On December 27, 2006, the Securities and Exchange Commission published two sets of proposed new rules. Many pooled investment vehicles, including hedge funds, venture capital funds, private equity funds, listed closed-end funds, and mutual funds, will be affected by one or both sets of rules.

The NYSE and NASD have recently taken significant steps towards completing the merger of their member-regulation functions. On March 16, 2007, the NYSE and NASD announced appointments to senior staff positions at the new (as yet unnamed) SRO.

The Securities and Exchange Commission ("SEC") on March 16, 2004 adopted a final rule significantly amending the requirements for disclosure on Form 8-K

The California Department of Corporations (the "Department") recently announced plans to delete an exemption from registration for certain investment advisers that has been on the books since 2002.

On October 19, 2005, the Securities and Exchange Commission (the "Commission") published on its website the Commission’s proposed interpretive guidance (the "Interpretive Release") on soft dollar practices

On April 9, 2003, the Securities and Exchange Commission (the "SEC") published final rules regarding standards for listed company audit committees, as directed by Section 301 of the Sarbanes-Oxley Act of 2002

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act provides a detailed framework for regulating the swaps market and market participants.

On February 18, 2005, President Bush signed into law the Class Action Fairness Act of 2005 ("CAFA"), calling it "a practical way to begin restoring common sense and balance to America’s legal system." CAFA is effective immediately, and will apply to all civil actions filed on or after its enactment.

FINRA recently issued three Regulatory Notices addressing: (1) the rules governing exemptions from the research analyst qualification examination for foreign research analysts; (2) the rules governing member firm disclosure and supervisory review obligations for third-party research reports; and (3) sound practices to prevent and detect unauthorized proprietary trading.

Foreclosing lenders can be assessed liability for environmental conditions on distressed property under a variety of federal, state, common, and municipal laws.

The Federal Communications Commission has continued implementing its "environmental and historic preservation action plan announced in May 2003

On April 20 2005, after almost a decade of effort by both congressional houses and a multitude of lobbyists, the president signed the Bankruptcy Abuse Prevention and Consumer Protection Act 2005.

The SEC is considering changing Rule 15c3-3 to codify the relief granted under a no-action letter regarding the proprietary accounts of introducing brokers (PAIB Letter). New paragraph (e) would require broker-dealers carrying proprietary accounts of other broker-dealers (PAB accounts) to perform a separate reserve account calculation and deposit funds into a separate reserve account at a bank for these PAB accounts.

Recently both FINRA and the SEC issued guidance to broker-dealers identifying focus areas and priorities of their respective examination programs in 2008. In particular, on March 24, 2008, FINRA issued a letter to all FINRA member firms to "highlight new and existing areas that are of particular significance" with regard to its 2008 exam priorities.

On September 17, 2013, the Financial Crimes Enforcement Network published an Advisory concerning recent updates by the Financial Action Task Force to its designation of jurisdictions with strategic anti-money laundering/counter-terrorist financing deficiencies.