Title

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

Created date

11/1/2007

In a press release dated October 8, 2007, NYSE Regulation ("NYSE") announced that it has fined 15 firms that, in an industry-wide review by NYSE, were found to be in violation of various document delivery requirements under federal securities laws and NYSE rules. Among other things, NYSE found that, from July 1, 2004 to October 31, 2004, the firms failed to deliver prospectuses or product descriptions to certain customers who purchased shares of exchange traded funds ("ETFs"), in violation of NYSE Rule 1100(b).