SEC Release No. 34-64131 [SR-NYSE-2011-12] March 28, 2011 The SEC declared immediately effective an NYSE proposal to delete NYSE Rule 346 and adopt new Rule 3270 to correspond with certain rule changes from FINRA. The change relates to FINRA's adoption of new FINRA Rule 3270 regarding outside business activities of registered persons. Cross References NYSE Rule 346 FINRA Rule 3270 SEC Release No. 34-62762 (approving FINRA rule proposal)

SEC No-Action Letter re. Omission of Shareholder Proposal Pursuant to Rule 14a-8 for H&Q Life Sciences Investors March 24, 2011 The SEC Division of Investment Management granted no-action relief to an fund to omit a shareholder proposal from its proxy statement for its 2011 annual meeting. The Division found that the proposal was "substantially duplicative" of a previously submitted proposal that was included in the fund's proxy materials, and thus could be omitted under Exchange Act Rule 14a-8(i)(11). Cross References Incoming Letter Exchange Act Rule 14a-8(i)(11)

SEC No-Action Letter: Chicago Mercantile Exchange March 24, 2011 The SEC Division of Investment Management granted no-action relief under § 17(f) of the Investment Company Act to the Chicago Mercantile Exchange to allow registered investment companies or their custodians to maintain assets in the custody of CME or a CME clearing member that is a futures commission merchant (FCM) registered with the CFTC, for purposes of meeting margin requirements for certain interest rate swaps cleared by CME. The letter grants relief that is substantially similar to that given in a no-action letter to LCH

SEC Release No. LR-21902 March 28, 2011 The SEC announced the filing of a civil injunctive action against two individuals for allegedly engaging in a fraudulent broker bribery scheme intended to manipulate the price of a security. The complaint alleges that the defendants entered into kickback arrangements with registered representatives of wealthy customers in exchange for their agreement to purchase the particular stock. In addition, the complaint alleges that the defendants entered into "matched trades" in the relevant stock. Cross References SEC Complaint Securities Act § 17(a) Exchange

CFTC Speeches March 28, 2011 Commissioner Bart Chilton, speaking in London, talks about his favorite themes, studies showing a link between speculation and recent oil price hikes; the influence of "Massive Passives," non-traditional market participants who are large and have a fairly price-insensitive trading strategy, and who invest for the long term, or as Chilton puts "They get in markets and stay there-for the most part"; and the need for a global regulatory cartel, euphemistically referred to as "international harmonization" so that no one can in the US avoid Dodd-Frank by going offshore