In This Issue:

- SEC Proposes Changes to Reporting and Disclosure Obligations for Investment Companies and Advisers

- SEC Charges Hedge Fund Executives and External Auditor for Improper Disclosure of Expense Allocations

- Department of Labor Proposes New Regulations on Fiduciary Advice

- SEC Staff Publishes Money Market Fund Reform FAQs

- SEC Announces Whistleblower Awards to Compliance Professionals

- SEC Names a New Director of the Division of Investment Management

- OCIE Announces 2015 Priorities

- SEC Broadly Interprets Janus on Enforcement Actions

- SEC Staff Releases Results of Cybersecurity Examination Sweep

- SEC’s Focus in 2015

- Zehrer v. Harbor Capital Advisers, Inc.: Excessive Fee Litigation

- MSRB Adopts Municipal Advisory Supervision Rule, Proposes Amending Current MSRB Rules G-37, G-20, and G-3 to include Municipal Advisors, and Implements a New Fee for Municipal Advisors

- Mutual Fund Insider Trading Case Remanded

- SEC Issues No-Action Letter To Allow for Amendment of a Sub-Advisory Agreement without Shareholder Approval

- SEC Works on Rules To Address Risks Posed by Asset Management Industry

- SEC Pay-To-Play Rules

- SEC Scrutinizes Annual Advisory Agreement Renewal Process

- Supreme Court Allows Anti-Retaliation Suits by Fund Service Providers’ Employees

- EU Court of Justice Ruling May Allow U.S. Funds To Obtain Tax Refund

- SEC, Other Regulators Pursue Puerto Rico Bond Inquiries

- Investment Adviser Charged with Breaching Fiduciary Duties and Misleading Investors

- SEC Fines One Adviser and Charges Another Defendant over Social Media Misuse, Issues Guidance on the “Testimonial Rule”

- Trend: Advisers Attacked for Overcharges on Subadvised Funds

- Following Janus Capital Group Holding, Second Circuit Declines To Find Rule 10b-5 Liability

- SEC Focuses Independent Fund Trustees on Audit Quality

- SEC’s Guidance on Unbundling of Proxy Proposals

- SEC Warns of Fixed Income Fund Risk

- PCAOB Evaluating Significant Changes to Auditor’s Report

- Excerpt from SEC Proposes Changes to Reporting and Disclosure Obligations for Investment Companies and Advisers:

In May 2015, the Securities and Exchange Commission (SEC) proposed changes to the reporting and disclosure obligations of registered investment companies and registered investment advisers. With this proposal, the SEC hopes to modernize and enhance data reporting. The main parts of the proposal include new Form N-PORT, new Form N-CEN, amendments to Regulation S-X, website availability of shareholder reports, and amendments to Form ADV.