IN THIS ISSUE:

  1. Federal District Court Dismisses Direct Claims by Mutual Fund Investors Alleging Deviation from Fund's Investment Objective
  2. SEC Open Meeting to Address Derivatives Use by Registered Funds, Investment Company Exclusion for ABS Issuers and Status of Companies that Acquire Mortgages and Mortgage-Related Instruments
  3. CFTC Issues Final Whistleblower Rules
SEC Open Meeting to Address Derivatives Use by Registered Funds, Investment Company Exclusion for ABS Issuers and Status of Companies that Acquire Mortgages and Mortgage-Related Instruments
The SEC announced that at its open meeting on August 31, 2011 it plans to consider the following agenda items: (1) issuing a concept release and requesting public comment on issues under the Investment Company Act of 1940 raised by the use of derivatives by registered investment companies; (2) issuing an advance notice of proposed rulemaking to solicit public comment on possible amendments to Rule 3a-7 under the Investment Company Act, which excludes from the definition of investment company issuers of asset‑backed securities that meet certain conditions; and (3) issuing a concept release to solicit public comment on interpretive issues related to the status under the Investment Company Act of companies that are engaged in the business of acquiring mortgages and mortgage-related instruments.

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