The Board of the International Organization of Securities Commissions published the final report on Principles for the Valuation of Collective Investment Schemes, containing a list of principles intended to serve as a basis for both industry practitioners and regulators to assess the quality of regulation and industry practices regarding the valuation of collective investment schemes (CIS). Lofchie Comment : Although this document does not have the force of law, for anyone involved in valuation, whether at a public or a private fund, it is worth reviewing. Valuation is, and will be, one of the

FINRA RN 13-18 provides new guidance on communications with the public concerning non-traded REITs and DPPs. The notice was drafted by the FINRA advertising department and likely brings to a conclusion an extended series of recent FINRA reviews of industry marketing materials. A summary is below. The Regulatory Notice is effectively an interpretation of FINRA Rule 2210, which requires that FINRA member communications with the public be "fair, balanced and not misleading." (For a general discussion of the requirements applicable to broker-dealer communications, see Lofchie's Guide to Broker

In a speech before the Investment Company Institute (ICI) General Membership, SEC Chair Mary Jo White echoed her fellow Commissioners' remarks from this past week, stating that the U.S. financial system requires the SEC to be global, and that the SEC must continue to match "regulatory and enforcement priorities with those of scores of jurisdictions around the world." Her speech addressed a good number of the topics, including the following: Cross-Border, The Mutual Fund Industry, Money Market Fund Regulation, Benefits of International Reach and Cooperation on Enforcement Actions, Fraud and

FINRA released a podcast on its latest notices, compliance resources and news from April 2013. See below. Notices SEC approved amendments to FINRA rules on trading and quotation halts in OTC equity securities (Reg. Notice 13-13); SEC approved amendments to FINRA transaction reporting rules (Reg. Notice 13-15); Securities Industry Regulatory Council on Continuing Education released its Spring 2013 firm advisory (Reg. Notice 13-14); FINRA's extension of the effective date for certain new data elements for electronic bluesheets (new date: November 1, 2013) (Reg. Notice 13-16); FINRA's collection

FINRA is issuing this Notice to provide guidance to firms on communications with the public concerning unlisted real estate investment programs. The Notice defines "unlisted real estate investment programs" as REITs or DPPs that invest in real estate assets or mortgages and that are not listed on a national securities exchange. Lofchie Comment: There is nothing in the Notice that is novel, but some of the requirements as to the contents of the communications are quite specific. Accordingly, firms should review their existing communications carefully against the Notice and be certain that the