Headlines

Legislation:

• Fiscal Year 2010 Fee Rate Advisory #4 (HF, IA & MF)

• Attorney-Client Privilege Protection Act Introduced (HF, IA & MF)

• House Approves the Wall Street Reform and Consumer Protection Act of 2009 (HF, IA & MF)

• DeFazio Introduces the Let Wall Street Pay for the Restoration of Main Street Act (HF, IA & MF)

• House Passes Enhanced SEC Enforcement Authority Act (HF, IA & MF)

Judiciary:

• Delaware Supreme Court Applies Statute of Frauds to LLC Agreements (HF)

Regulatory:

• SEC Adopts, as Final, Rule 206(3)-3T (IA)

• SEC Proposes Amendments to Rule 163 to Facilitate Access to Capital Markets (HF, IA & MF)

• SEC Holds Open Meeting, Approves Change to Advisers Act Custody Rule and Enhanced Proxy Disclosures (HF, IA & MF)

• SEC Consents to Delay of Indexed Annuity Rule Effective Date (HF, IA & MF)

• Amendments Filed to Rule G-37 Regarding Contributions to Bond Ballot Campaigns (HF, IA & MF)

Enforcement:

• SEC Settles Case Against Ohio Investment Adviser Who Allegedly Defrauded Elderly Clients (IA)

• SEC Charges Austin-Based IA and Two Businesses With Operating a Multimillion-Dollar Scam Utilizing Former Football Stars (IA)

• Victoria Investors’ Sole General Partner and IA Barred From Association (HF & IA)

• Massachusetts-Based IA Criminally Charged for Defrauding Investors (IA)

• SEC Issues Order Against Mermelstein for Failure to Supervise Portfolio Manager (IA)

• SEC Distributes $418 Million to Harmed Investors in Invesco Mutual Funds (MF)

• SEC Issues Order Against Moises Pacheco (IA)

• SEC Obtains Consent Judgments Against Frank J. Russo and FJR Corporation (IA)

• SEC Issues Order Against Simpson Capital Management and Two Officers for Fraudulent Late Trading Scheme in Shares of Mutual Funds (HF & MF)

Speeches & Testimony:

• OCIE Acting Director Speaks at NSCP Conference (HF, IA & MF)

• Director of SEC Division of Enforcement Speaks Before the U.S. Senate Committee on the Judiciary Concerning Mortgage Fraud, Securities Fraud, and the Financial Meltdown: Prosecuting Those Responsible (HF, IA & MF)

• Director of the Division of Investment Management Speaks at the ICI 2009 Securities Law Developments Conference (HF, IA & MF)

• SEC Chief Accountant Speaks at 2009 AICPA National Conference (HF, IA & MF)

Miscellaneous:

• FINRA Issues Investor Alert Warning Investors of Green Energy Investments That Promise Large Gains (HF, IA & MF)

• SEC Posts Draft 2010 Mutual Fund Risk/Return Summary Taxonomy (MF)

• NERA Report Finds Decline in SEC Settlements (HF, IA & MF)

• SEC Posts XBRL Technology Web Site (HF, IA & MF)

• ICI Finds More Than 50 Million U.S. Households Own Mutual Funds (MF)

• SEI Survey Finds Strong Majority of Brokers and Advisors Support and Understand Key Elements of the Fiduciary Standard (IA)

• SEC Publishes Select SEC and Market Data Fiscal 2009 (HF, IA & MF)