INVESTOR PROTECTION,ACT OF,CLIENT,NEWSFLASH,JULY 13,JULY 10,THE TREASURY,DEPARTMENT,THE ACT,ENACTED,THE FINANCIAL,REFORM,PROPOSALS,RECENT,WHITE PAPER,POWERS OF,SECURITIES AND EXCHANGE,COMMISSION,NUMBER,AREAS,ISSUANCE,RULES,BROKER DEALERS,INVESTMENT,ADVISERS,IN THE BEST INTEREST OF,RETAIL,POTENTIALLY,SALES,CONFLICTS OF INTEREST,COMPENSATION,CONTRARY,INVESTOR,COMPEL,PROVISION,DISCLOSURE,PRIOR,THE SALE,MUTUAL FUNDS,LIMIT,MANDATORY ARBITRATION,PROVISIONS,CUSTOMER,SECS,POWERS,THE SCOPE,AIDING AND ABETTING,VIOLATIONS,INCREASING,AUTHORITY,PERSONS,ASSOCIATION,REGULATED,THE POTENTIAL,WHISTLEBLOWERS,PIECE,DRAFT,LEGISLATION,ADMINISTRATION,THE WHITE PAPER,INFORMATION,DAVIS,POLK,MEMORANDUM,ENTITLED,FOUNDATION FOR,FINANCIAL REGULATION,JUNE 22,INITIAL,LEGISLATIVE PROPOSAL,CONSUMER FINANCIAL PROTECTION,AGENCY,JULY 1,STANDARD,SECURITIES,RECOMMENDATIONS,CERTAIN,CURRENT LAW,SUBJECT TO,FIDUCIARY,ANTI,FRAUD,COMMON LAW,INVESTMENT ADVISERS ACT OF,STATE LAW,PERMIT,DUTIES,LIMITED,CONSENT,CONTRAST,GENERAL,LIMITATIONS,SECURITIES EXCHANGE ACT OF,THE EXCHANGE,OBLIGATION,STANDARDS,INDUSTRY,REGULATORY AUTHORITY,FINRA,SELF REGULATORY ORGANIZATIONS,FACT SHEET,DEPARTMENTS,PRESS RELEASE,VIEW,INVESTORS,RELY,MANNER,LEGAL,LONGER,MEANINGFUL,AUTHORIZE,ADVICE,CUSTOMERS,RULE,INTEREST,THE BROKER,DEALER,INVESTMENT ADVISER,THE ADVICE,PROPOSED STANDARD,RAISE,QUESTIONS,ARISE,IN ORDINARY,SECURITIES MARKET,UNDERWRITING,TRADING AS,PRINCIPAL,CROSS,TRADING,FACILITATE,DEVELOPMENT OF,SIMPLE,CLEAR,TERMS,RELATIONSHIPS,FINANCIAL INTERMEDIARIES,EXAMINE,FINANCIAL INTERMEDIARY,PUBLIC,INDICATION,MIND,WHETHER,REFERENCE,PROFESSIONALS,FIRMS,INTERMEDIARY,INCLUSION,PRESAGE,GREATER,ADDITION,POINT OF SALE,FUNDS,AMEND,INVESTMENT COMPANY ACT OF 1940,INVESTMENT COMPANY ACT,ISSUE,THE DELIVERY,DOCUMENTS,CONCISE,SUMMARY,PROSPECTUS,COST,FUND,PREVIOUSLY,TYPE,REQUIREMENT,ARBITRATION,CLAUSES,SHOULD,GIVE,THE POWER,RELATED,DISPUTES,BROKERS,MUNICIPAL SECURITIES,THE FEDERAL,SECURITIES LAWS,SELF REGULATORY ORGANIZATION,FINDS,ACTION,THE PUBLIC INTEREST,ENFORCEMENT AUTHORITY,THE AUTHORITY,SEEK,THE SECURITIES ACT OF 1933,AS IT,RECKLESS,SANCTIONS,IN EXCESS,OF 1,UP TO,AMOUNT,PARAMETERS,PAID,SOLE,JUDICIAL REVIEW,EXPAND,CURRENT,CAPS,AT 10,COLLECTED,THE INSIDER,CONTEXT,GROW,MAXIMUM,OF 10,REVENUES,AWARDS,INVESTOR EDUCATION,INITIATIVES,IMPOSE,RANGE,COLLATERAL,ACT PROHIBITING,BROAD,RATHER,PARTICULAR,STATUTORY,VIOLATION,PRIVATE,RIGHT OF ACTION,ENFORCE,CREATION,THE INVESTOR,COMMITTEE,PERMANENT,RECENTLY,ANNOUNCED,CONSULT,VARIETY,MATTERS,TRADING STRATEGIES,STRUCTURES,EFFECTIVENESS,BOUND,COMMITTEES,PREDICT,CERTAINTY,EXACT,MONITORING,WITH RESPECT TO,PROTECTION,FROM TIME TO TIME,IF YOU,PLEASE,CALL,THE LAWYERS,BELOW,YOUR,REGULAR,CONTACT,ROBERT L,COLBY,COUNSEL,PARTNER,WILLIAM,NORA,JORDAN,NAZARETH,SCHWARTZ,MARGARET,YANES,ADMISSION,PENDING,SUPERVISION,PARTNERS,THE FIRM,NOTICE,NEWSLETTER,WE BELIEVE,TO YOU,FULL,ANALYSIS,PRESENTED,LEGAL ADVICE,WOULD RATHER,MEMORANDA,RESPOND,EMAIL,DISTRIBUTION LIST,ANY QUESTIONS,PUBLICATION,THE NAMES,OFFICE,APPEAR,WEBSITE,DAVIS POLK WARDWELL,