The SEC charged the gatekeepers of a pair of mutual fund trusts with causing untrue or misleading disclosures about the factors they considered when approving or renewing investment advisory contracts on behalf of shareholders. An SEC investigation that arose from an examination of the Northern Lights Fund Trust and the Northern Lights Variable Trust found that some of the trusts' shareholder reports either "misrepresented material information considered by the trustees or omitted material information about how they evaluated certain factors in reaching their decisions on behalf of the funds

The U.S. Court of Appeals for the District of Columbia Circuit ruled that the Dodd-Frank Act stripped the court of jurisdiction to review the SEC's failure to suspend an automatically effective SRO market data fee filing. As a result, the Court dismissed the petition brought by NetCoalition and the Securities Industry and Financial Markets Association ("SIFMA"). The Court's decision is largely procedural, however, as the Court also made clear that Section 19(d) of the Exchange Act provides the petitioners with the right to seek SEC review of the fees, and that, in conducting such review, the

New SRO rule changes and proposals have been announced by the SEC. Click on the links below to view the SEC's notice of each rule change and proposal. CBOE: Effective Immediately - Rule Change Relating to Fingerprint-Based Background Checks of Exchange Directors, Officers, Employees and Others (See also: Exhibit 5) NYSE Arca: Effective Immediately - Rule Change to Amend the NYSE Arca Options Fee Schedule to Raise the Take Liquidity Fee for Firm and Broker Dealer Electronic Executions in Penny Pilot Issues (See also: Exhibit 5) NYSEMKT: Effective Immediately - Rule Change to Amend the NYSE Amex

FINRA released a podcast on its latest notices, compliance resources and news from April 2013. See below. Notices SEC approved amendments to FINRA rules on trading and quotation halts in OTC equity securities (Reg. Notice 13-13); SEC approved amendments to FINRA transaction reporting rules (Reg. Notice 13-15); Securities Industry Regulatory Council on Continuing Education released its Spring 2013 firm advisory (Reg. Notice 13-14); FINRA's extension of the effective date for certain new data elements for electronic bluesheets (new date: November 1, 2013) (Reg. Notice 13-16); FINRA's collection

FINRA is issuing this Notice to provide guidance to firms on communications with the public concerning unlisted real estate investment programs. The Notice defines "unlisted real estate investment programs" as REITs or DPPs that invest in real estate assets or mortgages and that are not listed on a national securities exchange. Lofchie Comment: There is nothing in the Notice that is novel, but some of the requirements as to the contents of the communications are quite specific. Accordingly, firms should review their existing communications carefully against the Notice and be certain that the