July 1, 2011

Extension of Temporary Exemptions for Eligible Credit Default Swaps to Facilitate Operation of Central Counterparties to Clear and Settle Credit Default Swaps

The SEC extended until April 16, 2012 the temporary exemptions under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939 for certain credit default swaps to facilitate the operation of one or more central counterparties for those credit default swaps. If…

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July 1, 2011

SEC Division of Investment Management Names Robert Plaze as Deputy Director and Diane Blizzard as Managing Executive

The SEC announced that Robert E. Plaze has been named Deputy Director of the Division of Investment Management (the “Division”) and Diane C. Blizzard has been named Managing Executive of the Division.

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July 1, 2011

SEC Provides Additional Guidance, Interim Relief and Exemptions for Security-Based Swaps Under Dodd-Frank Act

The SEC provided additional guidance to clarify which U.S. securities laws will apply to security-based swaps starting July 16, which is the effective date of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).

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June 29, 2011

SEC Proposes Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants

The SEC voted to propose rules that would impose certain business conduct standards upon security-based swap dealers and major security-based swap participants when those parties engage in security-based swap transactions.

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June 15, 2011

SEC Provides Guidance and Temporary Relief Regarding Security-Based Swap Provisions of Dodd-Frank Act

The SEC provided guidance as to which of the Title VII requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) will apply to security-based swap transactions as of July 16, 2011, the effective date of Title VII. It also granted temporary relief to market participants from compliance with certain of these requirements.

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June 14, 2011

SEC Delegates Witness Immunity Authority to the Director of the Division of Enforcement

The SEC issued a final rule to delegate authority to the Director of the Division of Enforcement to issue witness immunity orders to compel individuals to give testimony or provide other information. The final rule is effective upon publication in the Federal Register for a period of 18 months, at…

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June 13, 2011

Supreme Court Case Limits the Ability of Shareholders to Sue Advisers

The U.S. Supreme Court ruled in favor of an adviser to a mutual fund, Janus Capital Group Inc. and a subsidiary (Janus), in a case that will limit the ability of shareholders of mutual fund companies to prevail in securities fraud suits.

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June 9, 2011

SEC and CFTC to Hold Public Meeting on the Definitions of “Swap Dealer,” “Security-Based Swap Dealer,” “Major Swap Participant,” and “Major Security-Based Swap Participant”

The SEC and the CFTC will hold a public roundtable on Thursday, June 16, 2011 at the CFTC's headquarters at Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581 to discuss the definitions of “swap dealer,” “security-based swap dealer,” “major swap participant,” and “major security-based swap participant.”  The agencies…

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June 8, 2011

SEC Readopts Rule on Beneficial Ownership Reporting Requirements and Security-Based Swaps

The SEC readopted, without change, the relevant portions of existing rules that govern beneficial ownership determinations under Sections 13 and 16 of the Securities Exchange Act of 1934 (the “Exchange Act”).

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May 31, 2011

Labor Delays Fiduciary and Disclosure Rules

The Department of Labor delayed the effective date for retirement plan service providers to begin disclosing fees to January 1, 2012.  The rules had been expected to become effective on July 16, 2011. The rules will require service providers, such as record keepers and broker-dealers, to spell out to plan sponsors their fiduciary status, detail the services they provide and disclose compensation.

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