Speech by Commissioner Luis A. Aguilar February 4, 2011 In a recent speech, SEC Commissioner Luis Aguilar discussed, among other things, (i) the need for regulators to have raw data, and in particular the SEC's consolidated and uniform audit trail proposal; (ii) the need for the Enforcement Division to bring cases with "obvious deterrent effect[s];" and (iii) the SEC's budget. Cross References 34-62174 (SEC Consolidated Audit Trail Proposal)

Speech by SEC Commissioner Kathleen L. Casey February 4, 2011 In a recent speech, SEC Commissioner Kathleen Casey discussed (i) the need to keep costs and benefits in mind during the SEC's rulemaking under Dodd-Frank; and (ii) retroactively-applying provisions in Dodd-Frank. With respect to retroactivity, Commissioner Casey highlighted case law on the topic, and considered how courts might address some of the many provisions in Dodd-Frank that could be interpreted to apply retroactively. In particular, Commissioner Casey questioned the Enforcement Division's recent use of new authority to

Speech by SEC Commissioner Elisse B. Walter February 4, 2011 In a recent speech, SEC Commissioner Elisse Walter discussed, among other things (i) the need for market participants (and attorneys) to actively engage the Commission with their concerns regarding Dodd-Frank and other SEC rulemaking, and (ii) corporate governance requirements being implemented under Dodd-Frank.

Speech by SEC Chairman February 4, 2011 In a recent speech, SEC Chairman Mary Schapiro highlighted a number of the Commission's recent initiatives. Her speech addressed, among other things (i) high frequency trading and the SEC's potential rulemaking in that area; (ii) restructuring of OCIE; (iii) rulemaking under Dodd-Frank; and (iv) the SEC's budget.

Thomas v. Met. Life Ins. Co. (10th Cir. Feb. 2, 2011) February 2, 2011 The Tenth Circuit Court of Appeals issued a decision determining whether a "financial services" representative employed by a broker-dealer was acting as an unregistered investment adviser or if the representative fit under the broker-dealer exception to the definition of investment adviser for advice that is "solely incidental" to services as a broker or dealer and done without receipt of "special compensation." The court analyzed the legislative history and SEC interpretations of section 202(a)(11) of the Advisers Act, and