SEC Interpretations: No-Action Letters … … … … . .1 SEC Enforcement Actions … … . .6 NASD Developments … … … .13 Industry Update … … … … …14

SEC Interpretations … … …… .1 SEC Enforcement Actions … . .. .3 Litigation … … … … … … …6 NASD Developments … … … .7 NYSE Developments … … … .8 In...

In structuring an initial equity investment and the subsequent stockholder arrangements entered into immediately before a portfolio company’s initial public offering, our private equity...

SEC Rules & Regulations … … . .1 Litigation … … … … … … …3 SEC Interpretations: No-Action Letters … … . .6 SEC Enforcement Actions … … . .8 NASD Developments...

SEC Rules & Regulations … … . .1 Enforcement Actions … … … …2 Industry Updates … … … … …5

SEC Enforcement Actions … … . .1 NASD Developments … … … . .2 Litigation … … … … … … …3 Industry Updates … … … … …4

SEC Enforcement Actions Litigation Industry Updates

Industry Updates … … … … …1 NASD Developments … … … . 5 Litigation … … … … … … …6

A Summary of Current Investment Management Regulatory Developments SEC Enforcement Actions … … 1 Speech by SEC Staff … … … . .6 Industry Updates … … … … . . 7

On April 6, 2005, the House passed a bill, the Realtime Investor Protection Act (H.R. 1077), that would give investors immediate online access to broker, dealer and investment adviser inf...