The SEC's Division of Investment Management issued a no-action letter to several closed-end funds, stating that the SEC will not take action against any of the funds if such funds update their shelf registration statements by filing post-effective amendments under Securities Act Rule 486(b). Post-effective amendments filed pursuant to Rule 486(b) are effective on the date of filing; therefore, the funds' shelf registration statements will be continuously effective. See: No-Action Letter. Related news: Investment Management Update (July 2013).

The SIFMA Asset Management Group ("SIFMA AMG") and the SIFMA Private Client Group submitted a joint comment letter to the SEC on four memoranda released by the SEC Division of Economic and Risk Analysis ("DERA") regarding Money Market Fund Reforms. The four memoranda were: (i) Liquidity Cost during Crisis Periods (the "Liquidity Cost Memorandum"); (ii) Municipal Money Market Funds Exposure to Parents of Guarantors (the "Municipal MMF Memorandum"); (iii) Demand and Supply of Safe Assets in the Economy; and (iv) Government Money Market Fund Exposure to Non-Government Securities. The comment

The SEC filed insider trading charges against a former accounting manager at Nvidia Corp. who allegedly tipped a friend with confidential information, which set in motion a chain of tipping and illegal trading among a network of traders at various hedge funds. In the complaint, the SEC alleges that Chris Choi tipped his friend, Hyung Lim, with nonpublic information about Nvidia's financial performance in advance of the technology company's quarterly earnings announcements in 2009 and 2010. Mr. Lim is alleged to have then relayed the information to a fellow poker player, Danny Kuo, who was a

The SEC announced that Mauri L. Osheroff, associate director for regulatory policy in the Division of Corporation Finance, will retire after nearly 40 years at the Commission. See: SEC Press Release.

The North American Securities Administrators Association ("NASAA") and the Conference of State Bank Supervisors ("CSBS") announced the development of model consumer guidance to assist state regulatory agencies in providing consumers with information about virtual currency and factors that consumers should consider when transacting with or investing in virtual currency. The model guidance explains what virtual currency is, provides a short list of risks that consumers should consider when investing, and reminds consumers to research what sort of regulation, if any, applies to virtual currency