Investment Management Regulatory Update
A Summary of Current Investment Management Regulatory Developments

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On December 30, 2008, the SEC Office of the Chief Accountant and Division of Corporation Finance issued a report to Congress on mark-to-market accounting standards as provided by FAS 157, Fair Value Measurements ("FAS 157"). As previously reported in the November 5, 2008 Investment Management Regulatory Update, FAS 157 and related guidance established a single definition of fair value and a framework for measuring fair value with respect to generally accepted accounting principles (GAAP) in inactive markets. The report, which was mandated by the Emergency Economic Stabilization Act of 2008, recommends that FAS 157 not be suspended, but that certain improvements to current practices be implemented.

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