal dated April 3, 2012, the SEC has reopened the comment period for its Target Date Retirement Fund proposal, which now ends May 21, 2012. This will allow for comments on a study of investor testing of comprehension of target date retirement fund characteristics that was sponsored by the SEC and submitted in February 2012. The SEC is concerned that investors do not understand the risks associated with, and the differences among, target date funds. Substantial differences in comparably named target date fund performance during the market downturn in 2008 caused concern that investors had an inadequate understanding of these funds and the related risks.