REMEC Liquidating Trust March 28, 2011 The SEC Division of Corporation Finance granted no-action relief from the registration and reporting requirements under Exchange Act § 12(g) to a trust that was established in connection with completing the liquidation of REMEC, Inc. Cross References Incoming Letter Exchange Act § 12(g)

FINRA Targeted Examination Letter March 28, 2011 FINRA posted on its website a "targeted examination letter," requesting that firms provide to FINRA all "advertisements, sales literature, and institutional sales material" that concern reverse exchangeable securities (reverse convertibles), as well as firms' relevant supervisory procedures, offering documents relating to reverse convertibles, and certain other relevant material. Firms are required to submit this information to FINRA by April 1, 2011. Cross References NASD Rule 2210, 2211

SEC No-Action Letter: Chicago Mercantile Exchange March 24, 2011 The SEC Division of Investment Management granted no-action relief under § 17(f) of the Investment Company Act to the Chicago Mercantile Exchange to allow registered investment companies or their custodians to maintain assets in the custody of CME or a CME clearing member that is a futures commission merchant (FCM) registered with the CFTC, for purposes of meeting margin requirements for certain interest rate swaps cleared by CME. The letter grants relief that is substantially similar to that given in a no-action letter to LCH

SEC No-Action Letter re. Omission of Shareholder Proposal Pursuant to Rule 14a-8 for H&Q Life Sciences Investors March 24, 2011 The SEC Division of Investment Management granted no-action relief to an fund to omit a shareholder proposal from its proxy statement for its 2011 annual meeting. The Division found that the proposal was "substantially duplicative" of a previously submitted proposal that was included in the fund's proxy materials, and thus could be omitted under Exchange Act Rule 14a-8(i)(11). Cross References Incoming Letter Exchange Act Rule 14a-8(i)(11)

SEC Release No. LR-21902 March 28, 2011 The SEC announced the filing of a civil injunctive action against two individuals for allegedly engaging in a fraudulent broker bribery scheme intended to manipulate the price of a security. The complaint alleges that the defendants entered into kickback arrangements with registered representatives of wealthy customers in exchange for their agreement to purchase the particular stock. In addition, the complaint alleges that the defendants entered into "matched trades" in the relevant stock. Cross References SEC Complaint Securities Act § 17(a) Exchange