Securities Regulation & Law Report Index-Summary

MADOFF FRAUD

– Asset freeze, injunction ordered against Madoff and firm (S.D.N.Y.), 10; continuation of freeze, permanent bar against future violations consented to, 253
– Auditors

– – Ancillary lawsuits, auditors are likely targets, panelist tells conferees, 50
– – False representations, civil and criminal charges filed against Madoff auditor (S.D.N.Y.), 533; not guilty plea entered, 1425
– – Fund of funds, claims against auditors for reliance on account statements (Conn. Super. Ct.), 208

– Bankruptcy, SEC opposes motion due to DOJ forfeiture actions (S.D.N.Y.), 652; Chapter 7 filed by customers, 702
– Cal., adviser who directed funds to Madoff sued by Atty. Gen. (Cal. Super. Ct.), 1795
– Chief Financial Officer, partial settlement of SEC charges (S.D.N.Y.), 1519
– Claims procedure, investors not allowed to obtain priority over other customers (S.D.N.Y.), 1726
– Class actions

– – Funds of funds settlement offer rejected (S.D. Fla.), 208
– – Variable universal life insurance, policyholders claim fiduciary breach for Madoff investments (S.D.N.Y.), 214; settlement, 1659

– Criminal charges

– – Auditor faces charges (S.D.N.Y.), 533; not guilty plea, 1425
– – Chief Financial Officer pleads guilty (S.D.N.Y.), 1519
– – Violation of bail terms, motion to detain Madoff denied, additional bail set (S.D.N.Y.), 84; guilty plea entered by Madoff, 445; risk of flight not error, denial of bail affirmed (2d Cir.), 491; sentencing delayed, victim comment procedure established, 910; 150-year sentence handed down, 1238; Madoff will not appeal sentence, 1299

– Custodians, use of independent clearing might have prevented Ponzi scheme, 150; Madoff scheme prompts association to ask SEC to tighten custodial rules for dual registrants, 453; SEC considering contacting investors and changing exam practices for advisers, 601; meeting set to weigh proposed changes to adviser custody rule, 853
– Due diligence, investors file claims against managers who invested in Madoff funds (N.Y. Sup. Ct., S.D.N.Y.), 21
– Feeder funds

– – Common enterprise, state securities regulators file charges (Mass. Sec. Div.), 275; ruling in favor of state, firm must provide accounting for all referrals to Madoff, 937
– – Disregard of red flags, SEC claims filed (S.D.N.Y.), 1198
– – Due diligence, state charges fund with misrepresentation (Mass. Sec. Div.), 626; settlement, 1694
– – Fairfield Greenwich Advisors, attempt to move directly to remedies phase rejected (Mass. Sec. Div.), 1588

– FINRA, broker alleges complicity with scheme (D.C. Super. Ct.), 1587
– France, UBS named in investor complaint, 160
– General counsel, omission-based claims may proceed (D.N.J.), 1731
– Industry bar, Madoff consents to lifetime ban, 1154
– Insurance

– – Homeowner policies, investors seek to compel AIG to cover losses (S.D.N.Y.), 1571
– – Variable universal life insurance, policyholders claim fiduciary breach for Madoff investments (S.D.N.Y.), 214; settlement, 1659

– Luxembourg censures UBS for management of feeder fund, 352
– Negligent oversight, administrative claim against SEC, 6; claim denied, investor gets standing to pursue federal claims, 1200; suit filed (S.D.N.Y.), 1891
– N.Y., financier faces state fraud charges over transfers to Madoff (N.Y. Sup. Ct.), 673
– Preferential payments

– – Clawbacks to be sought from those receiving phantom returns, but not from net losers, 806; trustee files claims to recover false profits, 911; investors file claims to retain profits based on statements (S.D.N.Y.), 1110; trustee to seek false profits from charities, 1658
– – Feeder fund and trustee reach benchmark settlement (S.D.N.Y.), 1004

– Preferred customers

– – Compensation arrangements and returns should have been red flags, trustee alleges (S.D.N.Y.), 871
– – Unregistered adviser, trustee claims allege unrealistic returns should have been indicia of fraud (S.D.N.Y.), 870; SEC claims filed, 1198

– Receivership, legal fees in unrelated Ponzi scheme case may cause additional scrutiny (S.D.N.Y.), 44
– Regulatory oversight

– – Investigation into failures at SEC, FINRA, 41; Schapiro outlines structural gaps in confirmation hearing, 77; regulators testify at Senate hearing, 150; SEC and FINRA testify at House hearing, 194; Schapiro and lawmakers vow to have open dialogue, 394
– – Report promised from SEC Inspector Gen., Kanjorski (D-Pa) wants quicker progress, 1153; audit findings released detailing enforcement and examinations failures, 1654; Inspector Gen. promises 3 more reports to Congress, 1656; 2 additional reports published, IG makes recommendations, 1809
– – Single regulator might have caught fraud earlier, Special Report, 121; correction, 169
– – Trading execution, FINRA received 19 complaints, 84

– Related fiduciary breach cases may have bigger impact than original criminal proceedings, Special Report, 840
– Restitution decisions delayed due to reach and complexity (S.D.N.Y.), 1200; DOJ claims forfeiture remission is better remedy, 1781
– SIPC relief

– – Assessments, SIPC announces new charges to sustain fund due to liquidations, 415
– – Caps, lack of trading may limit recovery by investors, 336
– – Early payouts possible for easily traceable accounts, 42
– – Feeder fund investors may receive help (S.D.N.Y.), 7
– – Funds committed, number of claimants may rise, 1240
– – Sufficient funds to satisfy claims, 911
– – Trustee makes interim report on recovery of funds (S.D.N.Y.), 1299
– – Victims of fraud will be made partially whole, SIPC president tells conferees, 491

– Top 10 SEC enforcement developments of 2008, Analysis and Perspective, 360
– Uninvested funds, small business seeks to recover (S.D.N.Y.), 58; monies held aside, 161
– United Kingdom, investigation opened, 62
– Whistleblowers, inquiry into handling of complaints at Senate hearing, 549
– Wife faces trustee suit to recapture investment funds (S.D.N.Y.), 1442

MAGAZINES

See NEWSPAPERS AND MAGAZINES

MAIL FRAUD

– AIG vice president sentenced in loss reserves inflation scheme (D. Conn.), 183
– Flight risk, man detained on charges (N.D. Cal.), 1010
– Honest services to third parties, tax avoidance is harm to shareholders (U.S., rev grant), 960
– Mining claims, investment manager pleads guilty (E.D. Mo.), 1308; sentencing, 1736
– Ponzi schemes

See PONZI SCHEMES

– Pyramid scheme, fake commodity pool operator charged with wire and mail fraud (D. Minn.), 234; guilty plea entered, 734
– Stock options backdating scheme, CEO of home builder indicted (C.D. Cal.), 431

MANAGEMENT'S DISCUSSION AND ANALYSIS (MD&A)

– Banking, SEC encourages review of loan loss accounting, 1599
– Electronic post mark, failure to disclose sales metrics not fraudulent absent duty (S.D.N.Y.), 568

MARK-TO-MARKET

See FAIR VALUE

MARKET MANIPULATION

See STOCK PRICE MANIPULATION

MARKET TIMING

– A.G. Edwards broker and supervisors, SEC upholds violations (SEC), 1869
– Annuities

– – Investment adviser for funds underlying variable annuities consents to sanctions (SEC), 769
– – SLUSA preempts claims, dismissal proper (4th Cir.), 210; (U.S., rev den), 1859

– Bahamas hedge fund and UK adviser settle claims (S.D.N.Y.), 1244
– Fair Funds, disbursements made in Alliance claims, 303
– Janus and Putnam, investor damages covered by regulatory settlements, summary judgment ordered on several claims (D. Md.), 55; claims partially reinstated (4th Cir.), 918
– Scienter

– – Credibility is to be decided by trier of fact (5th Cir.), 749
– – Deception, appeal to decide whether or not activity by brokers showed intent (SEC), 1012

MEETINGS

See CONFERENCES AND MEETINGS

MERGERS AND ACQUISITIONS

– Accounting rules

– – IASB to work on three amendments for business combinations, 1034
– – SEC aligns with FASB standards on business combinations, 735

– Arbitrage, adviser settles claims re undisclosed acquisition of significant voting rights (SEC), 1408
– Arbitration is remedy for post-closing claims in healthcare merger (Del. Ch.), 92
– Attorneys' fees, increase in tender offer price cannot be attributed to intervening party, fee request denied (Del. Ch.), 674
– Auto rental company, challenge to merger cannot be made after tender of shares (4th Cir.), 222
– Banking

– – Huntington Bancshares acquisition of Sky Financial, derivative suit fails to establish presuit demand futility (S.D. Ohio), 1905
– – Merrill Lynch, Bank of America CEO alleges Fed threatened to remove management if deal was canceled, 752; suits consolidated, lead plaintiffs chosen (S.D.N.Y.), 1309; Merrill Lynch targeted by multiple civil claims, 1615; Bank of America rejects allegations by N.Y. Atty. Gen., 1661; Atty. Gen. is contemplating charges, 1692; BofA will release documents to House committee, 1781; N.Y. investigation not affected by CEO retirement, 1834; Ohio suit by state pension funds, 1835; BoA to waive attorney-client privilege, 1901; BoA releases documents, 1940
– – National City Corp./PNC, disclosure settlement approved (Del. Ch.), 1545
– – Registration statement, omission of prior deal terms not misleading (9th Cir.), 112

– “Blank check vehicle” created for business combination must hold annual meeting to elect directors (Del. Ch.), 885
– Books and records, semiconductor investor files claim over retained unelected directors and rejection of acquisition (Del. Ch.), 627; request denied, 1904
– Consulting firm discloses SEC probe re acquisitions accounting, 1554
– Contingent items, FASB finalizing accounting guidance, 384; final guidance published, 633
– Controlling stockholder, minority class claims of self-dealing may proceed (Del. Ch.), 1904
– Deconsolidation of subsidiaries, FASB to clarify accounting provisions, 835
– Delaware

– – Nondisclosure of material facts on short-form merger grants minority shareholders unrestricted quasi-appraisal rights (Del.), 1369
– – Sale of company, failure by directors to take unspecified steps to ensure best price did not breach duty (Del.), 578

– Discovery, shareholders may review post-deal financial data (Del. Ch. Ct.), 729
– Failed going-private deal, board conflict not valid argument for lack of presuit demand (Del. Ch.), 313
– Fair value, impact on business combinations, Special Report, 170
– Fiduciary duty

– – Business judgment presumption, sufficient facts pleaded to overcome (Del.), 174; application of the business judgment rule to officers, Analysis and Perspective, 622
– – Deal protection measures, hearing expedited to examine bidder deterrence (Del. Ch.), 1276
– – Preferred shareholders dominating board of directors in merger with no consideration to common stockholders, suit may proceed (Del. Ch.), 1546

– FINRA creation, former NASD member files claims over alleged falsehoods (S.D.N.Y.), 52; appeal rejecting challenge dismissed as moot, substantive issues still remain (2d Cir.), 516
– France

– – Euro Disney, AMF fines CEO for false reporting of hostile bid, 868
– – Shareholding thresholds and declarations of intent, new rules published, 1489

– Funding, no factual support for claims that hedge fund would finance deal, claims dismissed (Del. Ch.), 1173
– Hostile takeovers

– – Corporate governance restrictions to change, Attorney Insight, 1832
– – Expedited board elections, shareholder request denied (Del. Ch.), 730
– – Uptick in activity since financial crisis, panelists say, 1727

– Insider trading

See INSIDER TRADING

– Kinko's, internal discussions are not initiation of transaction (S.D.N.Y.), 1872
– Mars/Wrigley merger, settlement approved (Del. Ch.), 226
– Office of Thrift Supervision/Comptroller of the Currency merger proposed by Obama administration, 1137
– Option to purchase, shareholders who received no consideration on exercise fail to state claim (Del. Ch.), 24
– Ownership reporting exception for ordinary course of business, Analysis and Perspective, 1628
– Philadelphia Stock Exch., post-acquisition settlement allocation plan approved (Del.), 225
– Preferred shares, valuation set by contract in certificate of designation (Del. Ch.), 786
– Redemption of retiree shares before acquisition was within contract terms, claims dismissed (Del. Ch.), 881
– REITs

– – Acquisition, sending proxies shortly before shareholder meeting did not render them misleading (7th Cir.), 560
– – Units, claims over merger subject to CAFA removal (7th Cir.), 59

– Reverse merger, stock promoters charged in biotechnology pump-and-dump scheme (D. Colo.), 464
– SEC/CFTC potential merger

See SECURITIES AND EXCHANGE COMMISSION (SEC)

– Shell merger used pump bogus anti-aging products company, SEC alleges (W.D. Wash.), 1365
– SLUSA, medical management company, post-acquisition action falls under Delaware carve-out (9th Cir.), 258
– Standing, continuing ownership disrupted by acquisition, derivative actions dismissed (S.D.N.Y.), 311
– Stock price manipulation, claims re misleading post-acquisition financials dismissed (N.D. Cal.), 1128
– Tender offers

See TENDER OFFERS

– Tortious interference claim against UBS for aborted merger barred by res judicata (E.D.N.Y.), 135
– United Rentals, shareholder suit over failed Cerberus acquisition fails to plead scienter (D. Conn.), 1618
– Valuation, appraisal is appropriate remedy (3d Cir.), 1823
– Video game maker, perfect execution of merger not required, class action dismissed (Del. Ch.), 1458
– Wis., minority shareholder, direct claim not extinguished by cash-out merger (Wis.), 826

MILITARY

See ARMED SERVICES

MINING

– Mineral rights fraud, investment manager pleads guilty (E.D. Mo.), 1308; sentencing, 1736
– Tender offer fraud, hedge funds acting without reliance may not bring claims (7th Cir.), 60

MONEY LAUNDERING

– Broker-dealers, E*Trade settles FINRA charges for failure to institute policies and procedures, 86
– Exchange-information agreement between Treasury and CFTC created, 137
– Fake promissory notes, superseding indictment is brought against lawyer for fraud (S.D.N.Y.), 509; 20-year sentence handed down, 1355; attorney disbarred, 1903
– Hedge funds, bill to require prevention programs

See LEGISLATION, FEDERAL, S 344

– N.Y., former pension officials face civil and criminal charges in conspiracy (S.D.N.Y., N.Y. Sup. Ct.), 526; 2 plead guilty, may help develop case, 1872
– Penny stocks, firms settle FINRA charges re failure to follow up on red flags, 1058
– Tax evasion

See LEGISLATION, FEDERAL, HR 1748, S 386

MONTENEGRO

– Cross-border enforcement, IOSCO announces new signatories to multilateral MOU, 613

MORTGAGE-BACKED SECURITIES

– American Express, lead plaintiff named in disclosure suit (S.D.N.Y.), 1618
– Auction rate securities, damages levied by FINRA against Credit Suisse re unauthorized purchases, 296
– Cal. Atty. Gen. issues subpoenas over ratings, 1745
– Collateralized mortgage obligations, FINRA and SEC file fraud charges against firm for fraudulent marketing (S.D. Fla.), 1059
– Corporate Fraud Task Force expanded to pursue mortgage-related prosecutions, 61
– Federal sentencing guidelines after the economic crisis, Analysis and Perspective, 821
– Fund safety, congressman files suit against Carlyle Group re misleading statements (Mass. Super. Ct.), 1371
– Impairment accounting, FASB issues guidelines, 98
– Mutual funds

See MUTUAL FUNDS

– Private sale simultaneous to public offering, no liability under '33 Act, suit dismissed (E.D. Pa.), 1614
– Public-Private Investment Program, support is unlikely without valuation mechanisms for toxic assets, 298; competition mechanism proposed in updated plan, 550; new deadlines set for private investors, 656
– Purchase program, Fed selects private firms to act as agents, 12
– Securitization, witnesses at House Financial Services Comm. hearing discuss retention of risk, 502
– Standards and certification

See LEGISLATION, FEDERAL, S 1592

– Subprime

– – Causation may be difficult to prove in subprime claims, study shows, 305; Analysis and Perspective, 1413
– – Jurisdiction, investor suit over modified loans remanded to state court (S.D.N.Y.), 1570
– – Loss causation and class certification, Analysis and Perspective, 1014
– – Merrill Lynch settles class actions re losses (S.D.N.Y.), 115; preliminary approval granted, 1614
– – Risk profile, allegations of duty to inquire re fraud lack scienter (S.D.N.Y.), 1894
– – Top 10 SEC enforcement developments of 2008, Analysis and Perspective, 360
– – Underwriting practices, pension fund claims Wells Fargo concealed risk levels (S.D.N.Y.), 215

– UK, EC approves scheme to securitize government-guaranteed loans, 763

MORTGAGES

– Accounting fraud, SEC charges executives of collapsed company, CEO settles claims (S.D.N.Y.), 838
– Commercial development, promoters charged with fraudulent scheme (D. Ariz.), 1450
– Consumer protection agency, Dodd (D-Conn) proposes as part of regulatory restructuring, 1097; further developments, see LEGISLATION, FEDERAL, HR 3126
– Defunct provider files claims against KPMG over role in collapse of firm (Cal. Super. Ct., S.D.N.Y.), 640
– Downey Financial, second complaint dismissed for faulty pleading (C.D. Cal.), 1617
– Fidelity Natl. board member settles insider trading charges re LendingTree stock purchase (C.D. Cal.), 710
– Foreclosure mitigation, Treasury plan proposes rate reductions and loan modifications, 262; Dodd (D-Conn) and Frank (D-Mass) seek more help for homeowners, 264; moratorium urged by House Fin. Serv. Comm. members, 265
– Fraud

See LEGISLATION, FEDERAL, HR 1748, S 386

– Insider trading, 10b5-1 plans insulate all but one Countrywide executive (C.D. Cal.), 703; CEO charged, 1050
– Insurance

– – Confidential witnesses rejected to prove scienter, leave to amend granted (N.D. Cal.), 1366
– – Subprime mortgages, investor claim fails to raise strong inference that crisis was ignored (E.D. Pa.), 767

– Mass., Goldman Sachs agrees to restructure subprime loans, 936
– Safety commission

See LEGISLATION, FEDERAL, S 566

– Servicers, protection from claims over loan modifications

See LEGISLATION, FEDERAL, S 896

– Subprime risk, Countrywide executives charged with misleading investors (C.D. Cal.), 1050

MOTOR VEHICLES

– Car wash venture, lifetime bar for promoter who misappropriated funds is upheld (6th Cir.), 511
– Delphi executive settles charges over false financial statements (E.D. Mich.), 639
– Fiat settles FCPA claims re Oil for Food kickbacks (D.D.C.), 10
– General Motors

– – Bankruptcy, SEC and FINRA issue warnings not to confuse stock of old and new entities, 1362
– – Pensions accounting, SEC claims settled (D.D.C.), 139

– Motorcycles, channel stuffing claims dismissed (E.D. Wis.), 1972
– Or., car dealership seller must face claims over inflated financials (D. Or.), 1547
– Parts

– – Clawbacks sought in Sarbanes-Oxley action against non-accused officer of retailer (D. Ariz.), 1394
– – Criminal charges against Stockman dropped, SEC case continues (S.D.N.Y.), 49; SEC must comply with specific discovery requests, 235
– – Dana Holdings, company and executives settle revenue recognition charges (SEC), 1760

– Rental company, challenge to merger cannot be made after tender of shares (4th Cir.), 222
– Supplier, fraud suit over restatement dismissed (N.D. Ohio), 1707

MUNICIPAL SECURITIES

– Advisers, majority are unregistered and unregulated, report shows, 656
– Ala., “pay-to-play” scheme, Bachus (R-Ala) faults SEC for inaction, 80; SEC official says ability to detect fraud in muni market is limited, 199
– Bond ballot contributions, MSRB to require public disclosure, 1941
– Build America bonds, MSRB reminds dealers that all rules apply, 808; issuance expected to top $50 billion in 2009, 1313
– California

– – Immunity, Alameda must face municipal bond suit (N.D. Cal.), 1544
– – IOUs, SEC defines as securities, 1301

– Credit default swaps

See CREDIT DEFAULT SWAPS

– Disclosure, Schapiro seeks to increase available information about securities, will seek greater authority over market, 1346; Analysis and Perspective, 1538
– Electronic Municipal Market Access (EMMA)

– – Auction rate securities, transparency implementation imminent for ARS, delayed for VDO, 116
– – New offerings, mandatory submission of official statements and advance refunding documents in effect, 1060
– – Securities evaluation, MSRB files with SEC to make EMMA official channel, 553
– – Voluntary additional disclosures, MSRB agrees to ask SEC to allow posting on EMMA, 656; MSRB requests SEC permission to accept and disseminate voluntary disclosures, 697; Analysis and Perspective, 1538

– Guarantees

See LEGISLATION, FEDERAL, HR 1669

– Insurance, MBIA restructures public finance business into separate entity, 316
– Italy, derivatives sale fraud, assets seized from non-Italian banks, 820
– Liquidity, SIFMA letter to Congress urges federal involvement, 200; House Financial Services Comm. circulates draft bills, 963
– New-issue securities, Edward D. Jones settles FINRA claims re failure to deliver timely statements, 664
– New Jersey

– – Disclosure, legislators allege concealment of risks in marketing materials, 1571
– – Hedging with CDS, assemblyman questions conflict of interest at Goldman Sachs, 223

– Political contributions, MSRB considers restrictions on bond ballot measures, 199
– Prioritization of orders in new offerings, MSRB seeks comment on proposed rules to clarify, 1534
– Ratings, Moody's receives criticism for negative outlook on entire muni sector, 655
– Sweeps, FINRA announces investigations, 1242
– Transparency

See Electronic Municipal Market Access (EMMA), this heading

– Underwriters in primary offerings, SEC announces meeting, 1296
– Unregulated market participants, MSRB calls for oversight, 54; MSRB intends to send follow-up letter to Congress, 199; letter sent, muni “czar” requested, 269; SEC may seek legislation to cover unregulated entities, official tells conferees, 746; House hearing scheduled to examine industry oversight, 905
– VRDOs, MSRB asks Geithner to extend Treasury program for money market mutual funds, 415

MUTUAL FUNDS

– AllianceBernstein, phony account used as lure for investor advisory program (N.D. Tex.), 1536
– Breakpoint discount compliance, broker-dealers settle claims, 554
– Commissions and fees, Regions Bank settles charges (S.D. Fla.), 1826
– Compliance programs, task force releases report on keys to effectiveness, 1676
– Derivatives, Donohue solicits attorney input on reconsideration of rules, 696
– European Union

– – Cross-border funds, EC approves simplified rules, 82
– – Madoff fraud, France criticizes Luxembourg mutual fund rules, 352
– – Transposition of EU directives into national laws investigated, new rules proposed in wake of Madoff scandal, 1003

– Fair funds

– – Alliance claim, disbursements made, 303
– – Distribution process, Aguilar calls for quicker build-out of SEC Office of Collections, Distributions and Financial Management, 492

– Fees

– – Conduct as well as market need to be examined, claim reinstated (8th Cir.), 657
– – Excessive marketing and distribution payments, claim dismissed (S.D.N.Y.), 616
– – Marketplace competition standard used to examine reasonableness (U.S., rev grant), 447; SEC will file amicus brief, 855; remand urged (amicus brief filed), 1191; court likely to define fiduciary duty, attorneys tell conferees, 1532; trade groups side with adviser (amicus briefs filed), 1665; Solicitor General amicus oral argument motion granted, 1859
– – Rule 12b-1, Schapiro instructs staff to prepare recommendation on potential changes, 1052; reform unlikely this year, SEC official says, 1154

– Gambling companies, investment too indirect to support RICO claims against fund managers (S.D.N.Y.), 668
– Governance, report cites trend towards independent directors, 1829
– Independent directors, SEC considering changes to rules and oversight, 79
– Investment policy, investors may sue on deviation from objectives (N.D. Cal.), 405
– Leveraged exchange traded funds

– – Mass., officials send letters of inquiry to firms re structure of securities, 1370
– – Nondisclosure of risks, investors allege (S.D.N.Y.), 1536
– – Risks, SEC and FINRA warn investors, 1569

– Market timing

See MARKET TIMING

– Misleading prospectuses, views sought from SEC and amici on extent of liability (1st Cir.), 344; en banc review granted, 1400
– Money market funds

– – Eligibility and economic parameters widened by Fed, 53
– – European association proposes new definitions to distinguish risk, 1301
– – Floating net asset value, industry panelists express doubt about effectiveness, 965; ICI objects to potential elimination of stable net asset value, 1146; SEC backs away from mandating floating NAV, seeks comments, 1189; Analysis and Perspective, 1209; Fidelity and Vanguard oppose floating NAV, 1621; recommendation due by year end, 1774
– – French authority proposes classification for euro money market funds, 1820
– – Guarantee, Treasury extends program, 613; expiration of program allowed, 1722; SEC adopts temporary rule to continue disclosures, 1779
– – Portfolio restrictions, proposal forthcoming, Schapiro tells conferees, 804
– – Regulatory future unclear, SEC staff tells conferees, 251; Investment Company Inst. endorses working group recommendations to strengthen regulation, 508; SEC conducting wholesale review of funds, official tells conferees, 603; open meeting set to consider potential rule changes, 1156
– – Reserve Fund advisers may face SEC enforcement action, 8; local government action (Colo. Dist. Ct.), 64; Mass. regulators file fraud charges (Mass. Sec. Div.), 91; SEC files charges against fund and top officials, 874; Mass. regulator objects to clawback proposal, 1798
– – Risk, SEC proposes rule changes to limit, 1189; Paredes questions effects of second-tier securities on money market funds, 1775
– – Tax, IRS safe harbor for payments to maintain $1 share value, 33
– – Valuation, SEC official tells conferees guidance is a priority, 555
– – VRDOs, MSRB asks Geithner to extend Treasury program for money market mutual funds, 415
– – Window variable rate demand bonds, clearance to invest (SEC No-Action Letter), 1130

– Mortgage-backed securities

– – Deviation from investment policy, investors may bring claims (N.D. Cal.), 405
– – Selective disclosure, Evergreen settles claims (SEC), 1105

– Prospectuses, top 10 SEC enforcement developments of 2008, Analysis and Perspective, 360
– Retirement accounts, signing audit letters was not furtherance of fraud re “as-of” transactions (1st Cir.), 259
– Risk profile, class action alleges misrepresentation by Schwab (N.D. Cal.), 272
– Securities Litigation Uniform Standards Act (SLUSA)

– – Affiliated mutual funds, SLUSA preempts class action for fiduciary breach (N.D. Cal.), 1694
– – Preclusion of some claims does not mandate complete dismissal (3d Cir.), 162

– Shelf space, website disclosures foreclose claims of secret payments (2d Cir.), 292
– Suitability, Wachovia fined for violations by FINRA, 257
– Systemic risk oversight, ICI white paper outlines regulatory framework suggestions, 396; Aguilar urges mutual fund directors to engage in regulatory reform debate, 745; Paredes airs concerns on definition and scope of systemic risk regulation, 864; House to create systemic risk regulator, Frank (D-Mass) tells conferees, 904
– Target date funds, Kohl (D-Wis) urges SEC to investigate disclosures and holdings, 399; SEC examines disclosure practices and asset allocations, 855; joint meeting with SEC and Labor Dept. announced, 920; SEC staff examining names for misleading target dates, 1150; panelists at joint agency hearing agree more disclosure is necessary, 1158
– Wrap program, performance falsified to lure investors to CD scheme (N.D. Tex.), 289; receiver freezes customer assets, 346; CIO indicted for obstruction of SEC investigation, 912; SEC official says case highlights regulatory gaps, 1567
– XBRL, SEC adopts rule changes for risk/return data, 306