Securities News 10/9/2008

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October 9, 2008

SEC Updates
Current News from the World Press
Law Firm Memos
Market Regulation Updates
Pending Securities Legislation
SEC Enforcement
Final Rules Effective Date Calendar

SEC Daily Digest - Current Issue

SEC Updates [Top]

10/8/2008	Commission Notice	*New* SEC Study of Mark to Market Accounting
10/7/2008	ICA Notice	Calamos Convertible Opportunities and Income Fund, et al. (Notice)
10/6/2008	ICA Notice	Rafferty Asset Management, LLC, et al. (Order)
10/3/2008	ICA Notice	Global X Funds and Global X Management Company LLC (Order)
10/2/2008	Commission Notice	Order Extending Emergency Order Halting Short Selling in Financial Stocks
10/2/2008	Commission Notice	Order Amending and Extending Emergency Order Requiring Institutional Money Managers to Report New Short Sales
10/2/2008	Commission Notice	Regulatory Flexibility Agenda
10/2/2008	ICA Notice	Eaton Vance Floating-Rate Income Trust, et al. (Notice)

10/8/2008	Press Release	*New* Bank of America Agrees in Principle to ARS Settlement
10/8/2008	Press Release	*New* SEC Division of Enforcement Announces ARS Settlement in Principle With RBC Capital Markets Corp.
10/8/2008	Speech	*New* Opening Remarks at SEC Roundtable on Modernizing the Securities and Exchange Commission's Disclosure System
10/7/2008	Press Release	SEC Charges Beverly Hills Firm and Principal for Illegal Short Selling See also: Litigation Release No. 20775 >
10/7/2008	Press Release	Former CBO Director Dan Crippen Named Senior Advisor to Chairman
10/7/2008	Press Release	SEC Roundtable on More Transparent Disclosure to Address Lessons of Current Credit Crisis
10/7/2008	Press Release	SEC Commences Work on Congressionally Mandated Study on Accounting Standards
10/7/2008	Press Release	SEC Charges Former Vice President at Restoration Hardware and Three Friends In Insider Trading Scheme See also: Litigation Release No. 20774

Oct 2008	Form Updates	No form updates for this month
	Upcoming SEC Meeting	No SEC Meetings scheduled at this time

Current News From the World Press [Top]

Economic and Financial Policy
	NYC National Debt Clock runs out of digits (San Jose Mercury News, October 8, 2008) US shift as UK sets out to recapitalise (Financial Times, October 8, 2008)

Market Regulation
	SEC head asks for reins on credit default swaps (BusinessWeek, October 8, 2008)

Market Intervention

U.S. may take stakes in banks (International Herald Tribune, October 9, 2008)

Britain Takes a Different Route to Rescue Its Banks (New York Times, October 8, 2008)

Treasury considering taking stakes in banks: report (Reuters, October 8, 2008)

It's Only Bankruptcy (Washington Post, October 8, 2008)

Paulson Says U.S. to Use All `Authorities' in Crisis (Bloomberg, October 8, 2008)

Familiar ring: Britain bails out its banks - and stocks tumble (McClatchy, October 8, 2008)

Offerings and Listings
	Treasury to sell more debt to deal with borrowing (San Jose Mercury News, October 8, 2008)

Mergers and Acquisitions
	French banking giants consider merger (International Herald Tribune, October 8, 2008)

Profiles
	The $700 Billion Man With an Engineer's Mind (Washington Post, October 9, 2008)

Market Trends
	Iceland plunges further into financial turmoil (BusinessWeek, October 8, 2008) Paulson says global markets remain strained (BusinessWeek, October 8, 2008) Ten-Year Swap Spread Collapses After Fed Rate Cut (Bloomberg, October 8, 2008)

Hedge Funds
	Top hedge funds reopen to new investors (Reuters, October 8, 2008)

Federal Reserve Board
	Fed's rate cut doesn't stop markets' fall. Will anything? (McClatchy, October 8, 2008) Fed grants AIG $37.8 billion loan (San Jose Mercury News, October 8, 2008)

Law Firm Memos [Top]

10/8/2008	Alston & Bird	SEC Announces End of Short Selling Ban on Financial Stocks; Other Short Sale Rules to Become Permanent Through Interim Final Rules
10/8/2008	Bingham McCutchen	SEC Adopts New Rules Regarding Foreign Private Issuer Disclosure and Registration Requirements
10/8/2008	Blake, Cassels & Graydon	The Quebec Act Respecting the Transfer of Securities and the Establishment of Security Entitlements
10/8/2008	Davis Polk & Wardwell	SEC Publishes Final Amendments to Form 20-F, Foreign Private Issuer Status Determination and Going Private Rules
10/8/2008	Davis Polk & Wardwell	Emergency Economic Stabilization Act of 2008
10/8/2008	Davis Polk & Wardwell	Federal Reserve Board Announces Creation of Commercial Paper Funding Facility
10/8/2008	Drinker Biddle & Reath	Update on Emergency Orders for Short Selling
10/8/2008	Latham & Watkins	Current Status of Emergency Short-Selling Regulation in the United States and Major European Union Jurisdictions
10/8/2008	Latham & Watkins	Treasury Issues Notice Regarding Insurance-Dedicated Money Market Fund' Participation in Temporary Guarantee Program
10/8/2008	Morrison & Foerster	SEC Amends the Rule 12g3-2(b) Exemption from Registration for Foreign Private Issuers
10/8/2008	Morgan, Lewis & Bockius	Certain Tax Provisions of the Emergency Economic Stabilization Act of 2008 and IRS Guidance Relating to the Economic Crisis
10/8/2008	Nixon Peabody	The Present and Future of Executive Compensation Regulation
10/8/2008	Orrick, Herrington & Sutcliffe	UK Government Pledges up to �50bn Bank Bail-Out in Part-Nationalisation Scheme
10/8/2008	Proskauer Rose	The Emergency Economic Stabilization Act of 2008
10/8/2008	Quarles & Brady	Federal Reserve Relaxes Rules On Minority Ownership Of Banks
10/8/2008	Shearman & Sterling	Short Sale Update: Emergency order banning the short selling of securities of certain financial institutions to expire
10/8/2008	Schulte Roth & Zabel	Tax Legislation Limits Future Deferrals, Penalizes Future Side Pocket Incentive Fees from Offshore Funds
10/8/2008	Stroock & Stroock & Lavan	New York Regulators Scrutinize Credit Default Swaps and Other Instruments
10/8/2008	Sutherland	SEC Approves Series of Orders Requiring Reporting of Short Positions by Certain Investment Managers
10/8/2008	Torys	U.S. Financial Rescue Plan
10/8/2008	Troutman Sanders	IRS Notice 2008-91 -- IRS Expands Ability of U.S. Shareholders to Borrow from Foreign Subsidiaries; Continues Trend of Taxpayer-Friendly Guidance in Light of Credit Difficulties and Economic Downturn
10,977 Securities Memos Currently Available on Securities Mosaic

Market Regulation Updates [Top]

10/7/2008	FINRA Notice	FINRA Revises the Effective Date to Collect and Process Certain CRD Numbers in Connection with Regulation T and SEC Rule 15c3-3 Extensions of Time ...
10/6/2008	FINRA Notice	Effective Dates of New Consolidated Rules; Introduction of Rule Conversion Chart
10/3/2008	NYSE Information Memo 08-48	AMENDMENT TO NYSE RULE 48 TO ADD EXTREME MARKET VOLATILITY CONDITION AT THE CLOSE

Pending Securities Legislation [Top]

10/3/2008	H.R.7258	Consumer Credit Safety Commission Act of 2008 Status: Referred to the House Committee on Financial Services.
10/3/2008	H.R.7264	Reliable Economic Stabilization, Capital Utilization, and Enterprise Reform Act of 2008 Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
10/3/2008	H.R.7266	Derivatives Market Reform Act of 1999 Status: Referred to the House Committee on Financial Services.
10/2/2008	H.R.7240	No BAILOUTS Act of 2008 Status: Referred to the House Committee on Financial Services.
10/1/2008	S.3659	Corporate Transparency Act of 2007 Status: Read twice and referred to the Committee on Finance.

SEC Enforcement [Top]

10/8/2008	Administrative Proceeding	New East West Distributors, Inc.
10/8/2008	Administrative Proceeding	New Sterling Capital Planners, Inc.
10/8/2008	Administrative Proceeding	New Far East Ventures Trading Co. (f/k/a Nico Telecom, Inc.), Ultimate Ventures I, Inc., Ultimate Ventures II, Inc., Ultimate Ventures III, Inc., Ultimate Ventures IV, Inc., and Ultimate Ventures V, Inc.
10/8/2008	Administrative Proceeding	New Jeremy D. Jobe
10/8/2008	Commission Opinion & Order	New Joseph John Vancook (Order Granting Partial Protective Order) Other Release No.: IC-28436

Final Rules Effective Date Calendar [Top]

12/5/2008	Foreign Issuer Reporting Enhancements (SEC Final Rule, 9/23/2008)
10/10/2008	Exemption From Registration Under Section 12(g) of the Securities Exchange Act of 1934 for Foreign Private Issuers (SEC Final Rule, 9/5/2008)
9/30/2008	Technical Amendment to Item 407 of Regulation S-K (SEC Final Rule, 9/26/2008)
9/24/2008	Adoption of Updated EDGAR Filer Manual (SEC Final Rule, 9/18/2008)

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