In an amicus curiae brief, the SEC asserted that national securities exchanges have absolute immunity from a private securities fraud class action suit only when they "act as regulators of their members" and not as service providers.

The MSRB provided guidance to investment advisers on the application of certain investor/customer protections. The new guidance relates to transactions for managed accounts in which a registered investment adviser is exercising discretion to buy and sell municipal securities on behalf of the account holder.

Subject to specific conditions, the SEC Division of Corporation Finance granted exemption to an investment company from certain tender offer requirements.

The National Futures Association provided guidance on the annual affirmation requirement for entities currently operating under an exemption from CPO or CTA registration.

The SEC requested comments on a FINRA proposal to extend the Tier Size Pilot Program for OTC equity securities until June 9, 2017.