Securities News 10/2/2008

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October 2, 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]

10/1/2008	Commission Notice	*New* Order Extending Emergency Order Pursuant to Section 12(k)(2) of the Securities Exchange Act of 1934 Taking Temporary Action to Respond to Market Developments
10/1/2008	Commission Notice	*New* Order Extending Emergency Order Pursuant to Section 12(k)(2) of the Securities Exchange Act of 1934 Taking Temporary Action to Respond to Market Developments
9/30/2008	ICA Notice	H&Q Healthcare Investors, et al. (Notice)
9/30/2008	ICA Notice	Fidelity Aberdeen Street Trust, et al. (Order)
9/30/2008	ICA Notice	MCG Capital Corporation, et al. (Notice)

10/1/2008	Press Release	*New* Statement of Securities and Exchange Commission Concerning Short Selling
9/30/2008	Press Release	SEC Charges East Coast Supermarket Operator Penn Traffic With Accounting Fraud
9/30/2008	Press Release	SEC Office of the Chief Accountant and FASB Staff Clarifications on Fair Value Accounting
9/29/2008	Press Release	Fee Rate Advisory #2 for Fiscal Year 2009
9/26/2008	Press Release	SEC Chairman Christopher Cox Announces End of Consolidated Supervised Entities Program
9/26/2008	Press Release	Statement of Chairman Cox on IG Reports Regarding CSE Program

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]

Securities and Exchange Commission
	SEC extends short-sell ban for financials (Washington Post, October 1, 2008)

Securities Regulation
	EU says sellers of securities should share risks (BusinessWeek, October 1, 2008)

Economic and Financial Policy
	Who Needs Congress? (Washington Post, October 2, 2008) Soros Says Paulson's Financial-Rescue Plan Is `Ill-Conceived' (Bloomberg, October 1, 2008)

Finance and Politics
	Obama: Crisis 'Will Be Worse If We Do Not Act Now' (Washington Post, October 1, 2008)

FDIC
	FDIC seeking temporary unlimited Treasury loans (Washington Post, October 1, 2008) Senate bill: Banks won't pay for higher FDIC coverage (Los Angeles Times, October 1, 2008)

Legislation
	Details of Senate plan reveal it's not just for Wall Street (McClatchy, October 1, 2008) Once 3 pages, bailout bill now length of novel (San Jose Mercury News, October 1, 2008)

Bankruptcy and Debt
	Hedge fund's assets locked up in Lehman bankruptcy (International Herald Tribune, October 1, 2008)

Mutual Funds
	As Cash Leaves, Money Funds Sign Up for U.S. Protection (New York Times, October 1, 2008) Investors in fallen money funds can't access cash (International Herald Tribune, October 1, 2008)

Fund Management
	As markets reel, fund managers feel the squeeze (International Herald Tribune, October 1, 2008)

Accounting and Auditing
	Focus turns to 'mark to market' accounting rules (Los Angeles Times, October 1, 2008) Banks want to suspend accounting rule in bailout (San Jose Mercury News, October 1, 2008) Sarkozy seeks EU-wide accounting rule change (Financial Times, October 1, 2008)

Law Firm Memos [Top]

10/1/2008	Borden Ladner Gervais	Proposed TSX Rules for SPACs
10/1/2008	Alston & Bird	Final Unified Consolidated Return Rule for Loss on Subsidiary Stock
10/1/2008	Ballard Spahr Andrews & Ingersoll	U.S. Treasury Implements Money Market Fund Guaranty Program
10/1/2008	Dechert	New Money Market Fund Stabilization Measures
10/1/2008	Dechert	ISDA Credit Default Swap Auction Protocols
10/1/2008	Edwards Angell Palmer & Dodge	Senate Rescue Bill
10/1/2008	Goodwin Procter	IRS Issues Revenue Procedure on Securities Lending
10/1/2008	Hogan & Hartson	Climate Change Disclosure: Emerging Practices
10/1/2008	Holland & Knight	Cross-Border M&A: SEC Adopts Enhanced Exemptions for Takeovers of Non-U.S. Companies
10/1/2008	Kelley Drye & Warren	SEC Moves To Encourage Use Of International Financial Reporting Standards In Financial Filings
10/1/2008	K&L Gates	Tighter Regulation of Credit Default Swaps Proposed by SEC and New York State
10/1/2008	Locke Lord Bissell & Liddell	Federal Reserve Board Issues Policy Statement on Equity Investments in Banks and Bank Holding Companies
10/1/2008	Locke Lord Bissell & Liddell	Senate to Vote on Bailout Bill
10/1/2008	Manatt, Phelps & Phillips	Senate Passes Rescue Provisions -- Support in House Unclear
10/1/2008	McMillan	OSC Notice Suggests Growing Interest in Disclosure of Equity Swap Positions
10/1/2008	Nixon Peabody	The Present and Future of Executive Compensation Regulation
10/1/2008	Patton Boggs	409A Compliance Deadline Approaches
10/1/2008	Skadden	Troubled Asset Relief Program Report: September 30, 2008
10/1/2008	Sullivan & Cromwell	Internal Revenue Service Notice Discusses Application of Section 382 to Banks: Losses on Loans and Bad Debt Deductions Not Treated as Built-in Losses or Deductions Subject to Section 382 Limitations
10/1/2008	White & Case	Section 409A Deadline: Act Now to Comply in Time
10,796 Securities Memos Currently Available on Securities Mosaic

Market Regulation Updates [Top]

10/1/2008	FINRA Notice	SEC Approves Amendments to Eliminate Yield Reporting to TRACE and FINRA Will Disseminate Standard Yield in Real-Time TRACE Data
9/30/2008	NYSE Information Memo 08-47	New Rule 80B Circuit Breaker Level For Third Quarter 2008
9/30/2008	NYSE Information Memo 08-46	Amendment to NYSE Rule 1000 to widen the value ranges for the calculation of Liquidity Replenishment Points ("LRPs")
9/26/2008	FINRA Notice	SEC Approves Amendments to FINRA''s Transaction Reporting Rules to Require Prompt Last Sale Reporting of Transactions in Foreign Securities

Pending Securities Legislation [Top]

9/29/2008	H.R.3997	Heroes Earnings Assistance and Relief Tax Act of 2007 Status: On motion that the House agree to the Senate amendment to the House amendment to the Senate amendment Failed by recorded vote: 205 - 228 (Roll No. 674).
9/27/2008	H.R.7112	Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2008 Received in the Senate.
9/27/2008	H.R.7190	Fair Value Accounting Standards Reform Act of 2008 Status: Referred to the House Committee on Financial Services.
9/26/2008	H.R.7125	Let Wall Street Pay for Wall Street's Illiquid Assets Act of 2008 Status: Referred to the House Committee on Ways and Means.
9/24/2008	H.CON.RES.425	Expressing the sense of Congress regarding the need to pass meaningful legislation to protect commercial and government data from data breaches. Status: Referred to the Committee on Science and Technology, and in addition to the Committee on Oversight and Government Reform, 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.

SEC Enforcement [Top]

10/1/2008	Administrative Proceeding	New Argyle Ventures, Inc., California Investment Co., Goldcrest Corp., Molecular Robotics, Inc., Ponderosa Partners, Inc., and Taking Life By Storm, Inc.
10/1/2008	Administrative Proceeding	New B.B. Walker Co., Beres Industries, Inc., Best Products Co., Inc., Bethlehem Corp., and Bogue Electric Manufacturing Co. (n/k/a Bogue International, Inc.)
10/1/2008	ALJ Decision & Order	New The Nasdaq Stock Market, LLC
10/1/2008	Litigation Release	New International Fiduciary Corp., S.A., et al.
10/1/2008	Litigation Release	New Christopher Castaldo, Daniel James Gallagher, Frank J. Zangara, B.H.I. Group, Inc., Corporate Communications Corp., and Vision Securities Inc.

Final Rules Effective Date Calendar [Top]

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)
9/2/2008	Internal Control Over Financial Reporting in Exchange Act Periodic Reports of Non-Accelerated Filers (SEC Final Rule, 6/26/2008)

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