FINRA RN 11-41 September 12, 2011 FINRA published a regulatory notice regarding NASD Rule 2711's prohibition on offering favorable research as consideration for the receipt of business or compensation. In particular, FINRA states that it is concerned that firms may be "suggesting" to potential deal participants that positive research coverage may be an condition to selection as an underwriter or selling group member. FINRA states that it views such statements as attempts to create an expectation that a firm chosen to participate in an offering will maintain favorable research on an issuer's

Investment Company Institute No-Action Letter September 12, 2011 The SEC Division of Investment Management granted no-action relief, under Advisers Act Rule 204-2(a)(18)(i)(B), for advisers to registered investment companies. The rule generally requires a registered adviser to keep a list of all government entities who invest in a registered investment company advised by the adviser . The letter provides no-action relief with respect to investments by government entities that may come through omnibus accounts in a way such that the government entity is unknown to the adviser, the relevant

CommunitySun, LLC No-Action Letter August 29, 2011 The SEC Division of Corporation Finance granted to-action relief from the security registration provisions of the Securities Acts to a firm that seeks to offer and sell "real estate interests in a solar facility." The incoming letter states that the interests allow the production of "self-generated, individually owned solar electricity without installing solar panels at the property where the owner consumes electricity." Cross References Incoming Letter Securities Act § 2(a)(1) (definition of "security") Exchange Act § 3(a)(10) (definition of

76 FR XXX (SEC Release No. 34-65338) (SR-OCC-2011-12) September 14, 2011 The SEC published for comment a proposal by the Options Clearing Corporation (OCC) to adopt fitness standards for directors, clearing members, and other persons. The proposal is a result of changes made by the Dodd-Frank Act to the regulation of derivatives clearing organizations (DCOs). In particular, the proposed rulemaking would set forth standards for directors and clearing members and their affiliates. The OCC stated that the standards are intended to be "generally similar" to the standards adopted by the DTCC. The

Outline-Final Dodd-Frank Rule Schedule September 9, 2011 The CFTC issued an Outline of Final Dodd-Frank Title VII Rules the CFTC May Consider in 2011 and the First Quarter of 2012. Cross References: Dodd-Frank Act Section 754; 76 FR 42508