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The MSRB released its content outline for the first qualifying examination for individuals who wish to provide municipal advisory services to state and local governments. The outline includes topics that will be covered in the examination, as well as sample questions and a list of reference materials to assist municipal advisor professionals in preparing for the Municipal Advisor Representative Qualification Examination. According to the MSRB, this is the first time that municipal advisors will be required by a regulatory organization to demonstrate competence in their field. All municipal

The North American Securities Administrators Association ("NASAA") issued an investor advisory based on new research showing that investors are confused about the service and maintenance fees charged by brokers for brokerage accounts. The research also showed that investors "want clear and easy access" to fee information from their brokerages. Lofchie Comment: The advice that NASAA gives investors in its advisory is good and sensible, particularly regarding situations in which unsuspecting investors could be overcharged. However, the "research" on which the advice was based (linked below)

The Volcker Alliance, a trade association founded by Paul A. Volcker, released a report titled "Reshaping the Financial Regulatory System." The report calls for "long delayed" reforms and outlines recommendations for a "stronger" financial regulatory framework. According to the report, the system for oversight of the financial system is a framework that is riddled with "regulatory gaps, loopholes, and inefficiencies" and developed in a "piecemeal fashion." The report notes that developments in financial markets have outpaced those of the current regulatory framework, causing it to be under

The SEC issued a notice denying a no-action relief request by the Clough Global Equity Fund (the "Fund"). The request asked for Opportunity Partners L.P.'s shareholder proposal and supporting statement (the "Proposal") to be omitted from the proxy materials for the Fund's 2015 Annual Meeting of Shareholders. The proposal would require the Fund to conduct a self-tender and, potentially, to liquidate. The SEC explained that it does not share the Fund's view that the Proposal may be excluded under Rule 14a-8(i)(3), nor does it believe that the Proposal "is so inherently vague or indefinite that

The SEC's final rules to expand the scope of Regulation A were published in the Federal Register. The final rules, which are intended to expand the scope of Regulation A in order to facilitate smaller companies' access to capital – referred to as "Regulation A+" – are mandated by Title IV of the JOBS Act. The final rules update Regulation A's existing exemption to enable smaller companies to offer and sell up to $50 million in securities within a 12-month period, subject to eligibility, disclosure and reporting requirements. The final rules provide for two tiers of offerings: (i) Tier 1, for