In this issue:

- Court of Appeals for Third Circuit Overturns District Court Ruling Regarding Exclusion of Shareholder Proposal From Proxy Statement

- FINRA Updates Its Interpretation of the SEC's Financial Responsibility Rules

- CFTC's Energy and Environmental Markets Advisory Committee to Meet on July 29

- NFA Requires Notice From CPOs that Consolidate Filings of Subsidiary Pools

- SEC Settles With Stock Promoters in Medical Marijuana Stock Manipulation Scheme

- SEC Brings Complaint in $68 Million Affinity Fraud Scheme

- Summer Budget 2015––Carried Interest: Abolition of Base Cost Shift

- Excerpt from Court of Appeals for Third Circuit Overturns District Court Ruling Regarding Exclusion of Shareholder Proposal From Proxy Statement:

On July 6, the United States Court of Appeals for the Third Circuit issued an opinion overturning the November 2014 ruling of the United States District Court for the District of Delaware that Wal-Mart Stores, Inc. had improperly excluded a shareholder proposal from its proxy statement. The Third Circuit’s written opinion follows its prior order issued in April 2015 vacating the District Court’s earlier decision.