The UK Financial Conduct Authority ("FCA") published a paper presenting the findings of its review of best execution and payment for order flow ("PFOF"). The review included 36 firms across five different business models: investment banks, contract-for-difference providers, wealth managers, brokers/interdealer brokers and retail banks. According to the FCA, the findings are relevant to all firms that execute, receive and transmit or place orders for execution, including investment managers. Additionally, the FCA stated, many of the conclusions will be of interest to investment managers even

The SEC issued a no-action letter to the firm RiverNorth regarding its reallocation of a fund's advisory fee without first obtaining the approval of all of the shareholders of the fund. The letter provides that a change in the division of fees between the adviser to a registered investment company and a sub-adviser does not require shareholder approval where the overall level of fees does not change. See: No-Action Letter.

On July 28, 2014, the Smith Wesson Holding Corporation ("Smith Wesson") agreed to pay $2 million to settle civil Foreign Corrupt Practices Act ("FCPA") charges brought by the Securities and Exchange Commission (the "SEC"). In what was described by the SEC as a "systemic pattern of making, authorizing and offering bribes while seeking to expand the company's overseas business," the company undertook actions in Pakistan, Indonesia and other emerging markets that led to charges under each of the FCPA's anti-bribery, books and records, and internal controls provisions. The SEC's charges described

The SEC's proposal to grant exemptive relief from the immediate confirmation delivery requirements for transactions effected in shares of certain money market funds that maintain a stable net asset value ("NAV") was published in the Federal Register. Specifically, the order would exempt, subject to certain conditions, transactions effected in shares of any registered open-end management investment company that holds itself out as an ICA Rule 2a-7 money market fund from the immediate confirmation delivery requirements in Exchange Act Section 36 and Exchange Act Rule 10b-10. Comments on the

ICAP plc. ("ICAP"), a markets operator and provider of post-trade risk services, announced that it adopted the IOSCO Principles for Financial Benchmarks ("Principles"), stating that it will continue to build its own benchmark business based on these Principles. According to ICAP, its Information Services division ("IIS") adopted the Principles by creating an independent management structure and a segregated technical infrastructure for benchmark activities, which are independent from ICAP's market operating and broking businesses. IIS currently acts as a benchmark administrator for seven