The SEC issued a notice announcing the compliance date for the ban on third-party solicitations under Investment Advisers Act Rule 206(4)-5 (the " Pay to Play Rule"). The ban prohibits an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or certain of its executives or employees make a contribution to certain elected officials or candidates. The compliance date for the ban on third-party solicitation is extended to July 31, 2015. See: SEC Notice. R elated news: MSRB Determines to Proceed with Best-Execution Standard and

SEC Chair Mary Jo White discussed proxy-related issues and ways to build better communication and engagement with shareholders in a speech delivered at the 69th National Conference of the Society of Corporate Secretaries and Governance Professionals. Chair White's speech centered around four proxy-related topics that are being considered by the SEC in the interests of maintaining a fair and efficient proxy voting system: (i) the delivery of preliminary proxy voting results by intermediaries, (ii) a universal proxy ballot, (iii) "unelected" directors and (iv) shareholder proposals. Chair White

The Public Accounting Oversight Board ("PCAOB") proposed amendments to its rules in order to implement the reorganization of its auditing standards. The PCAOB proposed related changes to its rules and attestation, quality control, and ethics and independence standards. The proposed rule amendments were published in the Federal Register. Comments on the proposal should be submitted by July 16, 2015. See: 80 FR 36602.

The T+2 Industry Steering Committee, a group comprised of members from across the securities industry, released a white paper that outlines the actions and timeline required to shorten the settlement cycle for equities, corporate and municipal bonds, and unit investment trust trades in the United States from three to two days. Their goal is to migrate to the new timeframe by the third quarter of 2017. The ISC was organized by the Depository Trust Clearing Corporation and comprises members from across the securities industry, including SIFMA and the Investment Company Institute. According to

IOSCO published a consultation document titled Report on Elements of International Regulatory Standards on Fees and Expenses of Investment Funds. The report proposes an updated set of common international standards of best practices for the operators of Collective Investment Schemes ("CIS") and regulators. The report builds on recommendations made in IOSCO's 2004 paper, and seeks to determine whether these standards are still valid or should be updated in light of certain regulatory changes and developments in the markets. Specifically, the report examines and considers issues identified as