Rules and Regulations

• SEC Issues Guidance Regarding Proxy Voting Responsibilities of Investment Advisers
• FDIC and OCC Approve Final Amendments to Volcker Rule Regulations.
• SEC Expands “Testing the Waters” Communications

Industry Update

• OCIE Issues Risk Alert Regarding Principal and Agency Cross Trading Compliance Issues

Litigation

• Second Circuit Concludes Investment Company Act Creates an Implied Private Right of Action

Broker-Dealer Settles with SEC for Failure to Supervise Trader Involved in Premium Point Fund Fraud