The SEC announced that the Dreyfus Corporation have requested an exemption from sections 12(d)(1)(A) and (B), sections 17(a)(1) and (2) and rule 12d1-2(a) of the Investment Company Act. The request would allow certain registered management investment companies and unit investment trusts to purchase shares of a registered open-end management investment companies that are not of the same group of investment companies as the purchasing investment company. The request also would allow fund of funds relying on rule 12d1-2(a) to invest in certain financial instruments. View release in full here

The Government Accounting Office issued a report as to the SEC's progress in issuing a rule as to "conflict minerals disclosure." The SEC explained its failure to issue a final rule by reference to a number of factors including its heavy work load and the required "significant learning curve." (On the one hand, the report makes for interesting and horrific reading (with its information as to violence in Rwanda and other countries), but on the other, it is hard to see what expertise the SEC brings to these issues. While the report does not raise the question directly, one does wonder whether

View release in full here (links externally to SEC website).

The SEC issued an order DISAPPROVING a number of proposed rule changes that the NYSE and NYSE Amex (collectively the SROs) had each filed with the SEC to amend certain of their respective rules relating to Designated Market Makers (DMMs) and Floor brokers. The SRO Proposals sought to amend the SRO's rules in 4 ways: Codify certain trading floor functions that may be performed by DMMs: Maintaining order among Floor brokers manually trading at the DMMs assigned panel. Bringing Floor brokers together to facilitate training. Assisting Floor brokers with respect to their orders by providing

Grant of Exchange Act Rule 13e-4relief for a non-listed real estate investment trust that will offer securities that may be purchased and redeemed on a daily basis at a price based on the REIT's net asset value. View letter in full here (links externally to SEC website).