The SEC issued a no-action letter to LMP Real Estate Income Fund Inc. (the "Fund") affirming its decision not to take action against the Fund for omitting a shareholder proposal (the "Proposal") from its proxy materials at an annual meeting pursuant to Exchange Act Rule 14a-8(i)(7). The Proposal demanded that the Fund provide specific details on past and current investments made by the Fund manager. Rule 14a-8(i)(7) permits a company to exclude a shareholder proposal from its proxy materials if the proposal deals with a matter relating to the company's ordinary business operations. See: No

In CNT Investors, LLC v. Commissioner, No. 27539-08 (March 23, 2015), the tax court sustained the IRS's final administrative adjustments imposed on a partnership. The taxpayers involved in the case owned appreciated property - i.e. funeral homes - through an S corporation. They organized a partnership and caused the S corporation to contribute the funeral homes to the partnership. After a series of transactions, the individual taxpayers held the real estate through the partnership. These transactions, in the aggregate, purportedly allowed the taxpayers to create an outside basis in the

The House Committee on Agriculture continued its series of hearings on CFTC reauthorization. The latest hearing considered perspectives from a variety of market participants. The following witnesses testified: CME Group Executive Chair and President Terrence A. Duffy (written testimony); ICE Futures U.S. COO and President Benjamin Jackson (written testimony); NFA President and CEO Daniel J. Roth (written testimony); R.J. O'Brien Associates, LLC, Chair of the Board and CEO Gerald F. Corcoran (on behalf FIA) (written testimony); and Tulett Prebon CEO Shawn Bernardo (on behalf of the Wholesale

The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing titled "FSOC Accountability: Nonbank Designations." Witnesses discussed the process whereby the Financial Stability Oversight Council ("FSOC") designates non-bank financial institutions as systemically important financial institutions ("SIFIs"). American Council of Life Insurers ("ACLI") Vice President and General Counsel Gary Hughes (view written testimony here) argued that FSOC must develop a more transparent designation process. He outlined six procedural safeguards that he felt FSOC should adopt: giving

Representative Jim Himes (D-CT), along with co-sponsors Steve Womack (R-AR), Carolyn Maloney (D-NY) and Emanuel Cleaver (D-MO) introduced legislation titled the "Insider Trading Prohibition Act" (the "Bill"). The Bill strengthens the ban on insider trading by redefining the act and overturning U.S. v. Newman. The Bill would amend the Securities Exchange Act of 1934 (the "Exchange Act") by adding a new Section 16A to include language that would, among other things, make it expressly "unlawful for any person, directly or indirectly, to purchase, sell, or enter into, or cause the purchase" of any