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...