Page 1 Table of Authorities (References Are to Pages.) CASES

Table of Authorities

(References are to pages.)

CASES SECURITIES AND EXCHANGE COMMISSION (U.C. SEC) MATERIALS SEC No-Action Letters Securities Act of 1933 Securities Act Releases Securities Exchange Act of 1934 Securities Exchange Act Releases Investment Company Act of 1940 Investment Company Act Releases Investment Advisers Act of 1940 Investment Advisers Act Releases

CASES

Aaron v. SEC ...... 8-55, 24-43, 35-79 Abbott Labs. Derivative S’holders Litig., In re ...... 24-44 Abrahamson v. Fleschner ...... 2-31, 2-32, 46A-4, 48-3 Alphabridge Capital Mgmt., LLC et al., In re ...... 8-26, 61-12, 61-13 Amaroq Asset Mgmt., LLC, In re ...... 33-21 Anderson v. Knox ...... 38-5, 38-6 Anglo Am. Sec. Fund, L.P. v. S.R. Glob. Int’l Fund, L.P...... 48A-23 Anthony Fields, et al., In the Matter of ...... 60-19 Anwar, et al. v. Fairfield Greenwich Ltd., et al...... 8-38 Arleen W. Hughes, In re ...... 8-2, 16-2, ...... 19-8, 55-80, 57-11 Assured Guara. (UK) Ltd. v. J.P. Morgan Inv. Mgmt. Inc...... 35-93 AT&T Mobility, LLC v. Concepcion ...... 31-22 Augustus P. Loring, Jr., In re ...... 2-20

(Inv. Adv. Reg., Rel. #13, 6/18) T–1 INVESTMENT ADVISER REGULATION

Banc of America Investment Services, Inc. and Columbia Management Advisors, LLC, In the Matter of ...... 44-10 Barry J. Belmont, et al. v. MB Inv. Partners, Inc...... 8-11 Basic, Inc. v. Levinson ...... 29-7, 34B-15 Bellikoff, et al. v. Eaton Vance Corp., et al...... 8-10 Belmont v. MB Inv. Partners, Inc...... 8-11, 35-15 Ben v. Schwartz ...... 35-68 Bird v. SEC ...... 34B-32 Blasius Indus., Inc. v. Atlas Corp...... 8-54 Blount v. SEC ...... 52-3, 52-8 Blue Flame Energy Corp. v. Ohio Dep’t of Commerce ...... 46-28 Brewster v. Md. Sec. Comm’n ...... 35-56 Brian K. Costello, In the Matter of ...... 49F-5 Brown v. Bullock ...... 8-10 Buckley v. Valeo ...... 52-4 Burks v. Lasker ...... 42-13

Capital Research & Mgmt. Co. v. Brown ...... 46-29 Cardinal Health Ins. Sec. Litig...... 33-22 Caremark Int’l, Inc. Derivative Litig., In re ...... 24-44, 34-8 Carlson v. United States ...... 34B-50, 34B-51 Carnero v. Boston Sci. Corp...... 31-21 Carpenter v. Harris, Upham & Co...... 24-43 Chao v. Linder ...... 49-43 Chamber of Commerce v. U.S. Dep’t of Labor ...... 8A-26 Charles Hughes & Co. v. SEC ...... 39-10 Chiarella v. United States ...... 29-6, 34B-67 Chill v. Calamos Advisors LLC, et al...... 8-10 Christy v. Pa. Tpk. Comm’n ...... 34B-48 Citizens United v. FEC ...... 52-3 Clarke LanzenSkalla Inv. Firm, Inc., In the Matter of ...... 43-9, 43-10, 44-6 Clover v. Total Sys. Servs., Inc...... 31-19 Conrad & Company, et al., In re ...... 38-3 Cont’l Grain (Austl.) Pty. Ltd. v. Pac. Oilseeds, Inc...... 51-10 Courtlandt v. E.F. Hutton, Inc...... 2A-12 Cover v. Cushing Capital Corp...... 35-92 CPC Int’l v. McKesson Corp...... 35-78, 35-79 Crabtree Invs., Inc. v. Aztec Enters., Inc...... 2-13 Crooks v. Pa. Sec. Comm’n ...... 35-62

T–2 Table of Authorities D

Dahl v. Charles Schwab & Co...... 17-59 Del. Mgmt. Co., In the Matter of ...... 16-2 Dirks v. SEC ...... 29-6, 48-46 Diversified Indus., Inc. v. Meredith ...... 33-22 Donner Estates, Inc., In re ...... 2-20, 59-3 Donovon v. Bierwirth ...... 49-27

Eaves v. Penn ...... 49-7 Edward D. Jones & Co. v. Fletcher ...... 8-43 Egan v. TradingScreen, Inc...... 31-20 Egghead.com, Inc. v. Brookhaven Capital Mgmt. Co...... 56-19 Ellis v. Rycenga Homes, Inc...... 49-14, 49A-16 Envtl. Tectonics v. W.S. Kirkpatrick Inc...... 31A-16 Ernst & Ernst v. Hochfelder ...... 8-54, 8-55, 29-7, 35-78 Esser Distrib. Co. v. Steidl ...... 35-79 Etienne v. Mitre Corp...... 24-23, 24-39 Ettinger v. Merrill Lynch, Pierce, Fenner & Smith, Inc...... 17-67 Everts v. Holtman ...... 35-79

Fairfield Greenwich Advisors LLC & Fairfield Greenwich (Bermuda) Ltd., In the Matter of ...... 8-38 Faro Techs., Inc., In re ...... 31A-38 Fed. Trade Comm’n v. TRW, Inc...... 24-22, 24-39 Fin. Planning Ass’n v. SEC ...... 2A-9, 2A-12, ...... 8A-20, 19-14, 20-17, 38-2, ...... 38-25, 38-30, 39-16, 39-19 First Golden Bancorporation v. Ronald F. Weiszmann ...... 8-52 First Multifund Advisory Corp., In the Matter of ...... 12-6 First Serv. Corp., In re ...... 2-20 First Southwest Co., In re ...... 54-99 Fiswick v. United States ...... 31A-13 Fogel v. Chestman ...... 55-89 Fred Alger Mgmt., Inc., In the Matter of ...... 45-9 Freund v. Marshall & Ilsley Bank ...... 49-7

(Inv. Adv. Reg., Rel. #13, 6/18) T–3 INVESTMENT ADVISER REGULATION

Gabelli, In re ...... 27-2, 29-14, 29-20 Gabelli v. SEC ...... 35-81 Gartenberg v. Merrill Lynch Asset Mgmt., Inc...... 42-10 Gavin v. SEC ...... 34B-45 Gearhart & Otis, Inc. v. SEC ...... 8-56 Gebardi v. United States ...... 31A-52 Geman v. SEC ...... 43-11 GLG Partners, In re ...... 7-21 Globus, Inc. v. Law Research Serv., Inc...... 8-52 Goldstein v. SEC ...... 5-4, 17-36, 45A-3, 46-67, 46-93, ...... 46-95, 46A-32, 46A-34, 46A-47, 46A-52, ...... 48-40, 48A-3, 50-8, 51-3, 51-36, 52-16, 55-39, 58-20 Graham v. Allis-Chalmers Mfg. Co...... 24-44 Grand Jury Subpoena: Under Seal, In re ...... 34B-9 Graphic Sci., Inc. v. Int’l Mogul Mines Ltd...... 56-19 Guice v. Charles Schwab & Co., Inc...... 17-64 Gustafson v. Alloyd ...... 35-91 Gutfreund, In re ...... 24-38

Haddock v. Nationwide Fin. Servs...... 49-38, 49-39 Harrison v. Dean Witter Reynolds, Inc...... 29-10 Hecker v. Deere & Co...... 49-39 Hickman v. Taylor ...... 24-22, 33-21 Hill York Corp. v. Am. Int’l Franchises, Inc...... 47-30 Hollinger v. Titan Capital Corp...... 24-43 Houston v. Seward & Kissell, LLP ...... 46-29 Houston Am. Energy Corp. Sec. Litig., In re ...... 34B-65 Howard v. Shay ...... 8-12 Hughes v. SEC ...... 8-2, 8-55, 8-56, 16-2, 19-8 Hunt v. Miller ...... 24-43 Huppe v. Special Situations Fund III QP, L.P...... 56-7 Huppe v. WPCS Int’l Inc...... 56-7

IFG Network Securities, Inc., et al., In re ...... 38-22 In re Abbott Labs. Derivative S’holdersLitig...... 24-44 In re Alphabridge Capital Mgmt., LLC et al...... 8-26, 61-12, 61-13

T–4 Table of Authorities

In re Amaroq Asset Mgmt., LLC ...... 33-21 In re Arleen W. Hughes ...... 8-2, 16-2, 19-8, 55-80, 57-11 In re Augustus P. Loring, Jr...... 2-20 In re Caremark Int’l, Inc. Derivative Litig...... 24-44, 34-8 In re Conrad & Company, et al...... 38-3 In re Donner Estates, Inc...... 2-20, 59-3 In re Faro Techs., Inc...... 31A-38 In re First Serv. Corp...... 2-20 In re First Southwest Co...... 54-99 In re Gabelli ...... 27-2, 29-14, 29-20 In re GLG Partners ...... 7-21 In re Grand Jury Subpoena: Under Seal ...... 34B-9 In re Gutfreund ...... 24-38 In re Houston Am. Energy Corp. Sec. Litig...... 34B-65 In re IFG Network Securities, Inc., et al...... 38-22 In re Initial Public Offering Sec. Litig...... 33-22, 34B-61, 34B-63 In re Investors Planning, Inc. et al...... 38-14 In re James L. Foster, Laurie F. Foster, Steven M. Bolla, and William E. Busacker, Jr...... 20-9 In re Marc N. Geman ...... 48-38 In re Monetta Fin. Servs., Inc., et al...... 20-8, 48-37 In re Pac. Pictures Corp...... 34B-11 In re Paradigm Capital Mgmt., Inc. & Candace King Weir ...... 31A-22 In re Parnassus Invs...... 17-39 In re Petition to Am. Bank and Trust Co. of Penn...... 35-70 In re Pitcairn Co...... 2-20 In re Qwest Commc’ns Int’l, Inc...... 33-22, 34B-11 In re Richard Lawrence Evans ...... 61-13 In re Roosevelt & Son ...... 2-20, 59-4 In re Schnitzer Steel Indus., Inc...... 31A-43 In re Steinhardt Partners, L.P...... 33-22, 34B-62 In re Subpoenas Duces Tecum ...... 34B-11 In re TL Ventures, Inc...... 48-23, 52-4, 52-5, 55-40 In re Valicenti Advisory Services, Inc. and Vincent R. Valicenti ...... 4-20, 6-3 In re William M. Stephens ...... 12-38, 48-39 In re Winfield & Co., et al...... 12-37, 48-38 In re ZPR Investment Management, Inc...... 7-19, 7-28 In the Matter of Anthony Fields, et al...... 60-19 In the Matter of Banc of America Investment Services, Inc. and Columbia Management Advisors, LLC ...... 44-10 In the Matter of Brian K. Costello ...... 49F-5 In the Matter of Clarke Lanzen Skalla Inv. Firm, Inc...... 43-9, 43-10, 44-6 In the Matter of Del. Mgmt. Co...... 16-2

(Inv. Adv. Reg., Rel. #13, 6/18) T–5 INVESTMENT ADVISER REGULATION

In the Matter of Fairfield Greenwich Advisors LLC & Fairfield Greenwich (Bermuda) Ltd...... 8-38 In the Matter of First Multifund Advisory Corp...... 12-6 In the Matter of Fred Alger Mgmt., Inc...... 45-9 In the Matter of Jack Maguire & JK Maguire & Associates ...... 49F-4 In the Matter of JPMorgan Chase Bank ...... 8-27 In the Matter of Judy Wolf ...... 34B-18 In the Matter of Keiko Kawamura ...... 60-19 In the Matter of Lynn Tilton, Patriarch Partners, LLC, et al...... 61-20 In the Matter of Mark David Anderson ...... 8-49 In the Matter of Mohammed Riad & Kevin Timothy Swanson ...... 8-4, 8-5 In the Matter of Noon Capital Mgmt., LLC & Timothy George Noonan ...... 35-9 In the Matter of Oppenheimer & Co., Inc...... 34A-11 In the Matter of Richard W. Suter & Richard W. Suter d/b/a National Investment Publishing Company ...... 8-37 In the Matter of Robert Anthony Donas ...... 49F-4 In the Matter of Virtus Investment Advisers, Inc...... 7-23 In the Matter of Wells Fargo Advisors, LLC ...... 34B-17 In the Matter of William B. Fretz, Jr...... 8-13 Initial Public Offering Sec. Litig., In re ...... 33-22, 34B-61, 34B-63 Investors Planning, Inc. et al., In re ...... 38-14

Jack Maguire & JK Maguire & Associates, In the Matter of ...... 49F-4 James L. Foster, Laurie F. Foster, Steven M. Bolla, and William E. Busacker, Jr., In re ...... 20-9 Janvey v. Proskauer Rose LLP ...... 34B-16 Jenkins v. Yager ...... 49-40 JPMorgan Chase Bank, In the Matter of ...... 8-27 Johnson-Bowles Co. v. Division of Sec...... 35-56 Jones v. Harris Assocs. L.P...... 8-10, 42-9, 62-31 Judy Wolf, In the Matter of ...... 34B-18

Kamerman v. Steinberg ...... 24-27 Kaufman v. Merrill Lynch, Pierce, Fenner & Smith, Inc...... 2A-11 Keiko Kawamura, In the Matter of ...... 60-19 Koch et al. v. SEC ...... 34A-23

T–6 Table of Authorities

Kravitz v. Pressman, Frohlich & Frost, Inc...... 24-43 Krinsk v. Fund Asset Mgmt., Inc...... 42-24

Laborers Nat’l Pension Fund v. Tr. Quantitative Advisors, Inc...... 49A-10 Laird v. Integrated Res., Inc...... 34-15, 57-10 Lane Bryant, Inc. v. Hatleigh Corp...... 56-8 Langbecker v. Elec. Data Sys. Corp...... 49-40 Last Atlantis Capital LLC v. AGS Specialist Partners ...... 34B-63, 34B-68 Leasco Data Processing Equip. Corp. v. Maxwell ...... 51-10 Leib v. Merrill Lynch, Pierce, Fenner & Smith ...... 8-22 Levin v. Kilborn ...... 17-64 Livingston v. Wyeth, Inc...... 31-19 Lorenz v. Watson ...... 24-43 Lowe v. SEC ...... 2-15, 2-16, 2-17, 8-5, ...... 49F-5, 55-74, 55-75, 58-19 Lynn Tilton, Patriarch Partners, LLC, et al., In the Matter of ...... 61-20

Madoff, Patrick V. Morris, et al. v. Wachovia Sec., Inc...... 8-38 Manns v. Skolnik ...... 35-79 Marc N. Geman, In re ...... 48-38 Mark David Anderson, In the Matter of ...... 8-49 Mass. Fin. Servs., Inc. v. Sec. Inv. Prot. Corp...... 49C-26, 49E-8 McKesson Corp. v. Green ...... 34B-11 Mechigian v. Art Capital Corp...... 2-8 Meinhard v. Salmon ...... 57-9 meVC Draper Fisher Jurvetson Fund I, Inc. v. Millennium Partners, L.P...... 56-10 Mohammed Riad & Kevin Timothy Swanson, In the Matter of ...... 8-4, 8-5 Monetta Fin. Servs., Inc. v. SEC ...... 55-85 Monetta Fin. Servs., Inc., et al., In re ...... 48-37 Morris v. Wachovia Sec., Inc...... 49C-9, 49E-26, 57-10 Morrison v. Nat’l Austl. Bank Ltd...... 51-21, 51-35 Moses v. Burgin ...... 55-89

(Inv. Adv. Reg., Rel. #13, 6/18) T–7 INVESTMENT ADVISER REGULATION

NASAA v. Jesse White ...... 8-11 Nat’l Home Prods., Inc. v. Gray ...... 56-9 New York v. Canary Capital Partners, LLC ...... 46-92, 46A-31 New York v. Henry “Hank” Morris and David Loglisci ...... 55-53 Newport Pac. Inc. v. County of San Diego ...... 34B-9 Newton v. Merrill, Lynch, Pierce, Fenner & Smith, Inc...... 8-23, 17-62 Noon Capital Mgmt., LLC & Timothy George Noonan, In the Matter of ...... 35-9

O’Connor & Assocs. v. Dean Witter Reynolds, Inc...... 24-43 Odone v. Croda Int’l PLC ...... 34B-48 Oppenheimer & Co., Inc., In the Matter of ...... 34A-11

Pac. Pictures Corp., In re ...... 34B-11 Pantry Pride, Inc. v. Rooney ...... 56-8, 56-9 Paradigm Capital Mgmt., Inc. & Candace King Weir, In re ...... 31A-22 Parklane Hosiery Co. v. Shore ...... 34B-68 Parnassus Invs., In re ...... 17-39 Patricia Burdett v. Robert S. Miller ...... 8-3 Pearce v. E.F. Hutton Grp...... 24-21 People of the State of N.Y. v. J. Ezra Merkin, et al...... 8-38 Petition to Am. Bank and Trust Co. of Penn., In re ...... 35-70 Phillips Petroleum Sec. Litig...... 34B-66 Pinter v. Dahl ...... 35-91, 47-30 Pitcairn Co., In re ...... 2-20 Press v. Quick & Reilly, Inc...... 17-67 Prudential Ins. Co. of Am. v. SEC ...... 59-9

Qwest Commc’ns Int’l, Inc., In re ...... 33-22, 34B-11

T–8 Table of Authorities

R v. Patel ...... 49C-55 Raymond James Fin. Servs., Inc. v. Barbara J. Phillips, etc., et al...... 35-85 Raymond J. Lucia Cos., Inc. v. SEC ...... 7-10, 7-23 Remijas v. Neiman Marcus Grp., LLC ...... 63-36 Reves v. Ernst & Young ...... 54-129 Richard C. Breeden, Trustee of the Bennett Funding Grp. v. Storch and Brenner, LLP & Irving M. Pollack ...... 34B-16 Richard Lawrence Evans, In re ...... 61-13 Richard W. Suter & Richard W. Suter d/b/a National Investment Publishing Company, In the Matter of ...... 8-37 Richman v. Goldman Sachs Grp., Inc...... 34B-14, 34B-65 Robert Anthony Donas, In the Matter of ...... 49F-4 Robert Young, et al. v. Nationwide Life Ins. Co., et al...... 8-52 Rodriguez de Quijas v. Shearson/Am. Express, Inc...... 9-6, 35-92 Rolf v. Blyth, Eastman Dillon & Co...... 8-39 Roosevelt & Son, In re ...... 2-20, 59-4 Rosenberg v. Metlife, Inc...... 35-45 Rosenberg v. Metlife, Inc., Metropolitan Life Ins. Co. & Metlife Sec., Inc...... 35-45 Ross v. A.H. Robbins Co...... 24-27

Salman v. United States ...... 48-47 Saltz v. First Frontier, L.P...... 48A-23 Schaffer v. CC Inv., LDC ...... 56-9 Schaffer v. Soros ...... 56-5 Schnitzer Steel Indus., Inc., In re ...... 31A-43 SEC v. Alan Brian Bond, et al...... 48-37 SEC v. Aletheia Research & Mgmt., Inc., et al...... 48A-22 SEC v. AMMB Consultant SendirianBerhad ...... 8-10 SEC v. Anand Sekaran & Wasson Capital Advisors Ltd...... 8-34 SEC v. Anthony Postiglione, Jr., et al...... 48-37 SEC v. Beacon Hill Asset Mgmt., LLC, et al...... 48-36, 48-37 SEC v. Blackfoot Bituminous, Inc...... 34B-6 SEC v. Bridge Premium Fin., LLC ...... 34B-58 SEC v. Burton G. Friedlander, et al...... 48-36 SEC v. Capital Gains Research Bureau, Inc...... 1-6, 1-7, 4-10, ...... 8-3, 8-5, 8-15, 8-17, 8-21, ...... 8-30, 8-34, 8-36, 8-53, 10-3, 15A-45,

(Inv. Adv. Reg., Rel. #13, 6/18) T–9 INVESTMENT ADVISER REGULATION

...... 17-36, 20-2, 34-14, 35-15, 38-12, 39-5, ...... 44-5, 46-93, 46A-31, 48-35, 48-36, 48A-2, ...... 48A-3, 48A-9, 48A-10, 49C-9, 49E-26, 52-3, ...... 54-97, 55-28, 55-76, 55-77, 55-78, 57-9, 60-8, 61-3, 63-16 SEC v. Charles J. Marquardt ...... 29-3 SEC v. Citigroup Glob. Mkts. Inc...... 34B-58, 34B-67 SEC v. Colello ...... 34B-54 SEC v. Cont’l Tobacco Co. of S.C...... 47-30 SEC v. C.R. Richmond & Co...... 7-5 SEC v. Cuban ...... 29-7 SEC v. Deephaven Cap. Mgmt. and Bruce Lieberman ...... 29-3 SEC v. Delsa U. Thomas ...... 48A-21 SEC v. DiBella ...... 55-38 SEC v. Dynamic Daytrader.com L.L.C. & David A. Rudnick, C.A...... 2-18 SEC v. Elles ...... 49C-52, 49E-42 SEC v. Falcone ...... 15A-42 SEC v. First Nat’l City Bank ...... 59-9 SEC v. Fleet Mut. Wealth Ltd...... 60-19 SEC v. Friedman, Billings, Ramsey & Co...... 29-14 SEC v. Frohna ...... 29-7 SEC v. Galleon Mgmt., LP et al...... 17-37, 29-4 SEC v. Gen. Elec. Co...... 31A-41 SEC v. Geon Indus., Inc...... 24-43 SEC v. Glob. Telecom Servs., LLC ...... 34B-54 SEC v. Gordon J. Rollert ...... 8-32 SEC v. Graystone Nash, Inc...... 34B-54 SEC v. Guttenberg et al...... 29-4 SEC v. Halliburton Co. & KBR, Inc...... 31A-32 SEC v. Hansen, et al...... 48A-15, 48A-21 SEC v. Henry Morris et al...... 55-52 SEC v. IBM ...... 31A-39 SEC v. Innospec, Inc...... 31A-47 SEC v. Int’l Bus. Machs. Corp...... 49C-52, 49E-42 SEC v. J.W. Korth & Co...... 33-3 SEC v. John Gardner Black, Devon Capital Mgmt., Inc., and Fin. Mgmt. Servs. Inc...... 55-59 SEC v. Johnson & Johnson ...... 31A-33 SEC v. Juno Mother Earth Asset Mgmt., LLC, et al...... 15A-52 SEC v. Kornman ...... 34B-54 SEC v. Kurt Hovan ...... 34B-36 SEC v. Mannion ...... 61-14 SEC v. Mark Anthony Longoria et al...... 29-3 SEC v. Michael L. Smirlock, et al...... 48-36 SEC v. Michael W. Crow, et al...... 54-132

T–10 Table of Authorities

SEC v. Mondschein & UNCI, Inc...... 15-26 SEC v. Moran ...... 8-55, 20-9 SEC v. Nat’l Exec. Planners, Ltd...... 2A-12, 38-13 SEC v. Nat’l Presto Indus., Inc...... 59-3 SEC v. Nat’l Student Mktg. Corp...... 34B-57 SEC v. Nature’s Sunshine Prods., Inc...... 31A-40, 31A-52 SEC v. Olsen ...... 24-38 SEC v. Oracle Corp...... 49C-52, 49E-42 SEC v. Oscar H. Meza ...... 31A-38, 31A-43 SEC v. Park ...... 2-18 SEC v. Paul J. Silverste, et al...... 48-39 SEC v. Quadrangle Grp. LLC, et al...... 15A-16 SEC v. Ralston Purina Co...... 47-29, 47-30 SEC v. Robert W. Philip ...... 31A-43 SEC v. Rorech ...... 29-20 SEC v. Schield Mgmt. Co...... 33-20 SEC v. Sharef et al...... 31A-51 SEC v. Si Chan Wooh ...... 31A-43 SEC v. Sidney Mondschein ...... 15A-30 SEC v. Siemens Aktiengesellschaft ...... 31A-29 SEC v. SnyamicDaytrader.com LLC, et al...... 48-37 SEC v. Stanley Chais ...... 8-38 SEC v. Steadman ...... 8-53, 17-36, 48-35 SEC v. Straub et al...... 31A-50, 31A-51, 31A-52 SEC v. Suter ...... 55-74 SEC v. Tex. Gulf Sulphur Co...... 29-6 SEC v. Thomas E. Lloyd, et al...... 2-16, 48-38 SEC v. Timothy J. Lyons ...... 48-37 SEC v. Tropikgadget FZE ...... 60-19 SEC v. Tome ...... 29-6 SEC v. Universal Major Indus. Corp...... 24-26 SEC v. Variable Annuity Life Ins. Co. of Am...... 59-9 SEC v. Wall St. Transcript Corp...... 55-75 SEC v. Whittemore ...... 34B-54 SEC v. W.J. Howey Co...... 47-28 SEC v. Yorkville Advisors, LLC et al...... 7-21, 61-11 SEC v. Yun Soo Oh Park, et al...... 2-17, 48-38 Sec’y of State v. Tretiak ...... 35-79 Selzer v. Bank of Berm., Ltd...... 55-61 Shearson/Am. Express, Inc. v. McMahon ...... 9-6, 35-92 Spitzberg v. Hous. Am. Energy Corp...... 34B-65 Stanton v. Shearson Lehman/Am. Express, Inc...... 49-10, 49-14 State v. Andresen ...... 35-95 State v. Dumke ...... 35-95 State v. Gunnison ...... 35-79

(Inv. Adv. Reg., Rel. #13, 6/18) T–11 INVESTMENT ADVISER REGULATION

State v. Landes ...... 35-95 State v. Mueller ...... 35-95 State v. Shama Res. Ltd. P’ship ...... 35-79 State of N.Y. v. Rachmani Corp...... 35-79 Steadman v. SEC ...... 8-55 Steinhardt Partners, L.P., In re ...... 33-22, 34B-62 Stone v. Ritter ...... 8-15, 8-34 Subpoenas Duces Tecum, In re ...... 34B-11 Sundstrand Corp. v. Sun Chem. Corp...... 29-7

Temple v. Gorman ...... 46-28 Thomas v. Metropolitan Life Ins. Co...... 41-4 Tibble v. Edison Int’l ...... 49A-9 Tilton et al. v. SEC ...... 61-22, 61-23 TL Ventures, Inc., In re ...... 48-23, 52-4, 52-5, 55-40 Torsiello Capital Partners LLC v. Sunshine State Holding Corp...... 54-132 TransAmerica Mortg. Advisors, Inc. v. Lewis ...... 1-6, 8-6, 8-20, 8-53, ...... 15A-40, 15A-45, 17-36, 34-2, ...... 34-13, 34-14, 34-15, 44-6, 48A-3, ...... 48A-10, 48A-23, 49C-9, 49E-26, 57-10, 61-4 TSC Indus. Inc. v. Northway, Inc...... 56-11 Turner v. Davis Selected Advisers, LP, et al...... 8-10

U.D. Registry, Inc. v. State ...... 15-36 Union County, Iowa v. Piper Jaffray & Co...... 54-96 United States v. Alfred C. Toepfer Int’l ...... 31A-8, 31A-28 United States v. Amaro Goncalves, et al...... 31A-36 United States v. Arthur Young & Co...... 24-35 United States v. Avon Prods., Inc...... 31A-27 United States v. Barnhart ...... 34B-51 United States v. Bizjet Int’l Sales & Support, Inc...... 31A-35 United States v. Booker ...... 24-27, 24-45 United States v. Braskem ...... 31A-23 United States v. Butler ...... 31A-13 United States v. Davila ...... 24-27, 24-38 United States v. Elliott ...... 48A-3 United States v. Esquenazi ...... 31A-9, 31A-10, 31A-11

T–12 Table of Authorities

United States v. Haligiannis ...... 48-37 United States v. Hallmark Constr. Co...... 31A-14 United States v. HSBC Bank USA ...... 31A-49 United States v. Kellogg Brown & Root LLC ...... 31A-32 United States v. Hoskins ...... 31A-51, 31A-52 United States v. Kozeny, et al...... 31A-13, 31A-17 United States v. Kumar & Richards ...... 34B-9 United States v. La. Generating, LLC ...... 31A-14 United States v. Martoma ...... 48-47 United States v. McGee ...... 34B-54 United States v. Metcalf & Eddy Int’l, Inc...... 31A-58 United States v. Newman ...... 48-47 United States v. Noall ...... 24-22, 24-39 United States v. Noriega et al...... 49C-52, 49C-53, 49E-42, 49E-43 United States v. Odebrecht ...... 31A-23 United States v. O’Hagan ...... 29-7 United States v. Patrick H. McCarthy III ...... 34B-37 United States v. Ray ...... 34B-9 United States v. Ring ...... 34B-9 United States v. Rodriguez ...... 26-5 United States v. Ruehle ...... 34B-9 United States v. Siemens Aktiengesellschaft ...... 31A-29, 31A-30 United States v. Singleton ...... 34B-9 United States v. Snamprogetti Netherlands B.V...... 31A-13 United States v. Technip ...... 31A-33 United States v. United Shoe Mach. Corp...... 24-22 United States v. Warters ...... 24-27, 24-38 Upjohn Co. v. United States ...... 24-21, 31-30, 33-21, 34B-9

Valicenti Advisory Services, Inc. and Vincent R. Valicenti, In re ...... 4-21, 6-3 Valicenti Advisory Servs., Inc. v. SEC ...... 4-21, 6-13 Virtus Investment Advisers, Inc., In the Matter of ...... 7-23

Wang v. Gordon ...... 2-8 Weiner v. Quaker Oats Co...... 34B-66 Wells Fargo Advisors, LLC, In the Matter of ...... 34B-17 W. Reserve Life Assurance v. Graben ...... 8-16

(Inv. Adv. Reg., Rel. #13, 6/18) T–13 INVESTMENT ADVISER REGULATION

William B. Fretz, Jr., In the Matter of ...... 8-13 William M. Stephens, In re ...... 12-38, 48-39 Wilko v. Swan ...... 9-6 Winfield & Co., et al., In re ...... 48-38 Wonsover v. SEC ...... 8-55

Zinn v. Parrish ...... 2-6, 2-8 ZPR Investment Management, Inc., In re ...... 7-19, 7-28 Zweig v. Hearst Corp...... 24-43

T–14 Table of Authorities SECURITIES AND EXCHANGE COMMISSION (U.C. SEC) MATERIALS

SEC No-Action Letters

ABA Subcommittee on Private Investment Entities (Dec. 8, 2005) ...... 2-38, 2A-3, 4A-11, 45A-2, 48-6, 57-14 (Aug. 10, 2006) ...... 45A-4, 51-3 ABN AMRO Bank N.V. (July 1, 1997) ...... 46A-42, 51-7, ...... 51-17, 51-18, 51-20, 51-35 Aeltus Investment Management, Inc. (July 17, 2000) ...... 34A-20 Al O’Brien (Oct. 6, 1973) ...... 49C-7, 49E-24 Alexander, Holburn, Beauden & Lang (Aug. 13, 1984) ...... 2-22 Alliance Capital Mgmt. L.P. (Oct. 11, 1989) ...... 10-26 Allianz of America, Inc. (May 25, 2012) ...... 2-8 Alphadex Corp. (Feb. 21, 1972) ...... 2-9 American Bar Association, Business Law Section (Jan. 18, 2012) ...... 2-38, 24A-5, 45A-4 Am. Capital Financial Services, Inc. (Apr. 25, 1985) ...... 41-5 (Apr. 29, 1985) ...... 2A-11, 2A-27, 38-19 American Century Companies, Inc./J.P. Morgan and Co. (Dec. 23, 1997) ...... 9-8, 15A-37, 62-26 American Express Financial Corp. (Aug. 28, 1995) ...... 10-21 American General Capital Planning, Inc. (Sept. 18, 1976) ...... 38-13, 38-19, 38-21, 38-22 (Mar. 21, 1977) ...... 38-13, 38-19, 38-21 American International Group, Inc. (Dec. 8, 2004) ...... 34A-20 (Feb. 21, 2006) ...... 34A-20 American Telephone & Telegraph Co. (July 26, 1978) ...... 17-9 American Skandia Life Assurance Corp. (May 16, 2005) ...... 11-25 Ameriprise Financial Services Inc. (Apr. 5, 2006) ...... 34A-20 Amerivest Investment Management, LLC (pub. avail. Aug. 19, 2014) ...... 10-17 Ameriway Savings Ass’n (Apr. 28, 1986) ...... 2-12 Anametrics Investment Management (May 5, 1977) ...... 6-9 Angel Capital Electric Network (Oct. 25, 1996) ...... 2-10 Anthony & Company (Oct. 25, 1974) ...... 38-8 Anthony Healy (Mar. 25, 1991) ...... 2-17

(Inv. Adv. Reg., Rel. #13, 6/18) T–15 INVESTMENT ADVISER REGULATION

A.R. Schmeidler & Co. Inc. (June 1, 1976) ...... 7-7 Arkad Co. (Mar. 19, 1992) ...... 2-40 Aspen Grove (Dec. 8, 1982) ...... 46-19 Associates in Financial Planning (July 24, 1976) ...... 38-8, 38-9 Ass’n for Investment Management and Research (Dec. 18, 1996) ...... 6-13, 7-12, 45-9

Bankers Trust Co. (Dec. 7, 1976) ...... 17-27 Barclays Bank PLC (June 6, 2007) ...... 34A-20 Batterymarch Financial Management (Aug. 29, 1986) ...... 10-26 BDN Advisers Inc. (Aug. 29, 1986) ...... 10-26 Benson White & Company’s Life Cycle Mutual Funds (June 14, 1995) ...... 43-9 Bloomberg, L.P. SEC No-Action Letter (Nov. 24, 2015) ...... 17-67 BISYS Fund Servs., Inc. (Sept. 2, 1999) ...... 10-5, 10-6 Boston Advisory Group (Dec. 5, 1976) ...... 38-15 Bradford Hall (July 19, 1991) ...... 6-14 Bramwell Growth Fund (Aug. 7, 1996) ...... 7-13, 45-9, ...... 48-68, 49C-23 Brent A. Neiser (Jan. 21, 1985) ...... 2A-27 (Jan. 21, 1986) ...... 38-19 Brighton Pacific Realty Asset Management Co. (Feb. 10, 1992) ...... 2-5, 49C-6, 49E-24 Bruce H. Gemmel (July 14, 1976) ...... 2-40 BT Alex Brown, Inc. (Nov. 17, 1999) ...... 5-6 Bypass Wall Street, Inc. (Jan. 7, 1992) ...... 6-9, 7-11

Calvin A. Fisher (May 1, 1972) ...... 38-7, 38-13 Cambiar Investors, Inc. (Aug. 28, 1997) ...... 6-5, 48-54 Capital Institutional Services, Inc. (June 2, 1985) ...... 17-9 (Apr. 13, 2007) ...... 17-30 Carolina Capital Markets (July 30, 2013) ...... 17-10 CFS Sec. Corp. (Feb. 27, 1987) ...... 41-7 Charles L. Simpson (July 7, 1992) ...... 2-17 Charles Lerner (Oct. 25, 1988) ...... 17-24, 21-2, 21-11 Charles Schwab & Co., Inc. (Apr. 29, 1998) ...... 5-7

T–16 Table of Authorities

Charles Street Securities, Inc. (Feb. 27, 1987) ...... 2-9 CIBC Mellon Trust Company (Feb. 24, 2005) ...... 34A-20 Cigna Securities, Inc. (Sept. 10, 1991) ...... 6-5 Citigroup Global Markets Inc. (Jan. 26, 2017) ...... 34A-13 Citizens Bank, N.A. and Citizens Bank of Pennsylvania, (May 2, 2017) ...... 34A-14 Clearing Services, Inc. (Feb. 1, 1992) ...... 49C-28 Clover Capital Mgmt., Inc. (Oct. 27, 1986) ...... 49C-23 (Oct. 28, 1986) ...... 6-10, 6-11, 7-3, 7-5, 7-6, 7-7, ...... 7-10, 49C-16, 49E-32, 60-7, 63-26 (July 19, 1991) ...... 7-11 Computer Language Res., Inc. (Dec. 26, 1985) ...... 2-9 Constellation Fin. Mgmt., LLC (Jan. 9, 2003) ...... 10-6, ...... 49C-14, 49E-30 Continental Trading (Jan. 22, 1976) ...... 38-8 Conway Asset Mgmt., Inc. (Jan. 27, 1989) ...... 7-14, 48-69 Copeland Fin. Servs., Inc. (Sept. 21, 1992) ...... 45-3 Cornish & Carey Commercial, Inc. (June 21, 1996) ...... 46-57, 47-41 Covato/Lipsitz, Inc. (Oct. 23, 1981) ...... 6-9, 49C-16, 49E-32 Credit Suisse First Boston Corp. (Aug. 24, 2000) ...... 34A-20 Credit Suisse First Boston, LLC (Aug. 31, 2005) ...... 40-7 Crocker Inv. Mgmt. Corp. (Apr. 14, 1978) ...... 11-14, 40-24 (Apr. 14, 1987) ...... 49C-19 Crystal Sec. Corp. (Jan. 4, 1974) ...... 39-31 Curtis L. Stewart (Feb. 7, 1975) ...... 2-12

DALBAR (Mar. 24, 1998) ...... 6-6 Dana Inv. Advisors, Inc. (Oct. 12, 1994) ...... 5-4 Daughters of Charity National Health System, Inc. (Apr. 3, 1998) ...... 58-15 Davenport Mgmt., Inc. (Apr. 13, 1993) ...... 46-113 David P. Atkinson (Aug. 1, 1977) ...... 38-21 Dean Witter, Discover & Co. (Feb. 8, 1993) ...... 15A-37 Dechert, Price & Rhoads (Dec. 4, 1990) ...... 5-4 Denver Inv. Advisers (July 30, 1993) ...... 6-5 Diamond Foods, Inc. (Mar. 6, 2014) ...... 34A-13 Dillon, Read & Co. (Nov. 17, 1973) ...... 2-9 (Aug. 6, 1975) ...... 19-10

(Inv. Adv. Reg., Rel. #13, 6/18) T–17 INVESTMENT ADVISER REGULATION

Disclosure, Inc. (Aug. 22, 1996) ...... 32-14 Division of Trading and Markets (Dec. 12, 2016) ...... 24A-17 DJZ Associates Investment Management (Feb. 28, 1976) ...... 2-6, 2-14 Don P. Matheson (Sept. 1, 1976) ...... 41-9 Double D Mgmt., Ltd. (Dec. 30, 1982) ...... 51-9, 51-12 Dougherty & Company LLC (July 3, 2003) ...... 34A-21, 49C-15, 49E-31 Dow Theory Forecasts, Inc. (Aug. 26, 1983) ...... 6-7, 60-7 Dreyfus Corp. (Mar. 9, 2001) ...... 34A-20 Dreyfus Strategic Investing (June 22, 1987) ...... 12-12 DST Sys., Inc. (Feb. 2, 1993) ...... 32-14 Duff & Phelps, Inc. (Sept. 27, 1976) ...... 17-13

Edward F. O’Keefe (Apr. 13, 1978) ...... 6-9, 7-5, 7-6 Edward L. Grieger’s Reports (Standards for Financial Planners) (May 10, 1979) ...... 38-9 E.F. Hutton & Co., Inc. (Nov. 17, 1983) ...... 10-5, 49C-13, 49E-29 Egan-Jones Proxy Servs. (May 27, 2004) ...... 8-40, 13-2, 13-5 EJF Capital LLC (Jan. 16, 2007) ...... 34A-20 Elmer D. Robinson (Jan. 6, 1986) ...... 2A-27, 38-19, 41-5, 41-6 Equidate, Inc. and Equidate Holdings, LLC. (Dec. 6, 2016) ...... 34A-13 Eugene E. Castleberry (June 17, 1991) ...... 2-17 Excellence in Advertising, Ltd. (Dec. 15, 1986) ...... 5-3

Fidelity Mutual Life (Jan. 5, 1974) ...... 38-6 Fiduciary Mgmt. Assocs., Inc. (Mar. 5, 1984) ...... 7-13, 7-14 Fin. Counseling Corp. (Dec. 7, 1974) ...... 38-18 Financial Strategies, Inc. (Feb. 14, 1994) ...... 2-14 FINESCO (Dec. 11, 1979) ...... 38-13, 38-18, 38-19 First Call Corp. (Sept. 6, 1995) ...... 32-13, 32-14 First Commerce Investors, Inc. (Jan. 31, 1991) ...... 2-12, 2-20 First Liberty Real Estate Fund (July 14, 1975) ...... 49B-12 Foley & Lardner (Dec. 3, 1976) ...... 17-9 Founders Asset Management LLC (Nov. 8, 2000) ...... 34A-20 FPC Securities Corp. (Dec. 1, 1974) ...... 2A-12

T–18 Table of Authorities

FPS Consultants, Ltd. (Apr. 6, 1976) ...... 38-8 (May 6, 1976) ...... 38-13 Frank T. Hines (Nov. 19, 1972) ...... 2-6, 2-14, 49C-6, 49E-24 Franklin Mgmt., Inc. (Dec. 10, 1998) ...... 6-7, 6-8, 48-55, 60-7 FSC Securities Corp. (Jan. 30, 2007) ...... 17-67 Fund Monitoring Services, Inc. (Dec. 4, 1978) ...... 17-50

Gardner Russo & Gardner (June 7, 2006) ...... 15A-48, 40-5, ...... 48-50, 57-14 GE Funds (Feb. 7, 1997) ...... 45-9 General Motors Investment Management Corp. (Feb. 2, 2000) ...... 49B-12 George E. Bates (Mar. 26, 1979) ...... 41-9 George E. Bates and Assoc. (Apr. 26, 1979) ...... 38-19, 38-21 George J. Dippold (May 7, 1990) ...... 46A-38 Gerald H. Cline (Dec. 13, 1978) ...... 38-9 Gim-Seong Seow (Nov. 30, 1987) ...... 2-36, 46A-34, 49C-5, ...... 49E-4, 49E-23, 51-4, 51-9 Goldman, Sachs & Co. (Feb. 22, 1999) ...... 40-6 (Feb. 23, 2005) ...... 34A-20 (Feb. 24, 2005) ...... 34A-20 (Jan. 17, 2007) ...... 17-30 Goodwin, Procter & Hoar LLP (Feb. 4, 2005) ...... 45B-4 Great Lakes Advisors, Inc. (Apr. 3, 1992) ...... 7-13, 7-15 Growth Stock Outlook Trust, Inc. (Apr. 15, 1986) ...... 45-9, 49C-23 Gruntal & Co. (July 17, 1996) ...... 5-6 G.T. Global Financial Services (Aug. 2, 1988) ...... 49C-36, 49E-19 Guardian Life Insurance Co. (June 23, 1971) ...... 2-34

Hall Moneytree Assocs. (Nov. 3, 1983) ...... 47-35 Hartzmark & Co. (Nov. 11, 1973) ...... 19-4 H.E. Butt Grocery Co. (May 18, 2001) ...... 47-44 Heitman Capital Management, LLC (Feb. 12, 2007) ...... 8-50, 9-5, 15A-40 Hoenig & Co. (Oct. 15, 1990) ...... 17-7 Hopkins & Sutter (Jan. 6, 1984) ...... 2-10

(Inv. Adv. Reg., Rel. #13, 6/18) T–19 INVESTMENT ADVISER REGULATION

Horizon Asset Mgmt., LLC (Sept. 13, 1996) ...... 7-14, 7-15, 60-7 H.P. Hambrick Co., Inc. and Pajolo AG (Oct. 14, 1988) ...... 51-12 Hudson Valley Planning, Inc. (Feb. 25, 1978) ...... 2-10 Hugh Johnson & Co. (Feb. 22, 1976) ...... 38-18 Hungerford, Aldrin, Nichols & Carter (Dec. 10, 1991) ...... 2-13 Huntington National Bank (Jan. 20, 1988) ...... 49B-12

Instinet Corp. (Jan. 15, 1992) ...... 17-12 Instinet LLC (Dec. 26, 2013) ...... 34A-13, 34A-14 Institutional Shareholder Servs., Inc. (Sept. 15, 2004) ...... 13-2, 13-5 Institutional Trading Corp. (Nov. 27, 1972) ...... 38-5, 38-21 Int’l Ass’n for Fin. Planning (June 1, 1998) ...... 5-3 Internet Capital Corp. (Jan. 13, 1998) ...... 2-10 Interstate/Johnson Lane Corp. (Apr. 21, 1997) ...... 5-6 Investment Adviser Ass’n (Dec. 2, 2005) ...... 60-7 (Sept. 20, 2007) ...... 11-16, 11-21 (Feb. 21, 2017) ...... 11-18, 24A-19 Investment Assoc., Inc. (Mar. 2, 1980) ...... 38-21 Inv. Co. Inst. (Aug. 24, 1987) ...... 6-10, 7-10, 48-60, 49C-23 (Sept. 23, 1988) ...... 6-10, 7-10, 48-61 (Sept. 12, 2011) ...... 15A-14 Investment Company Institute, Investment Counsel Association of America (Apr. 10, 2001) ...... 14-4 Investment Counsel Ass’n of America, Inc. (July 9, 1982) ...... 11-14 (Mar. 1, 2004) ...... 6-3, 6-7, 6-8, 49C-16, 49E-32, 60-7 Investment Funds Institute of Canada (Mar. 4, 1996) ...... 45B-4, 49C-34, 49E-17 Inv. Management & Research, Inc. (Jan. 27, 1977) ...... 2A-7, 38-19, 38-20 (Dec. 18, 1996) ...... 6-13, 7-12 IR Resource Planning Corp. (Nov. 18, 1982) ...... 38-9 ITT Hartford Mutual Funds (Feb. 7, 1997) ...... 45-9

James A. Collins (Feb. 16, 1980) ...... 38-9 James B. Peeke & Co., Inc. (Sept. 13, 1982) ...... 7-3

T–20 Table of Authorities

James DeYoung (Oct. 24, 2003) ...... 34A-20 James R. Waters (June 1, 1995) ...... 10-6 Jan L. Warner (Dec. 27, 1988) ...... 2-13, 2-14, 55-72 Janney Montgomery Scott LLC (July 18, 2000) ...... 34A-20 J.B. Hanauer & Co. (Dec. 12, 2000) ...... 34A-20 J.D. Manning, Inc. (Feb. 27, 1986) ...... 2-17 Jefferies LLC (Mar. 12, 2014) ...... 34A-13, 34A-14 Jeffries & Co. (June 16, 1989) ...... 2-12 Jennison Associates Capital Corp. (Dec. 2, 1985) ...... 15A-38, 62-25 Jennison Associates LLC (July 6, 2000) ...... 7-17, 7-18, 32-5 JMB Fin. Managers, Inc. (June 23, 1993) ...... 5-3 John B. Kennedy (June 5, 1996) ...... 11-14 John Bowen Inv. Mgmt. (May 13, 1997) ...... 32-4 John G. Kinnard and Co. (Nov. 30, 1983) ...... 39-5 John W. Henry & Co., Inc. (Sept. 20, 1996) ...... 51-18 Joseph J. Nameth (Jan. 31, 1983) ...... 2-20 J.P. Morgan Inv. Mgmt., Inc. (May 7, 1996) ...... 6-11, 7-12, 48-60

Kanaly Co. (Sept. 7, 1977) ...... 2-11 Kempner Capital Mgmt., Inc. (Dec. 7, 1987) ...... 45-3 Kenisa Oil Co. (May 6, 1982) ...... 2-13, 2-14 Kidder Peabody & Co., Inc. (Oct. 11, 1990) ...... 34A-5 Kinnaid Tech. Advisory Serv. (Nov. 30, 1973) ...... 39-31 Kiran P. Dave (May 4, 1990) ...... 38-19 Kirkpatrick & Lockhart LLP (Jan. 28, 2004) ...... 4-22 Kleinwort Benson Investment Management Ltd. (Dec. 15, 1993) ...... 2-37, 46A-42, ...... 51-12, 51-17, 51-18 Knowles and Armstrong (Apr. 16, 1974) ...... 39-31 Kurtz Capital Mgmt. (Jan. 18, 1988) ...... 6-8

Lamp Technologies, Inc. (May 29, 1997) ...... 2-21, 46-20, 46-54 Larry R. McIntire (Nov. 15, 1989) ...... 2-12 Lawwill, Sena & Weller (Apr. 11, 1983) ...... 11-13 Legg Mason Wood Walker, Inc. (June 11, 2001) ...... 34A-20 LNC Equity Sales Corp. (Aug. 8, 1997) ...... 32-9 Louis Dreyfus Corp. (July 23, 1987) ...... 46-113

(Inv. Adv. Reg., Rel. #13, 6/18) T–21 INVESTMENT ADVISER REGULATION

Maccabees Mutual Life Insurance Company (Aug. 1, 1990) ...... 49B-12 Maccabees Mutual Life Insurance Company Separate Account (July 29, 1983) ...... 49B-12 Magnuson, McHugh & Co. (Nov. 13, 1989) ...... 2-40 Managed Funds Association (Feb. 6, 2014) ...... 15A-39, 47-42, 59-14 Mandell Financial Group (May 21, 1997) ...... 4-23 Manning & Napier Advisors, Inc. (Apr. 24, 1990) ...... 43-9 Marakon Systems, Inc. (Sept. 6, 1982) ...... 2-9 Marvin Drabinsky (Nov. 2, 1984) ...... 38-23 Mary Lee Botsaris (Mar. 25, 1993) ...... 2-17 Mass. Fin. Servs. (Oct. 6, 1992) ...... 32-9 Mayer Brown, LLP (July 15, 2008) ...... 5-4, 15A-8, 49C-15, 49E-31, 57-18 (July 28, 2008) ...... 15A-18 McEldowney Fin. Servs. (Oct. 17, 1986) ...... 9-6 Mercury Asset Management plc (Apr. 6, 1993) ...... 46A-42 (Apr. 16, 1993) ...... 2-37, 51-7, 51-17 Merrill Lynch Asset Management, L.P. (July 1, 1996) ...... 12-12 (Apr. 28, 1997) ...... 19-13 Merrill Lynch Money Mkts. (Jan. 14, 1994) ...... 12-11 Merrill Lynch, Pierce, Fenner & Smith, Inc. (Aug. 7, 1997) ...... 5-6 (Sept. 15, 1999) ...... 5-6 Merrill Lynch Trust Co., FSB (July 6, 2000) ...... 19-4, 19-5, 40-5 Mexico Fund (Feb. 12, 1975) ...... 10-21 Michael L. Miller (Feb. 20, 1980) ...... 51-31 Millenia II (Jan. 24, 1992) ...... 49C-30 Mitchell Hutchins Asset Mgmt., Inc. (Jan. 2, 1998) ...... 5-6 Moloney Securities Co., Inc. (Sept. 30, 2016) ...... 34A-13 Money Mgmt. Inst., Securities Industry Association (Aug. 23, 1999) ...... 43-13 Morgan Keegan & Co., Inc. (Apr. 21, 2005) ...... 43-13 Morgan, Lewis &Bockius LLP (Apr. 16, 1997) ...... 40-6, 43-12 (Aug. 1, 2002) ...... 34-3 Morgan Stanley & Co. Inc. (Feb. 4, 2005) ...... 34A-20 Morgan Stanley Smith Barney, LLC (Jan. 13, 2017) ...... 34A-13 Ms. Stephanie Hibler (Jan. 24, 2014) ...... 15A-5 Munder Capital Mgmt. (May 17, 1996) ...... 6-3, 6-6

T–22 Table of Authorities

MuniAuction, Inc. (Mar. 13, 2000) ...... 49C-26, 49E-8 Murray Johnstone Holdings Ltd. (Oct. 7, 1994) ...... 46A-42, 51-7, ...... 51-16, 51-18, 51-33 Murray Johnstone Ltd. (Apr. 17, 1987) ...... 51-6 Mutual Life Insurance Company of New York (Mar. 2, 1978) .... 2-34 Myers Krauss and Stevens (Aug. 19, 1988) ...... 38-23

Nathan & Lewis Securities, Inc. (Apr. 4, 1988) ...... 2A-27, 2A-28, ...... 38-20, 38-21, 38-32, 41-5, 41-6 Nat’l Ass’n of Sec. Dealers (Oct. 19, 1993) ...... 6-6 Nat’l Council of Sav. Institutions (July 27, 1986) ...... 46-113 Nat’l Deferred Compensation, Inc. (Aug. 31, 1987) ...... 10-5, 49C-14, 49E-30 Nat’l Football League Players Association (Jan. 25, 2002) ...... 2-10, 5-4 National Mutual Group (Mar. 8, 1993) ...... 2-37, 51-7, ...... 51-17, 51-18, 51-33 Nat’l Regulatory Servs., Inc. (Dec. 2, 1992) ...... 32-14, 45-3 NationsBanc Inv., Inc. (May 6, 1998) ...... 5-6 Neuberger & Berman (May 29, 1984) ...... 10-5 (Mar. 30, 1987) ...... 10-5, 15A-38, 49C-14, 49E-29 New Directions Group, Inc. (Mar. 6, 1985) ...... 2-20 N.Y. Investors Grp., Inc. (Sept. 7, 1982) ...... 6-5 Nicholas-Applegate Mutual Funds (Aug. 6, 1996) ...... 6-13, 45-9, 49C-23 (Feb. 7, 1997) ...... 45-9, 49C-23 Nikko Sec. Inv. Trust & Mgmt. Co. (May 17, 1985) ...... 51-6, 51-9 NMB Bank (Sept. 19, 1990) ...... 2-12 No Load Mutual Fund Association, Inc. (Dec. 31, 1984) ....2-9, 2-17 Northeastern Pennsylvania Synod of the Evangelical Church in America (May 3, 1988) ...... 58-15 Northwestern National Life Insurance Co. (Jan. 6, 1983) ...... 2-34

Oppenheimer & Co. (July 5, 1979) ...... 24-43 (June 5, 1992) ...... 5-6

(Inv. Adv. Reg., Rel. #13, 6/18) T–23 INVESTMENT ADVISER REGULATION

Oppenheimer Arbitrage Partners, L.P. (Dec. 26, 1985) ...... 46-54 Oppenheimer Mgmt. Corp. (Aug. 28, 1995) ...... 32-14 Owen T. Wilkenson & Associates, Inc. (Feb. 3, 1988) ...... 19-17

Pacific Investment Management Company, LLC, (Dec. 1, 2016) ...... 34A-13 Pacific Select Fund, et al. (Dec. 23, 2004) ...... 10-16 PanAgora Grp. Tr. (Apr. 29, 1994) ...... 47-42 Paul Laude, CFP (June 22, 2000) ...... 34A-20 Pennsylvania Local Government Investment Trust (May 2, 1981) ...... 55-49 PerfectData Corp. (Aug. 5, 1996) ...... 2-10 Peter Adamson III (Apr. 3, 2012) ...... 59-22 Piette & Assocs., Ltd. (Aug. 18, 1981) ...... 19-17 PIMS, Inc. (Oct. 21, 1991) ...... 11-20 Pretzel & Stouffer (Dec. 1, 1995) ...... 57-15 PricewaterhouseCoopers Investment Advisors, LLC (Aug. 10, 1999) ...... 11-22, 11-24 Prime Advisors, Inc. (Nov. 8, 2001) ...... 34A-20 Princor Financial Services Corp. (Jan. 30, 1991) ...... 38-20, 38-21, 38-32 (Jan. 31, 1991) ...... 2A-28, 41-6 Professional Education and Planning Alliance (Apr. 15, 1989) ...... 38-19 Prudential Financial, Inc. (Sept. 5, 2008) ...... 34A-20 Prudential Insurance Co. of America (June 3, 1977) ...... 2-34 (Mar. 1, 2005) ...... 27-15, 32-10 Prudential Securities Inc. (Feb. 7, 2001) ...... 34A-20 Prudential-Bache Special Situations Fund (Sept. 6, 1984) ...... 51-12 Putnam Option Income Trust II (Sept. 23, 1985) ...... 12-12

Raymond A. Parkins & Assocs. (July 18, 1974) ...... 38-18 RBS Securities, Inc. (Nov. 25, 2013) ...... 34A-6, 34A-13 RDP Inv. Ltd. (May 24, 1975) ...... 10-5 R.E. Financial (May 5, 1989) ...... 38-18 (June 29, 1989) ...... 2A-28

T–24 Table of Authorities

Reavis & McGrath (Oct. 29, 1986) ...... 49C-5, 49E-4, 49E-23, 51-8 Reuters Information Services, Inc. (Jan. 17, 1991) ...... 2-20 Rhode Island Commerce Corp. (Apr. 3, 2017) ...... 34A-13 Richard Ellis (Mar. 19, 1981) ...... 45B-11 Richard Ellis, Inc. (Sept. 17, 1981) ...... 2-33, 2-35, 46A-41, ...... 46A-42, 48-24, 48-79, 51-12 Richard J. Shaker (Aug. 1, 1977) ...... 49C-7, 49E-24 Richard Silverman (Mar. 27, 1985) ...... 6-5, 63-28 Richard W. Blanz (Dec. 28, 1984) ...... 51-31 RNC Capital Mgmt. Co. (Mar. 8, 1985) ...... 10-5 Robert D. Brown Investment Counsel (July 19, 1984) ...... 10-5 Robert L. Hammond, Jr. (Aug. 30, 1985) ...... 55-61 Robert R. Champion (Sept. 22, 1986) ...... 2-7, 2-8 Robert T. Willis, Jr., P.C. (Jan. 18, 1988) ...... 46-18 Rocky Mountain Fin. Planning, Inc. (Mar. 28, 1983) ...... 41-9 Roney & Co. (Apr. 3, 1985) ...... 38-18 Royal Bank of Canada (June 3, 1998) ...... 46A-42, 51-7, 51-18, 51-19 Runyon Assocs.—Consultant Publ’ns, Inc. (Nov. 17, 1974) ...... 39-31

Salomon Bros. (May 4, 1975) ...... 13-2 (Jan. 26, 1994) ...... 34A-5 (July 23, 1999) ...... 7-17 Salomon Bros. Asset Mgmt., Inc. and Salomon Bros. Asset Mgmt. Asia Pacific Ltd. (July 23, 1999) ...... 7-17, 32-5, 32-6 S&R Management Co. (May 8, 1975) ...... 2-22 Sanford C. Bernstein Fund, Inc. (June 25, 1990) ...... 12-12 (Apr. 18, 2005) ...... 17-67 Santa Barbara Sec. (Apr. 8, 1983) ...... 46-54 Savoy Capitol Management (Nov. 15, 1989) ...... 2-12 SCF Partners, L.P. (Dec. 16, 1991) ...... 48-3 Scientific Mkt. Analysis (Mar. 24, 1976) ...... 7-5 Scudder, Stevens & Clark (Mar. 18, 1985) ...... 62-25 Sebastian Associates, Ltd. (Aug. 7, 1975) ...... 2-10 Securities America Advisors, Inc. (Apr. 4, 1997) ...... 11-14 Securities Industry and Financial Markets Association (SIFMA) (Jan. 11, 2011) ...... 15A-62, 15A-63 (Oct. 26, 2017) ...... 17-49, 17-57

(Inv. Adv. Reg., Rel. #13, 6/18) T–25 INVESTMENT ADVISER REGULATION

Securities Industry and Financial Markets Association, Asset Management Group (Oct. 16, 2017) ...... 17-14 Securities Industry Association (Nov. 27, 1989) ...... 6-10, 6-11 (Feb. 12, 2004) ...... 15A-62 (Dec. 16, 2005) ...... 2A-8, 38-22, 38-29, 39-16, ...... 39-17, 39-18, 39-19, 57-14 Securities Sources, Inc. (May 18, 1989) ...... 38-20, 41-6 Seger-Elvekrogen (Oct. 13, 1998) ...... 4-21 Seligman New Techs. Fund II, Inc. (Feb. 7, 2002) ...... 10-25 Shareholder Services Corp. (pub. avail. Feb. 3, 1989) ...... 10-4 Shoreline Fund, L.P. (Apr. 11, 1994) ...... 46-56, 46-57 Six Pack (Nov. 13, 1989) ...... 47-42 SMC Capital, Inc. (Sept. 5, 1995) ...... 8-26, 17-57, 19-18, 20-9 Standard & Poor’s Corp. (Nov. 23, 1975) ...... 39-31 Stark & Stark, regarding 1st Global, Inc. (May 7, 2001) ...... 54-132 Starr & Kuehl, Inc. (Apr. 17, 1976) ...... 6-8, 60-7 State St. (Sept. 29, 1972) ...... 13-2 Stein Roe & Farnham (June 29, 1990) ...... 5-4 Stephens, Inc. (Dec. 27, 2001) ...... 34A-6, 34A-20, 34A-20 Stephenson and Co. (Dec. 29, 1980) ...... 10-6, 34A-6, ...... 34A-20, 49C-14, 49E-30 Steve A. Flamm (Mar. 18, 1993) ...... 2-22 Strategic Advisers (Dec. 13, 1988) ...... 10-5 Sunbelt Farm Investment Report (Mar. 18, 1985) ...... 4-21 Sunkist Master Trust, et al. (June 5, 1992) ...... 46-52 Suzanne Clark-James (Aug. 30, 1984) ...... 2-13, 2-14 Syrus Associates, Ltd. (Oct. 23, 1981) ...... 2-9

Taurus Advisory Grp., Inc. (July 15, 1993) ...... 6-14, 7-15 TBA Fin. Corp. (Dec. 7, 1983) ...... 24-40 TCW Group, Inc. (Nov. 7, 2008) ...... 6-8, 48-55, 60-8 The Ayco Co., L.P. (Dec. 14, 1995) ...... 15A-38 The I.E.S. Management Group, Inc. (Mar. 4, 1971) ...... 38-4 The Knight Group (Nov. 13, 1991) ...... 55-22 The National Mutual Group (Mar. 8, 1993) ...... 2-37, 51-7, ...... 51-17, 51-18, 51-33 The PanAgora Grp. Tr. (Apr. 29, 1994) ...... 47-42 The Provident Bank (Sept. 24, 1991) ...... 49B-6 Thompson Financial, Inc. (July 10, 2002) ...... 2-21, 2-22, ...... 46A-38, 46A-39, 51-31

T–26 Table of Authorities

Thomson Advisory Group L.P. (Sept. 26, 1995) ...... 2-33, 2-35, ...... 51-12, 51-18 Thraikill & Goodman, P.C. (July 16, 1982) ...... 55-72 Townsend and Assocs., Inc. (Sept. 21, 1994) ...... 38-19, 38-20 Trainer, Wortham & Co., Starbuck, Tisdale & Assoc. (Dec. 6, 2004) ...... 7-3, 10-16 Tucker Anthony Inc. (Dec. 21, 2000) ...... 34A-20 Tyler Capital Fund, L.P. (Sept. 28, 1987) ...... 47-42

UBS Financial Services Inc. (Sept. 29, 2005) ...... 2A-9 (May 24, 2007) ...... 43-13 União de Bancos de Brasileiros S.A. (July 28, 1992) ...... 2-37, 45A-6, ...... 46A-42, 48-80, 51-5 United Missouri Bank of Kansas City (Jan. 23, 1995) ...... 43-9 Universal Heritage Investments Corporation (Mar. 13, 1971) .... 38-4

Volunteer Corp. Credit Union (May 28, 1993) ...... 11-14

Wachovia Securities LLC (Apr. 30, 2007) ...... 43-13 Wall St. Preferred Money Managers, Inc. (Apr. 10, 1992) ...... 43-9 Weiss, Barton Asset Management (Mar. 12, 1981) ...... 2-5, 2-6, 49C-6, 49E-24 WestAmerica Inv. Co. (Nov. 26, 1991) ...... 43-9 Westfield Consultants Group, Inc. (Dec. 13, 1991) ...... 43-9 William Bloor (Feb. 15, 1980) ...... 49C-7, 49E-24 William Casey (June 1, 1974) ...... 2-12 William J. Hughes (June 4, 1980) ...... 2-12 William Wood Enterprises, Inc. (1972) ...... 55-74 Wilmer, Cutler & Pickering (Oct. 5, 1998) ...... 49C-34, 49E-17 Wolf, Block, Schorr and Solis-Cohen (Dec. 11, 1996) ...... 47-31 Woodtrails-Seattle, Ltd. (Aug. 9, 1982) ...... 46-19 W.R. Huff Asset Mgmt. Co., L.P. (Aug. 10, 1994) ...... 32-9 WR Inv. Partners Diversified Strategies Fund, L.P. (Apr. 15, 1992) ...... 47-42

(Inv. Adv. Reg., Rel. #13, 6/18) T–27 INVESTMENT ADVISER REGULATION

Zenkyoren Asset Management of America, Inc. (June 30, 2011 ...... 2-7 Zurich Ins. Co. (Aug. 31, 1998) ...... 9-8

Securities Act of 1933 generally ...... 1-24, 2-16, ...... 49C-30, 49C-34, ...... 2-19, 2-25, 4-7, ... 49C-35, 49E-17, 49E-18 ...... 4-22, 6-2, 7-36, 8-5, § 4(6) ...... 27-9, 46-24, 48-42 ...... 12-6, 15A-20, 17-35, § 4(a)(2) ...... 47-29, 47-30, ...... 17-39, 22-11, 27-10, ...... 47-34, 47-35, ...... 24A-24, 34A-17, ...... 47-36, 47-40 ...... 34B-67, 35-7, 35-32, § 5 ...... 6-17, 34A-10, 42-28, ...... 35-59, 35-92, 37-4, ...... 47-29, 47-30, 49C-29, ..... 37-6, 42-2, 42-3, 42-4, ...49C-30, 49C-31, 49E-13 ...... 42-22, 42-27, 43-6, § 5(a) ...... 47-28, 49C-27, 49E-8 ...... 43-8, 44-12, 45B-4, § 5(c) ...... 49C-27, 49E-8 ...... 45B-6, 46-9, 47-11, § 8A ...... 48A-13, 48A-14 ...... 47-28, 47-29, 47-35, § 10 ...... 6-17, 42-28, 55-78 ...... 47-36, 47-38, 47-45, § 10(a)(3) ...... 34A-17, 42-22 ...... 49-7, 49-68, 49B-6, § 11 ...... 34-2, 54-51 ...... 49E-4, 49F-25, 50-4, § 12 ...... 34-2, 34A-30 ...... 51-7, 51-30, 54A-17, § 12(a)(2) ...... 34A-21, 35-91 ...... 57-4, 54-51, 58-6, § 14 ...... 9-6 ...... 58-21, 62-14, 62-15 § 15 ...... 23A-5, 24-42, § 2(1) ...... 47-28 ...... 55-6, 55-36, 55-44 § 2(10) ...... 6-17, 42-28 § 17 ...... 46-186, 55-55, 55-79 § 2(13) ...... 46-48 § 17(a) ...... 8-55, 17-39, 19-8, § 2(a)(1) ...... 46-16 ...... 20-11, 34B-17, 35-78, § 2(a)(11) ...... 46-21, 54-51, ...... 38-4, 46-17, 46-185, ...... 54-59, 54A-17 ...46-187, 48A-14, 48A-21 § 3(a)(2) ...... 46-48, 49B-6, § 17(a)(1) ...... 46-187 ...... 49B-10, 54-24 § 17(a)(2) ...... 7-8, 35-79, § 3(a)(2)(C) ...... 49B-6 ...... 46-187, 48A-16 § 3(a)(5)(A) ...... 46-48, 58-38 § 17(a)(2)–(3) ...... 48A-16 § 3(a)(11) ..... 47-37, 51-27, 56-3 § 17(a)(3) ...... 35-79, 46-187 § 3(b)(1) ...... 47-30 § 18 ...... 37-6, 46-27 § 4(2) ...... 12-11, 27-9, § 18(a)(1) ...... 46-29 ...... 46-9, 46-16, 46-21, § 18(b)(1) ...... 35-86 ...... 46-22, 46-27, 46-44, § 18(b)(2) ...... 35-86 ...... 46-54, 47-29, 48-42, § 18(b)(4)(D) ...... 46-27

T–28 Table of Authorities

§ 18(c)(1) ...... 37-6, 46-28 § 27A ...... 34A-15 § 18(c)(2)(B) ...... 46-28 § 27A(b) ...... 34A-16 § 18(c)(3) ...... 46-28 § 28 ...... 46-16 § 20 ...... 34B-54

Securities Act Releases

2501 (Mar. 25, 2015) ...... 47-37 3558, Duties of Brokers, Dealers, and Investment Advisers (Mar. 1, 2013) ...... 8-7 4552, Non-Public Offering Exemption (Nov. 6, 1962) ...... 47-30 5310, Commission’s Decisions on Advisory Committee Recommendations Regarding Commencement of Enforcement Proceedings and Termination of Investigations (Mar. 1, 1973) ...... 34B-60 6188, Employee Benefit Plans (Feb. 1, 1980) ...... 49B-12 6863, Offshore Offers and Sales (May 2, 1990) ...... 49C-30, 49C-31, ...... 49C-32, 49C-33, 49C-35, 49E-13, ...... 49E-14, 49E-15, 49E-16, 49E-18 7233 (Oct. 6, 1995) ...... 40-9, 63-24 7308, In the Matter of Portfolio Management Consultants, Inc. (June 27, 1996) ...... 43-11 7856, SEC Interpretation: Use of Electronic Media (May 4, 2000) ...... 46-21 7866, In re William M. Stephens (June 14, 2000) ...... 48-39 7881, Selective Disclosure and Insider Trading (Aug. 15, 2000) ...... 29-6, 34B-66 8041, SEC Proposed Rule (Dec. 27, 2001) ...... 46-27 8185 (Jan. 29, 2003) ...... 24-36 8284, Order Instituting Proceedings, Brightpoint, Inc. (Sept. 11, 2003) ...... 34B-11 8651, Order Instituting Proceedings, Applix, Inc. (Jan. 4, 2006) ...... 34B-29 8766, Prohibition of Fraud by Advisers to Certain Pooled Investment Vehicles; Accredited Investors in Certain Private Investment Vehicles (Dec. 27, 2006) ...... 46A-32 8814, Revisions of Limited Offering Exemptions in Regulation D (June 29, 2007) ...... 46-15, 46A-34 8998, Enhanced Disclosure and New Prospectus Delivery Option for Registered Open-End Management Companies (Jan. 13, 2009) ...... 42-9 9009, Adjustments to Civil Monetary Penalty Amounts (Mar. 3, 2009) ...... 29-11

(Inv. Adv. Reg., Rel. #13, 6/18) T–29 INVESTMENT ADVISER REGULATION

9080, J.P. Morgan Securities Inc. (Nov. 4, 2009) ...... 34A-16 9090, Investools, Inc. (Dec. 16, 2009) ...... 34A-16 9128, Mutual Fund Distribution Fees, Confirmations (July 21, 2010) ...... 42-10 9130, Goldman, Sachs & Co. (July 22, 2010) ...... 34A-16 9167, Am. Pegasus LDG, LLC et al. (Dec. 21, 2010) ...... 48A-13, 48A-14, ...... 48A-15, 48A-17, 48A-22 9171, Charles Schwab Inv. Mgmt., et al. (Jan. 11, 2011) ...... 48A-15, 48A-17 9211, Disqualification of Felons and Other “Bad Actors” from Rule 506 Offerings (May 25, 2011) ...... 46-22, 47-33 9298, GE Funding Capital Mkt. Servs., Inc. (Feb. 1, 2012) ...... 34A-14 9302, Laurence Albukerk & EB Fin. Grp., LLC (Mar. 14, 2012) ...... 48A-19, 48A-20, 48A-21 9315, GMB Capital Mgmt., LLC, et al. (Apr. 20, 2012) ...... 48A-14, 48A-15, 48A-16, 48A-17 9318, UBS Fin. Servs. Inc. of Puerto Rico (May 1, 2012) ...... 34A-14 9326, Quantek Asset Mgmt., LLC, et al. (May 29, 2012) ...... 48A-15, 48A-16, 48A-17 9329, Oppenheimerfunds, Inc. & Oppenheimerfunds Distrib., Inc. (June 6, 2012) ...... 48A-15, 48A-16 9336, In the Matter of Belsen Getty, LLC, Terry M. Deru, and Andrew W. Limpert (July 11, 2012) ...... 15A-49 9338, Further Definition of “Swap,”“Security-Based Swap,” and “Security-Based Swap Agreement”; Mixed Swaps; Security-Based Swap Agreement Recordkeeping (July 18, 2012) ...... 58-9, 58-10, 58-12 9380, J.P. Morgan Secs. LLC et al. (Jan. 9, 2013) ...... 34A-14 9391, Oppenheimer Asset Mgmt. LLC (Mar. 11, 2013) ...... 34A-16, 48A-18, 48A-19 9396, In re John Thomas Capital Management Group LLC, d/b/a Patriot28 LLC (Mar. 22, 2013) ...... 48A-17, 48A-18 9414, Disqualification of Felons and Other “Bad Actors” from Rule 506 Offerings (July 10, 2013) ...... 35-13, 35-82, 47-34 9414, Disqualification of Felons and Other “Bad Actors” from Rule 506 Offerings (July 24, 2013) ...... 34A-9 9415, Eliminating the Prohibition Against General Solicitation and General Advertising in Rule 506 and Rule 144A Offerings (July 10, 2013) ...... 47-32, 47-33 9416 (proposed July 10, 2013) ...... 47-32 9416 (July 24, 2013) ...... 34A-10 9578 (Apr. 25, 2014) ...... 34A-19 9679 (Nov. 12, 2014) ...... 60-19

T–30 Table of Authorities

9741, Amendments for Small and Additional Issues Exemptions Under the Securities Act (Mar. 25, 2015) ...... 47-37 10224, SG Americas Securities, LLC (Sept. 28, 2016) ...... 34A-14 10263, Stifel, Nicolaus & Co., Inc. (Dec. 6, 2016) ...... 34A-14 10275, Goldman Sachs Group, Inc. (Dec. 21, 2016) ...... 34A-14 42974, SEC in Regulation S-P (June 29, 2000) ...... 47-61 74578 (Mar. 25, 2015) ...... 47-37

Securities Exchange Act of 1934 generally ...... 1-10, 2-16, 2-18, § 3(a)(19) ...... 56-14 ...... 2-21, 2A-14, 4-8, § 3(a)(23) ...... 49-30 ...... 8-5, 8-7, 9-6, 11-31, § 3(a)(29) ...... 54-44 ...... 12-6, 14-10, 17-8, § 3(a)(35) ...... 17-8, 17-9, ...... 17-35, 17-38, 18-2, ...... 55-92, 56-22, 56-25 ...... 19-13, 22-11, 24-5, § 3(a)(37) ...... 33-2, 46A-73 ...... 27-4, 27-10, 27-16, § 3(a)(39) ...... 34A-26 ...... 28-17, 32-15, 34-3, § 3(a)(42) ...... 55-76 ...... 34-14, 34A-4, 34B-18, § 3(a)(55)(A) ...... 58-8 ...... 34B-39, 34B-46, 35-7, § 3(a)(55)(B) ...... 58-9 ...... 35-32, 35-59, 39-18, § 3(a)(62) ...... 19-15 ...... 40-23, 42-13, 42-23, § 3(a)(68) ...... 54-30 ...... 45-5, 46-113, 47-45, § 3(a)(69) ...... 54-30 ...... 47-55, 47-64, 48-48, § 3(d) ...... 55-6, 55-7 ...... 49-30, 49-31, 49-64, § 9(i) ...... 46-185 ..... 49B-7, 49C-5, 49E-23, § 9(j) ...... 46-186 ...... 54-47, 55-72, 56-4, § 10 ...... 55-78 ...... 56-17, 58-6,k61-15, § 10(b) ...... 8-55, 15-26, 15-27, ...... 62-14, 62-15, 62-16 ...... 15A-30, 17-38, 17-39, § 3 ...... 49C-24, ...... 19-8, 28-17, 31A-40, ...... 49C-25, 49E-6 ...... 34-14, 34-15, 34B-65, § 3(a)(4) ...... 46-113, 47-67, ...... 35-79, 38-4, 46-17, ...... 59-2, 54-130 ...... 46-184, 46-185, § 3(a)(4)(B)(v) ...... App. 54B-4 ...... 46-186, 46-187, § 3(a)(5) ...... 46-113, 59-2 ....48-49, 48A-14, 48A-21, § 3(a)(6) ...... 56-14 ...... 48A-22, 49C-37, § 3(a)(8) ...... 54-44 ...... 49E-20, 55-79 § 3(a)(9) ...... 55-61 § 10A ...... 31-12, 46A-66 § 3(a)(10) ...... 49C-25, 49E-7 § 11(a) ...... 18-2, 18-3 § 3(a)(11) ...... 46-115, 46A-17, § 11(a)(1) ...... `40-11 ...... 51-27, 56-3 § 12 ...... 24A-24, 34A-31, § 3(a)(12) ...... 2-18, 46-115, ...... 46-131, 46-139, ...... 49B-7, 55-72, 55-76 ...... 56-3, 56-17, 34A-31 § 3(a)(18) ...... 2A-27

(Inv. Adv. Reg., Rel. #13, 6/18) T–31 INVESTMENT ADVISER REGULATION

§ 12(g) ...... 24A-27, 46-29, § 15(b)(6) ...... 24-37 ...... 46-30, 47-45 § 15(b)(6)(A)(i) ...... 31-23 § 12(g)-1 ...... 47-45 § 15(b)(11) ...... 14-10 § 12(g)(2)(G) ...... 56-3 § 15(c)(1) ...... 19-8, 38-4, § 12(g)(5) ...... 56-4 ...... 49C-37, 49E-20 § 13 ...... 27-9, 46-13, 46-17, § 15(c)(2) ...... App. 54A-13 ...... 46-84, 46A-18, § 15(d) ...... 27-9, 46-13, ...... 49C-48, 49C-49, ...... 46-17, 46-84, 46A-18 ...... 56-18, 57-3, 61-15 § 15(f) ...... 27-16, 29-8, § 13(d) ...... 46-130, 46-131, ...... 29-9, 29-10, 29-18 ...... 46-133, 49C-49, 56-2, § 15(F)(l) ...... 34A-21 ..... 56-3, 56-5, 56-7, 56-8, § 15(k) ...... 2A-17, 8A-9 ...... 56-9, 56-10, 56-11, § 15(o) ...... 35-92 ...... 56-12, 56-14, 56-15, § 15A(1) ...... 34A-11 ...... 56-17, 56-19, 56-22 § 15B ...... 24A-30, 34A-11, § 13(d)(1) ...... 34A-31 ...... 52-13, 52-14, 54-4, § 13(d)(6) ...... 56-17 ...... 54-5, 54-6, 54-9, § 13(f) ...... 46-133, 49C-49, ...... 54-10, 54-17, 54-30, ...... 49C-50, 56-2, 56-20, ...... 54-51, 54-55, 54-59, ...... 56-21, 56-22, ...... 54-73, 54-76, 54-83, ...... 56-23, 56-25 .... 54-98, 54-100, 54-103, § 13(f)(1) ...... 49C-50 ...... 54-116, 54-124, § 13(g) ...... 46-130, 46-131, ...App. 54B-1, App. 54B-5, ...... 56-2, 56-9, 56-12, ...... 55-5, 55-6, 55-8, ...... 56-17, 56-19 ...... 55-13, 55-14, 55-15, § 13(h) ...... 46-133, 46-134, ...... 55-19, 55-21, 55-27, ...... 56-2, 56-23 ...... 55-33, 55-34, 55-43, § 13B ...... 47-67 ...... 55-45, 55-73 § 15 ...... 46-45, 54-51, 55-6, § 15B(a)(1) ...... 54-5, 54-10, ...... 55-36, 55-44, 56-14 ...... 54-51, 54-82, 54-85 § 15(a) ...... 47-67, 49C-24, § 15B(a)(4) ... 54-6, 54-34, 54-76 ...... 49C-27, 49E-6, § 15B(a)(5) ...... 54-9, 54-49 ...... 49E-8, 54-42 § 15B(b)(2) ...... 54-10, 54-11, § 15(a)(1) ...... 34A-11, 46-113, ...... 54-98, 54-101 ...... 49C-24, 49E-6 § 15B(b)(5) ...... 54-98 § 15(b) ..... 23A-4, 34-4, 34A-11 § 15B(b)(2)(C) .....54-30, 54-101 § 15(b)(1) ...... 11-11 § 15B(b)(2)(E) ...... 54-11, § 15(b)(4) ...... 34A-17, ...... App. 54A-19 ...... 34A-21, 54-84 § 15B(b)(2)(G) ...... 54-11 § 15(b)(4)(B) ...... 34A-15, 54-84 § 15B(b)(2)(J) ...... 54-11 § 15(b)(4)(C) ...... 54-84 § 15B(b)(2)(K) ...... 54-11 § 15(b)(4)(D) ...... 34A-26 § 15B(b)(2)(L) ...... 54-88, 54-103 § 15(b)(4)(E) ...... 24-37, 35-56, § 15B(b)(2)L(i) ...... 54-101 ...... 54-89, 54-90 § 15B(c) ...... 54-84

T–32 Table of Authorities

§ 15B(c)(1) ...... 54-9, 54-10, § 16(a) ...... 46-139 ...... 54-11, 54-47, 54-81, § 16(b) ...... 8-52, 46-139 ...... 54-85, 54-95, 54-96, § 16(c) ...... 46-139 ...... 54-97, 54-98, 54-101, § 17(a) ...... 34B-17 ...... 54-103, App. 54B-6 § 17A(c)(3) ...... 34A-26 § 15B(d) ...... 54-12 § 17B ...... 17-65 § 15B(d)(1) ...... 54-12 § 19(b)(1) ...... 17-69 § 15B(d)(2) ...... 54-12 § 20 ...... 24-43, 54-90 § 15B(e) ...... 54-5, 55-7, 55-15 § 20(a) ...... 24-42, 29-10, § 15B(e)(2) ... 54-32, App. 54B-1 .... 31A-40, 31A-53, 35-69 § 15B(e)(3) ...... 54-32, 54-116, § 20(e) ...... 23A-5 ...... App. 54B-1 § 20A ...... 29-10, 31A-38, 48-48 § 15B(e)(4) ...... 54-9, 54-25, § 21 ...... 35-70, 54-9 ...... 54-30, 54-36, 54-51, § 21(a) ...... 24-23, 31-24, ...... 54-68, 54-71, 54-72, ...... 33-24, 34-10, ...... 54-73, 54-75, 54-76, ... 34B-13, 34B-18, 34B-66 ...... 54-77, 54-123, § 21(a)(2) ...... 35-71 ...... App. 54B-1, 55-7, § 21(c) ...... 31A-4, 34B-32 ...... 55-14, 55-18 § 21A ...... 29-2, 29-9, 29-11 § 15B(e)(4)(A) ...... 2-42 § 21A(a)(3) ...... 29-11 § 15B(e)(4)(B) ...... App. 54B-2 § 21A(b)(1)(A) ...... 29-10, 29-11 § 15B(e)(4)(C) ...... App. 54B-2 § 21A(b)(1)(B) ...... 29-10, 29-11 § 15B(e)(4)(A)(ii) ...... 54-99 § 21C ....31A-4, 48A-13, 48A-14 § 15B(e)(4)(i) ...... 54-97 § 21E ...... 34A-15 § 15B(e)(4)(ii) ...... 54-97 § 21E(b) ...... 34A-16 § 15B(e)(5) ....54-29, App. 54B-9 § 21F ...... 31-3, 31-4, § 15B(e)(7) ...... App. 54B-5 ...... 31-5, 31-21, § 15B(e)(8) ... 54-23, 54-24, 55-7 ...... 46A-62, 46A-63 § 15B(e)(8)(B) ...... 54-39 § 24(c) ...... 33-28 § 15B(e)(8)(C) ...... 54-40 § 28(e) ...... 1-10, 4-8, 8-27, § 15B(e)(9) ...... 54-25, 54-34, ...... 8-29, App. 8A-4, ...... 54-41, 54-42, 54-44, ...... 17-3, 17-5, 17-6, ...... 54-49, 54-123, ...... 17-7, 17-8, 17-9, ...... App. 54B-10 ...... 17-10, 17-11, 17-12, § 15B(e)(10) ...... 54-25, ...... 17-13, 17-14, 17-15, ...... App. 54B-9 ...... 17-16, 17-17, 17-18, § 15F ...... 54-104 ...... 17-19, 17-22, 17-23, § 15F(b) ...... 46-172 ...... 17-26, 17-27, 17-28, § 15F(h)(2)(C) ...... 46-166 ...... 17-29, 17-30, 17-31, § 15F(h)(4)(B) ...... 54-104 ...... 17-32, 17-34, 17-35, § 15F(h)(4)(C) ...... 54-105 ...... 17-37, 17-40, 17-41, § 16 ...... 27-8, 46-139, ...... 17-44, 17-48, 17-55, ...... 49C-48, 49C-51, ...... 17-58, 17-59, 20-13, ...... 56-3, 56-7, 56-11, ...... 20-17, 20-18, 20-19, ...... 56-16, 56-18, 57-3 ...... 20-20, 20-21, 20-22,

(Inv. Adv. Reg., Rel. #13, 6/18) T–33 INVESTMENT ADVISER REGULATION

...... 20-25, 20-26, 21-11, § 28(e)(3)(A) ...... 17-17, ...... 40-10, 44-6, 46-122, ...... 20-19, 46-126 ... 46-123, 46-124, 46-125, § 28(e)(3)(B) ...... 17-17, ... 46-126, 46-127, 46-128, ...... 20-19, 46-126 ..... 46-129, 46-130, 49-75, § 28(e)(3)(C) ...... 17-18, 20-19 ...... 55-91, 55-92, 57-12 § 29(b) ..... 54-132, App. 54B-10 § 28(e)(1) ...... 17-7 § 30A ...... 47-67 § 28(e)(3) ...... 17-14, ...... 46-125, 55-91

Securities Exchange Act Releases

349, NEXT Financial Group, Inc. (June 18, 2008) ...... 15-23 3211, In the Matter of Wunderlich Sec., Inc. (May 27, 2011) ...... 34B-8 3778, Jerry A. Smith (Feb. 12, 2014) ...... 34A-23 3783, Anthony J. Klatch, II (Feb. 21, 2014) ...... 34A-23 3806, Delsa U. Thomas and the D. Christopher Capital Mgmt. Grp., LLC (Apr. 2, 2014) ...... 34A-23 3815, James Alexander Shepherd (Apr. 8, 2014) ...... 34A-23 3834, Mark F. Spangler (May 9, 2014) ...... 34A-23 3868, In the Matter of SignalPoint Asset Mgmt., et al. (July 2, 2014) ...... 8-5 3869, Anthony J. Davian (July 2, 2014) ...... 34A-23 3871, Thomas Renison (July 3, 2014) ...... 34A-23 4048, In the Matter of Arleen W. Hughes (Feb. 18, 1948) ...... 8-2, 15A-45, 49C-9, 49C-10, ...... 49E-26, 49E-27, 55-80, 57-11, 63-17 5738, In the Matter of Nev-Tah Oil and Mining Co. (July 22, 1958) ...... 56-19 8188, Wall Street Rule referenced in (Jan. 13, 2003) ...... 8-40 8426, Kidder, Peabody & Co. (Oct. 16, 1968) ...... 16-2, 20-13 8662, Richard N. Cea et al. (Aug. 6, 1969) ...... 38-5 9043A, Banc of America Securities, LLC (June 9, 2009) ...... 34A-16 9282, Wachovia Bank, N.A. (Dec. 9, 2011) ...... 34A-16 9347, Mizuho Financial Group, Inc. (July 30, 2012) ...... 34A-16 9381, JP Morgan Chase & Co. (Jan. 9, 2013) ...... 34A-16 9082, In re Haight & Co., Inc. (Feb. 19, 1971) ...... 38-4, 41-7 9391, Oppenheimer Asset Management, LLC (Mar. 11, 2013) ...... 34A-16 9478, In re Winfield & Co., Inc., et., al. (Feb. 9, 1972) ...... 48-38 9436, A.R. Schmeidler & Co., Inc. (July 31, 2013) ...... 34A-14 9439, UBS Securities LLC (Aug. 6, 2013) ...... 34A-16 9487, Royal Bank of Scotland Group plc (Nov. 26, 2013) ...... 34A-16

T–34 Table of Authorities

9489, RBS Securities, Inc. (Dec. 3, 2013) ...... 34A-14 9491, Fifth Third Bancorp (Dec. 4, 2013) ...... 34A-16 9494, Merrill Lynch, Fenner & Smith Inc. (Dec. 12, 2013) ...34A-16 9504, Instinet LLC (Dec. 26, 2013) ...... 34A-14 9505, Nomura Holdings, Inc. (Dec. 26, 2013) ...... 34A-16 9550, Credit Suisse Group AG (Feb. 21, 2014) ...... 34A-14 9558, Jefferies LLC (Mar. 12, 2014) ...... 34A-14 9589, Certain Current Funds, Third Party Issuers and Portfolio Companies affiliated with Credit Suisse AG (May 19, 2014) ...... 34A-14 9682, Bank of America, N.A. (Nov. 25, 2014) ...... 34A-14 9993, J.P. Morgan Chase Bank, N.A. (Dec. 18, 2015) ...... 34A-14 10,281 Orthofix Int’l N.V. (Jan. 18, 2017) ...... 31A-40 11,203 (Jan. 23, 1975) ...... 2A-11 12,251 (Mar. 24, 1976) ...... 17-15, 55-92 14,692 (Apr. 21, 1978) ...... 56-4 14,852 (June 15, 1978) ...... 56-22 15,292 (Nov. 2, 1978) ...... 56-22 16,278, Interpretative Release Relating to Record Keeping and Record Production Obligations of National Securities Exchanges and Registered Securities Associations (Oct. 12, 1979) ...... 33-3 16,679, Report of Investigation In the Matter of Investors Information, Inc. (Mar. 19, 1980) ...... 17-6 17,371 In re Nat’l Ass’n of Sec. Dealers, Inc. (Dec. 12, 1980) ...... 17-13 20,017 (1989) ...... 55-73 23,170, Interpretive Release Concerning Scope of Section 28(e) of the Securities Exchange Act of 1934 and Related Matters (Apr. 23, 1986) ...... 8-24, 8-29, 16-2, ...... 16-3, 17-7, 17-9, 17-15, 17-16, ...... 17-17, 17-20, 17-23, 17-26, 17-27, ...... 17-28, 17-30, 17-36, 17-47, 20-13, 20-18, ...... 40-10, 44-6, 46-122, 46-125, 55-90, ...... 55-91, 55-92, 55-93, 57-12 23,640, In re Shearson Lehman Brothers, Inc., Stein Roe & Farnham (Sept. 24, 1986) ...... 34-5, 57-15 25,801, Exemption of Certain Foreign Brokers or Dealers (June 14, 1988) ...... 49C-25, 49E-7 27,017, Registration Requirements for Foreign Broker-Dealers (July 11, 1989) ...... 49C-25, 49E-6, 49E-7 28,141 In re Goodrich Sec., Inc. (June 25, 1990) ...... 17-23 29,018, In re Arthur James Huff (Mar. 28, 1991) ...... 34-7 29,492 Comparison of Cash “Ex-Clearing House” Transactions (July 26, 1991) ...... 17-48

(Inv. Adv. Reg., Rel. #13, 6/18) T–35 INVESTMENT ADVISER REGULATION

30,509, The Royal Bank of Scotland plc (May 8, 2013) ...... 34A-6 30,644, Wells Fargo Bank, N.A. (Aug. 6, 2013) ...... 34A-6 30,808, RBS Securities, Inc. (Nov. 25, 2013) ...... 34A-6 31,533 (Nov. 30, 1992) ...... 33-28 31,553 (Dec. 3, 1992) ...... 23-6 31,554, In re John H. Gutfreund (Dec. 3, 1992) ...... 24-26, 34-6, 34-8, 34-9 32,757, In re Butcher Venture Mgmt. Co. (Aug. 17, 1993) ...... 56-12 33,007 (Oct. 4, 1993) ...... 33-28 33,026 Payment for Order Flow (Oct. 6, 1993) ...... 17-59, 17-61 34,756, In re Joan Conan (Sept. 30, 1994) ...... 27-22, 55-87 34,902 (Oct. 27, 1994) ...... 17-61 35,057, In re Gabelli & Co. and GAMCO Investors, Inc. (Dec. 8, 1994) ...... 27-17, 29-9 35,082, Report of Investigation In the Matter of the Cooper Companies, Inc. As It Relates to the Conduct of Cooper’s Board of Directors (Dec. 12, 1996) ...... 24-45 35,375 (Feb. 14, 1995) ...... 17-10 35,376 (Feb. 14, 1995) ...... 17-10 36,518, In re John J. Kaweske (Nov. 27, 1995) ...... 27-22, 48-38 37,182 (May 9, 1996) ...... 17-67 37,376, In re Portfolio Mgmt. Consultants, Inc. (June 27, 1996) ...... 43-11, 48-38 37,619A, Order Execution Obligations (Sept. 6, 1996) ...... 8-24 37,940, Fox-Pitt, Kelton, Inc. (Nov. 12, 1996) ...... 27-17 38,245, Reporting Requirements for Brokers or Dealers under the Securities Exchange Act of 1934 (Feb. 5, 1997) ...... 34B-39 38,596, In re Russell W. Stein, Ford D. Albritton, Jr., and Dover & Assocs., Inc. (May 9, 1977) ...... 5-2 39,157, Report of Investigation In the Matter of W.R. Grace, Inc. (Sept. 30, 1997) ...... 24-45 39,538 (Jan. 12, 1998) ...... 56-5, 56-6 41,036, In re Republic New York Securities Corporation and James Edward Sweeney (Feb. 10, 1999) ...... 17-36 42,728 (Apr. 28, 2000) ...... 40-9 42,728, SEC Interpretation: Use of Electronic Media (May 4, 2000) ...... 46-21 42,941, In re William M. Stephens (June 14, 2000) ...... 48-39 42,968, In the Matter of Waste Mgmt., Inc. (June 12, 2000) ...... 34B-19 42,974 (June 29, 2000, effective as of Nov. 13, 2000) ...... 47-61

T–36 Table of Authorities

42,974, Privacy of Consumer Financial Information (Regulation S-P) (June 29, 2000) ...... 46A-99, 49C-39, 49E-22 43,154, Selective Disclosure and Insider Trading (Aug. 15, 2000) ...... 29-6 43,183, In the Matter of Boston Scientific Corp. (Aug. 21, 2000) ...... 34B-19 43,590 Disclosure of Order Execution and Routing Practices (Nov. 17, 2000) ...... 17-62 44,283, In the Matter of Guy P. Wyser-Pratte, Wyser-Pratte Mgmt. Co., Inc. and Wyser-Pratte and Co., Inc. (May 9, 2001) ...... 29-13 44,969, Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934 and Commission Statement on the Relationship of Cooperation to Agency Enforcement Decisions (Oct. 23, 2001) ...... 24-23, 24-25, ...... 31-24, 33-24, 34-10, ...... 34B-18, 34B-19, 34B-20, 34B-22, ...... 34B-24, 34B-28, 34B-29, 34B-61 45,194, Commission Guidance on the Scope of Section 28(e) of the Exchange Act (Dec. 27, 2001) ...... 17-10 46,471 Confirmation Requirements for Transactions of Security Futures Products Effected in Futures Accounts (Sept. 6, 2002) ...... 17-66 46,937, In the Matter of Deutsche Bank Secs., Inc. (Dec. 3, 2002) ...... 34B-36 47,752, Financial Crimes Enforcement Network and Securities and Exchange Commission, Customer Identification Programs for Broker-Dealers (Apr. 29, 2003) ...... 15A-61 48,789, Morgan Stanley DW Inc. (Nov. 17, 2003) ...... 8-31, 17-39 49,175 Competitive Developments in the Options Markets (Feb. 3, 2004) ...... 17-60 49,386, In the Matter of Banc of Am. Secs. LLC (Mar. 10, 2004) ...... 34B-17 49,537 (Apr. 7, 2004) ...... 25-7 50,138, In the Matter of Fid. Brokerage Servs. LLC (Aug. 3, 2004) ...... 34B-36 50,781, Disposal of Consumer Report Information (Dec. 2, 2004) ...... 46-99, 46A-102, 46A-103 51,523, Certain Broker Dealers Deemed Not to Be Investment Advisers (Apr. 15, 2005) ...... 43-3 51,761, In the Matter of Smith Barney Fund Management LLC (May 31, 2005) ...... 15A-42 51,808, Regulation NMS Adopting Release (June 9, 2005) ...... 17-62

(Inv. Adv. Reg., Rel. #13, 6/18) T–37 INVESTMENT ADVISER REGULATION

52,635 (Oct. 2005) ...... 20-18 (Oct. 19, 2005) ...... 17-23 (July 18, 2006) ...... 21-11 53,029, In re Schultz Investment Advisers, Inc. (Dec. 28, 2005) ...... 56-6 53,201, In re Schield Management Co. (Jan. 31, 2006) ...... 33-20 53,473, In the Matter of Merrill Lynch, Pierce, Fenner & Smith, Inc. (Mar. 13, 2006) ...... 34B-17 54,047, In the Matter of Morgan Stanley & Co. Inc. and Morgan Stanley DW, Inc. (June 27, 2006) ...... 29-9 54,118, National Association of Securities Dealers, Inc.; Regulation of Compensation, Fees, and Expenses in Public Offerings of Real Estate Investments Trusts and Direct Participation Programs (July 10, 2006) ...... 49C-26, 49E-9 54,148 In the Matter of Herzog, Heine, Geduld, LLC (July 14, 2006) ...... 17-62 54,165, Commission Guidance Regarding Client Commission Practices Under Section 28(e) of the Securities Exchange Act of 1934 (July 18, 2006) ...... 8-23, 17-5, 17-15, 17-16, ...... 17-17, 17-18, 17-19, 17-20, 17-21, ...... 17-23, 17-25, 17-26, 17-27, 17-28, 17-29, ...... 17-30, 17-35, 17-36, 17-55, 20-17, ...... 20-19, 20-21, 20-22, 57-12 54,165, Commission Guidance Regarding Client Commission Practices Under Section 28(e) of the Securities Exchange Act of 1934 (July 24, 2006) ...... 8-30, 17-5, 46-121, 46-123, 46-126 54,861, In the Matter of Jefferies & Co., Inc. and Scott Jones (Dec. 1, 2006) ...... 28-15 55,466, In the Matter of Banc of America Sec. LLC (Mar. 14, 2007) ...... 29-14 56,145 (July 26, 2007) ...... 49C-24, 49E-4 56,316, In the Matter of Next Financial Group, Inc. (Aug. 24, 2007) ...... 15A-29, 15A-30 56,566 (Sept. 27, 2007) ...... 17-69 57,427, Privacy of Consumer Financial Information and Safeguarding Personal Information (Mar. 4, 2008) ...... 15-5, 15-11, 15-12, 15-13, ...... 15-15, 15-16, 15-17, 15-18, 46-99, 46A-103 57,566 (Mar. 26, 2008) ...... 17-69

T–38 Table of Authorities

57,680, Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions (Apr. 17, 2008) ...... 15-27 57,755, In the Matter of A. Carlos Martinez (May 1, 2008) ...... 29-18, 29-21, 29-22 58,192, That Initial Decision Has Become Final (July 18, 2008) ...... 15-23 58,264 Commission Guidance Regarding the Duties and Responsibilities of Investment Company Boards of Directors with Respect to Investment Adviser Portfolio Trading Practices (July 30, 2008) ...... 17-38 58,451, In re Tracinda Corp. (Sept. 3, 2008) ...... 56-12 58,515, LPL Financial Corp. (Sept. 11, 2008) ...... 15-29 58,597 (Sept. 19, 2008) ...... 56-14, 34B-42 59,449, Adjustments to Civil Monetary Penalty Amounts (Mar. 3, 2009) ...... 29-11 59478 (Feb. 27, 2009) ...... 17-61 59,740, In the Matter of Woodbury Financial Services (Apr. 9, 2009) ...... 15-23, 15-25 59,916 (May 13, 2009) ...... 34B-64 60,351, In re Perry Corp. (July 21, 2009) ...... 56-14 60,976, In the Matter of Merriman Curhan Ford & Co. et al. (Nov. 10, 2009) ...... 15A-29, 15-27 61,908, Large Trader Reporting System (Apr. 14, 2010) ...... 46-134 62,544, Mutual Fund Distribution Fees, Confirmations (July 21, 2010) ...... 42-10 62,577 (July 27, 2010) ...... 2A-20 63,010 (Sept. 29, 2010) ...... 46-119, 46-120 63,237, SEC Proposed Rules for Implementing the Whistleblower Provisions of Section 21F of Securities Exchange Act of 1934 (Nov. 3, 2010) ...... 31-4 63,576, Registration of Municipal Advisors (Dec. 20, 2010) ...... 2-42, 54-8, 54-128 63,576, Registration of Municipal Advisors (Dec. 21, 2010) ...... 55-7 63,784 ...... 40-22 64,123, In the Matter of Ball Corp. (Mar. 24, 2011) ...... 31A-40 64,220, In the Matter of Ellis (Apr. 7, 2011) ...... 15A-30 64,221, In the Matter of Kraus (Apr. 7, 2011) ...... 15A-29, 15A-30 64,222, In the Matter of Levine (Apr. 7, 2011) ...... 15A-29, 15A-30 64,380, In the Matter of Rockwell Automation, Inc. (May 3, 2011) ...... 31A-39

(Inv. Adv. Reg., Rel. #13, 6/18) T–39 INVESTMENT ADVISER REGULATION

64,442, In the Matter of Aletheia Research and Mgmt., Inc. (May 9, 2011) ...... 34B-8 64,545, SEC Rules Implementing the Whistleblower Provisions of Section 21F of Securities Exchange Act of 1934 (May 25, 2011) ...... 31-5, 31-7, 31-8, 31-9, ...... 31-10, 31-11, 31-13, 31-18, ...... 31-19, 31-20, 31-21, 31-22, 31-29 64,545, Implementation of the Whistleblower Provisions of Section 21F of the Securities Exchange Act of 1934 (June 13, 2011) ...... 46A-62, 46A-63, ...... 46A-69, 31A-21 64,976, Large Trader Reporting Rule (July 27, 2011) ...... 49C-50, 56-24, ...... 56-26, 56-27, 56-30 64,978, In re Diageo, plc (July 27, 2011) ...... 49E-42 65,643, In the Matter of Fin. Indus. Regulatory Auth., Inc. (Oct. 27, 2011) (Order) ...... 34B-36 66,206, AXA Advisors, LLC (Jan. 20, 2012) (Order) ...... 34B-27 67,453, Further Definition of “Swap,”“Security-Based Swap,” and “Security-Based Swap Agreement”; Mixed Swaps; Security-Based Swap Agreement Recordkeeping (July 18, 2012) ...... 58-9, 58-10, 58-12 67,934, In the Matter of Goldman, Sachs & Co. (Sept. 27, 2012) ...... 15A-15 68,307, KCAP Financial, Inc., et al. (Nov. 28, 2012) ...... 61-6, 61-14, 61-15 68,456, In the Matter of Biremis Corp. (Dec. 18, 2012) ...... 34B-40, 34B-41 69,013, Duties of Brokers, Dealers and Investment Advisers (Mar. 1, 2013) ...... 8A-16 69,279, Report of Investigation Pursuant to § 21(a) of the Exchange Act: Netflix, Inc., and Reed Hastings (Apr. 2, 2013) ...... 34B-13 69,627, In the Matter of Morrison (May 23, 2013) ...... 15A-16 70,462 (Sept. 20, 2013) ...... 2-42, 15A-12, 47-65, 54-5 70,742, In the Matter of Gisclair (Oct. 23, 2013) ...... 15A-29 71,104 (Dec. 13, 2013) ...... 17-69 71,050, GLG Partners, Inc. (Dec. 12, 2013) ...... 7-21, 61-19 71,616, (Feb. 26, 2014) ...... 54-10, 54-86 77,617, Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants (Apr. 15, 2016) ...... 54-104 73,175, In the Matter of Wells Fargo Advisors, LLC (Sept. 22, 2014) ...... 34B-17

T–40 Table of Authorities

73,350, In the Matter of Judy Wolf (Oct. 15 2014) ...... 34B-18 73,825, Tomlinson (Dec. 11, 2014) ...... 15-28 74,860, (May 4, 2015) ...... 54-111, 54-112 75,280 (June 24, 2015) ...... 17-68 77,300, In re First Southwest Co., SEC, Order Instituting Administrative and Cease-and-Desist Proceedings, Exchange Act Release No. (Mar. 7, 2016) ...... 54-99 77,595, In re Craig Scott Capital, LLC (Apr. 12, 2016) ...... 63-35 77,959 In re Blackstreet Capital Management, LLC (June 1, 2016) ...... 48-75 78,021 In re Morgan Stanley Smith Barney LLC (June 8, 2016) ...... 63-35 78,053 In the Matter of Keygent LLC Anthony Hsieh, and Chet Wang, SEC Cease-and-Desist Order (June 13, 2016) ...... 54-49 78,054 In re School Business Consulting, Inc. and Terrance Bradley, SEC Cease-and-Desist Order (June 13, 2016) ...... 54-38, 54-47 78,309 Disclosure of Order Handling Information, Proposed Rule (July 13, 2016) ...... 17-66 79,801 (Jan. 13, 2017) ...... 54-46 79,815 (Jan. 18, 2017) ...... 31A-40 79,828 Orthofix Int’l N.V. (Jan. 18, 2017) ...... 31A-39 83,062 (Apr. 18, 2018) ...... 8A-24 83,063 (Apr. 18, 2018) ...... 8A-24

Investment Company Act of 1940 generally ..... 1-3, 1-4, 1-5, 1-24, ...... 45-3, 45B-6, 45B-19, ...... 1-25, 1-26, 2-3, 2-27, ....46-9, 46-105, 46A-124, ...... 3-6, 4-7, 4-20, 6-2, ...... 47-38, 48-23, 48-28, ..... 6-17, 10-3, 10-7, 11-3, ...... 48-31, 48-71, 49-7, ..... 12-2, 12-6, 13-2, 13-3, ...... 49-53, 49-55, 49B-2, ...... 13-6, 17-35, 18-2, ...... 49D-4, 49E-4, 50-4, ...... 20-12, 22-11, 24-2, ...... 51-21, 51-23, 51-24, ...... 27-10, 32-2, 35-9, ...... 51-27, 51-30, 52-5, ..... 34A-5, 34A-11, 35-27, ...... 52-15, 55-9, 55-12, ...... 35-32, 35-59, 40-6, ...... 55-63, 55-64, 56-3, ...... 42-4, 42-7, 42-11, ..... 56-29, 56A-5, 56A-11, ...... 42-12, 42-13, 42-14, ...... 57-4, 57-5, 57-16, ...... 42-15, 42-16, 42-19, ...... 58-6, 59-3, 59-9, ...... 42-21, 42-26, 42-29, ...... 59-11, 61-2, 61-5, ...... 43-6, 43-16, 44-6, ...... 61-12, 62-3, 62-8,

(Inv. Adv. Reg., Rel. #13, 6/18) T–41 INVESTMENT ADVISER REGULATION

...... 62-14, 62-15, 62-16, § 3a-7 ...... 51-28 ...... 62-20, 62-25, § 3(c) ...... 15A-8, 35-14, ...... 62-31, 62-34 ...... 46-24, 46-51 § 1-65 ...... 1-31 § 3(c)(1) ...... 2-20, 2-21, 2-22, § 1(b) ...... 12-12 ..... 2-24, 2-29, App. 2A-2, § 2(a)(3) ...... 42-23 ...... 10-13, 10-25, 15A-20, § 2(a)(4) ...... 9-8, 15A-37, ...... 15A-39, 35-13, 35-14, ...... 62-23, 62-28 ...... 45B-2, 45B-3, 45B-5, § 2(a)(8) ...... 59-9 ....45B-12, 45B-13, 46-12, § 2(a)(9) ...... 15A-37, 27-9, 59-9 ...... 46-15, 46-16, 46-51, § 2(a)(19) ...... 42-23 ...... 46-52, 46-54, 46-81, § 2(a)(20) ...... 2-3, 27-9, 55-62 ...... 46-90, 46-94, 46-97, § 2(a)(38) ...... 48-31 ...... 46-162, 46A-13, § 2(a)(41) ...... 55-49 ...... 46A-14, 46A-20, § 2(a)(41)(B)(ii) ...... 61-2 ...... 46A-33, 46A-37, § 2(a)(48) ...... 46-48, ...... 46A-77, 46A-99, ...... 46-116, 61-14 ....46A-111, 47-39, 47-40, § 2(a)(48)(A) ...... 34A-11 ...... 47-41, 47-43, 47-44, § 2(a)(48)(B) ...... 34A-11 ...... 47-45, 47-55, 47-56, § 2(a)(51) ...... 47-44, 49E-12 ...... 47-57, 47-58, 48-17, § 2(a)(51)(A) ...... 10-12, 10-22, ...... 48-18, 48-23, 48-29, ...... 46-46, 46-96, ...... 48-31, 48-32, 48-40, ...... 46A-110, 48-16, ... 48-63, 48A-11, 49C-36, ...... 49C-14, 49E-30, ...... 49E-19, 51-24, 51-30, ...... 55-82, 58-37 ...... 52-6, 52-15, 55-9, § 2(a)(51)(A)(i) ...... 47-43 ...... 55-11, 55-39, 55-40, § 2(a)(51)(A)(ii) ...... 47-44 ...... 55-41, 57-16, 57-17, § 2(a)(51)(A)(iii) ...... 47-44 ...... 59-5, 62-14 § 2(a)(51)(A)(iv) ...... 47-43 § 3(c)(1)–(9) ...... 46-13 § 2(a)(51)(C) ...... 47-44 § 3(c)(1)(A) ...... 46-52, 47-41 § 2(b) ...... 55-56, 55-58, § 3(c)(2) ...... 49B-10 ...... 55-60, 55-61, § 3(c)(5) ...... 45B-13 ...... 55-62, 55-63 § 3(c)(5)(C) ...... 45B-3, 45B-12 § 2(f) ...... 62-14 § 3(c)(7) ...... 2-20, 2-21, 2-22, § 3 ...... 1-24, 15A-23, ..... 2-24, 2-29, App. 2A-2, ...... 45B-3, 46-81, ...... 10-7, 10-15, 10-25, ...... 46-144, 46A-13, ...... 10-26, 15A-39, 45B-2, ...... 46A-14, 46A-77 ...... 45B-3, 45B-5, 45B-12, § 3(a) ...... 10-13, 46-12, ...... 45B-13, 46-15, 46-16, ...... 46-13, 48A-11, ...... 46-51, 46-52, 46-54, ...... 52-6, 52-16, 55-39, ...... 46-55, 46-56, 46-81, ...... 55-40, 55-41, 57-16 ...... 46-90, 46-94, 46-97, § 3(a)(1) ...... 15A-8, 46-51 ...... 46-162, 46A-13, § 3(a)(1)(A) ...... 47-39 ...... 46A-14, 46A-20, § 3(a)(1)(A)–(C) ...... 59-3 ...... 46A-33, 46A-77,

T–42 Table of Authorities

...... 46A-99, 46A-111, § 12(d)(1)(B) ...... 12-8 ...... 47-39, 47-40, 47-41, § 12(d)(1)(C) ...... 12-8 ...... 47-43, 47-44, 47-45, § 12(d)(1)(E) ...... 12-8 ...... 47-55, 47-56, 47-57, § 12(d)(1)(F) ...... 12-8, 42-20 ...... 47-58, 48-15, 48-16, § 12(d)(1)(G) ...... 12-8 ...... 48-23, 48-29, 48-31, § 12(d)(1)(J) ...... 12-8 ...... 48-32, 48-40, 48-63, § 12(d)(3) ...... 12-9, 42-25 ...... 48A-11, 49C-36, § 12(g)(4) ...... 56-12, 56-20 ...... 49E-12, 49E-13, § 13 ...... 47-39, 56-12, 56-20 ...... 49E-19, 51-24, 52-6, § 15 ...... 1-26, 10-3, ...... 52-15, 55-9, 55-11, ...... 42-23, 42-24, 47-39 ...... 55-39, 55-40, 57-16, § 15(a) ...... 9-2, 9-3, ...... 57-17, 59-5, 62-14 ...... 9-7, 9-8, 15A-36 § 3(c)(7)(B) ...... 46-55 § 15(c) ...... 17-38, 42-5, § 3(c)(7)(E) ...... 47-45 ...... 46-67, 46A-47, 62-30 § 3(c)(10)(B) ...... 36-4 § 15(f) ...... 42-23, 62-16, § 3(c)(11) ...... 2-34, 10-19, ...... 62-17, 62-24, ...... 10-25, 49B-6, ...... 62-28, 62-29 ...... 49B-11, 49B-12, § 15(f)(1) ...... 62-28 ...... 49B-15, 52-6, 52-15, § 15(f)(2)(B) ...... 62-28 ...... 52-16, 55-40, 57-14 § 15c ...... 35-40, 35-50 § 3(c)(14) ...... 56-14 § 15(A) ...... 55-46 § 3(e)(1)(A) ...... 47-41 § 17 ...... 47-39, 62-29 § 4 ...... 1-25 § 17(a) ...... 1-27, 19-10, 20-11, § 5(a) ...... 1-25 ...... 40-11, 42-24, 62-32 § 5(a)(1) ...... 11-7 § 17(d) ...... 1-27, 19-17, 19-18, § 5(b)(1) .... 11-11, 12-11, 42-25 ...... 42-24, 62-32, 17-57 § 6(a) ...... 46-41 § 17(e) ...... 1-27, 17-17, § 7(d) ...... 49C-35, ...... 40-11, 42-24 ...... 49C-36, 49E-19 § 17(e)(1) ...... 17-17, 28-3, § 8 ...... 42-22, 48-23, 56-14 ...... 28-15, 46-130 § 8(b) ...... 42-22 § 17(e)(2) .... 18-3, 19-11, 42-24 § 9(a) ...... 34-2, 34A-4, § 17(f) .....11-31, 11-32, 15A-53 ...... 34A-5, 34A-6, § 17(g) ...... 11-3 ...34A-26, 49C-37, 49E-20 § 17(j) ...... 27-18 § 9(b) ...... 34A-24, § 18 ...... 12-11, 12-12, ...... 48A-13, 48A-14 ...... 42-26, 47-39 § 9(c) ...... 34A-5, 34A-6 § 18(f) ...... 12-11, 42-26 § 10 ...... 47-39, 62-29 § 18(g) ...... 42-26 § 10(f) ...... 1-27, 40-11, § 19 ...... 47-39 ...... 42-24, 62-32 § 22 ...... 55-49 § 12 ...... 42-25 § 22(b) ...... 42-5, 42-27 § 12(d)(1) ...... 12-7, 12-8, § 22(c) ...... 55-49 ...... 42-5, 42-25 § 22(e) ...... 12-10, 42-26 § 12(d)(1)(A) ...... 12-7 § 30 ...... 1-31, 47-39

(Inv. Adv. Reg., Rel. #13, 6/18) T–43 INVESTMENT ADVISER REGULATION

§ 34(b) ...... 7-8, 48A-16 § 42(d) ...... 42-30 § 36 ...... 10-3, 47-39 § 47 ...... 9-1, 9-5 § 36(a) ...... 8-10 § 48(a) ...... 24-42, 46-57, 47-40 § 36(b) ...... 8-10, 34-2, § 49 ...... 42-30 ...... 42-5, 42-24, 62-31 § 54 ...... 3-6, 35-10, § 42(b) ...... 42-30 ...... 46-60, 46A-5, 48-23

Investment Company Act Releases

2576 (Jan. 4, 2007) ...... 48-41 2763, Commission Guidance Regarding the Duties and Responsibilities of Investment Company Boards of Directors with Respect to Investment Adviser Portfolio Trading Practices (July 30, 2008) ...... 8-25, 17-38 5847, Statement Regarding “Restricted Securities” (Oct. 21, 1969) ...... 12-10, 61-4 6082, Guidelines Concerning the Applicability of the Federal Securities Laws to the Offer and Sale Outside the United States of Shares of Registered Open-End Investment Companies (June 23, 1970) ...... 49C-30 7113 (Apr. 6, 1972) ...... 10-14, 10-20, 10-21 7565 (Dec. 18, 1972) ...... 2-34 8188 (Jan. 13, 2003) ...... 8-40 10,666 (Apr. 18, 1979) ...... 12-12 13,666 (Dec. 19, 1983) ...... 2-12 14,983 (Mar. 12, 1986) ...... 12-11, 42-25 17,096 (Aug. 3, 1989) ...... 12-9 17,357 (Feb. 26, 1990) ...... 12-7 19,804, In the Matter of Kemper Financial Services, Inc. (Oct. 20, 1993) ...... 19-18, 55-85 21,113, In re Kemper Financial Services, Inc. (June 6, 1995) ...... 27-22 21,114, In re Thomas H. Richards (June 6, 1995) ...... 19-18 21,221 (July 21, 1995) ...... 17-50 21,259 (July 27, 1995) ...... 11-32 21,260, Status of Investment Advisory Programs Under the Investment Company Act of 1940 (July 27, 1995) ...... 2-10, 39-34, 41-7, 43-8 21,341 (Sept. 8, 1995) ...... 32-9 21,541, In re John J. Kaweske (Nov. 27, 1995) ...... 27-22 22,389 (Dec. 11, 1996) ...... 11-32 22,405, Private Investment Companies (Dec. 18, 1996) ...... 47-44

T–44 Table of Authorities

22,579, Status of Investment Advisory Programs Under the Investment Company Act of 1940 (Mar. 24, 1997) ...... 43-9, 39-35, 49C-22, 63-14, 63-20 22,597 (Apr. 3, 1997) ...... 46-52, 46-54, 46-57 22,658 (May 12, 1997) ...... 11-32 23,958 (Aug. 20, 1999) ...... 27-19 24,067, Schwab Capital Trust (Oct. 1, 1999) ...... 12-9 24,113, Schwab Capital Trust (Oct. 27, 1999) ...... 12-9 24,326 (Mar. 2, 2000) ...... 14-2 24,424 (Apr. 27, 2000) ...... 11-32 24,426, SEC Interpretation: Use of Electronic Media (May 4, 2000) ...... 46-21 24,543, Privacy of Consumer Financial Information (Regulation S-P) (June 22, 2000) ...... 14-2, 14-8 24,543, Privacy of Consumer Financial Information (Regulation S-P) (June 29, 2000) ...... 46A-99, 49C-39, 49E-22 24,828, Investment Company Names (Aug. 18, 2001) ...... 42-26 24,890, Electronic Recordkeeping by Investment Companies and Investment Advisers (Mar. 13, 2001) ...... 32-15 25,739 (Sept. 20, 2002) ...... 13-7 25,798, In the Matter of Gintel Asset Mgmt., Inc., Gintel & Co. LLC, Robert M. Gintel and Stephen G. Stavrides (Nov. 8, 2002) ...... 29-21 25,922 (Sept. 20, 2002) ...... 13-7, 13-8, 13-10 25,922 (Jan. 31, 2003) ...... 13-3 26,299, Final Rule: Compliance Programs of Investment Companies and Investment Advisers (Dec. 17, 2003) ...... 22-8, 22-13, 22-15, 22-16, ...... 23-2, 23-3, 23-4, 23-6, 23-12, ...... 23-13, 23-14, 23A-2, 23A-3, 33-21 26,299 (Dec. 24, 2003) ...... 54-94 26,299, SEC Final Rule (Dec. 24, 2003) ...... 46-73, 46-75, 54-94 26,312, In re Alliance Capital Mgmt., LP (Dec. 8, 2003) ...... 29-10 26,313 Request for Comments on Measures to Improve Disclosure of Mutual Fund Transaction Costs (Dec. 18, 2003) ...... 17-56 26,356 Prohibition on the Use of Brokerage Commissions to Finance Distribution (Feb. 24, 2004) ...... 17-33, 17-51 26,409 In re Massachusetts Financial Services Co. (Mar. 31, 2004) ...... 17-38 26,492 ...... 48A-7 26,685, Disposal of Consumer Report Information (Dec. 2, 2004) ...... 46-99, 46A-103

(Inv. Adv. Reg., Rel. #13, 6/18) T–45 INVESTMENT ADVISER REGULATION

27,588, In the Matter of Kevin W. Quinn (Dec. 1, 2006) ...... 28-15 28,178, Privacy of Consumer Financial Information and Safeguarding Personal Information (Mar. 4, 2008) ...... 14-9, 46-99, 46A-103 28,345, Commission Guidance Regarding the Duties and Responsibilities of Investment Company Boards of Directors with Respect to Investment Adviser Portfolio Trading Practices (July 30, 2008) ...... 17-38, 17-41, 17-54 28,842, Regulation S-AM: Limitations on Affiliate Marketing (Aug. 4, 2009) ...... 14-10, 14-11, 42-6 29,367, Mutual Fund Distribution Fees, Confirmations (July 21, 2010) ...... 42-10 29,776, Use of Derivatives by Investment Companies under the Investment Company Act of 1940 (Aug. 31, 2011) ...... 42-10 29,984 Domini Social Investment Trust and Domini Social Investments LLC (Mar. 21, 2012) ...... 62-23 30,035 Domini Social Investment Trust and Domini Social Investments LLC (Apr. 17, 2012) ...... 62-23 31,004 (June 23, 2010) ...... 44-15 31,012 (Apr. 8, 2014) ...... 60-19 31,292 (Oct. 16, 2014) ...... 60-19 31,461 (Feb. 20, 2015) ...... 60-19 31,933, Use of Derivatives by Registered Investment Companies and Business Development Companies (Dec. 11, 2015) ...... 8-23 42,974, Regulation S-P (June 29, 2000, effective as of Nov. 13, 2000) ...... 47-61

Investment Advisers Act of 1940 generally ..... 1-3, 1-4, 1-5, 1-11, ...... 8-3, 8-5, 8-6, 8-8, 8-9, ..... 1-13, 1-16, 1-17, 1-18, ..... 8-12, 8-14, 8-19, 8-20, ..... 1-19, 1-20, 1-28, 1-31, ..... 8-24, 8-41, 8-51, 8-52, ...... 2-3, 2-4, 2-7, 2-8, 2-9, ...... 8-53, 8-54, 8A-6, ..... 2-11, 2-12, 2-15, 2-18, ...... 8A-9, 8A-10, 8A-12, ..... 2-19, 2-20, 2-23, 2-30, ...... 8A-17, 8A-18, 8A-19, ..... 2-32, 2-33, 2-34, 2-36, .....8A-20, App. 8A-3, 9-6, ..... 2-37, 2-38, 2-39, 2-40, ...... 10-2, 10-3, 10-5, ...... 2-42, 4-2, 4-24, 5-7, ...... 10-26, 11-3, 11-28, ...... 6-2, 6-17, 7-3, 7-16, ..... 12-2, 13-2, 32-6, 32-8, ..... 7-18, 7-19, 7-28, 7-34, ...... 32-12, 13-3, 13-6,

T–46 Table of Authorities

..... 13-10, 15A-7, 15A-14, ...... 48A-23, 48A-24, ...... 15A-17, 15A-20, ...... 48A-28, 49-11, 49-20, ...... 15A-52, 15A-53, ...... 49-55, 49-68, 49-79, ...... 15A-54, 17-35, 17-37, ...... 49B-10, 49E-4, 51-2, ..... 18-2, 20-2, 20-3, 20-7, ..... 51-3, 51-4, 51-5, 51-6, ...... 20-9, 20-14, 23-2, ...... 51-7, 51-8, 51-9, ...... 24-2, 24A-5, 24A-6, ...... 51-10, 51-11, 51-12, ...... 24A-7, 24A-10, ...... 51-13, 51-14, 51-15, ...... 24A-12, 24A-15, ...... 51-16, 51-17, 51-18, ...... 24A-20, 24A-22, ...... 51-19, 51-20, 51-21, ...... 24A-24, 24A-29, ...... 51-22, 51-23, 51-24, ...... 26-12, 31-24, 32-2, ...... 51-25, 51-26, 51-28, ...... 32-3, 34A-3, 34A-25, ...... 51-31, 51-32, 51-33, ...... 34A-28, 34B-38, ...... 51-34, 51-35, 51-36, ...... 34B-39, 35-7, 35-15, ...... 52-3, 54-104, ...... 35-25, 35-32, 35-40, ...... App. 54B-2, 55-18, ...... 35-59, 36-2, 37-2, ..... 57-3, 57-4, 57-5, 57-7, ...... 37-4, 37-12, ...... 57-9, 57-10, 57-11, ... App. 37A-3, 39-4, 39-6, ...... 57-13, 57-14, 57-15, ...... 39-8, 39-10, 39-12, ...... 57-17, 57-21, 58-3, ...... 39-22, 39-23, 39-25, ....59-4, 59-5, 59-6, 59-10, ...... 39-33, 39-34, 39-48, ...... 59-18, 59-19, 59-21, ...... 40-2, 40-13, 40-15, ...... 59-22, 59-23, 60-6, ...... 40-23, 40-24, 41-4, ...... 60-7, 60-12, 61-8, ...... 42-30, 44-8, 44-10, ...... 61-10, 61-11, 61-16, ...... 44-12, 45A-3, 45A -5, ...... 61-17, 62-3, 62-8, ...... 45A-6, 45A-7, 45B-4, ...... 62-14, 62-15, 62-16, ....45B-6, 45B-13, 45B-22, ...... 62-20, 62-22, 62-25, ...... 46-57, 46-58, 47-43, ...... 62-32, 62-35, 63-5, ...... 47-46, 47-47, 47-48, ...... 63-12, 63-24, 63-25 ...... 47-49, 47-50, 47-51, § 2.05(a) ...... 48-16 ...... 47-52, 47-53, 47-54, § 102(16)(c)(ii) ...... ss36-13 ...... 47-56, 47-57, 47-58, § 201–22 ...... 1-31 ..... 48-3, 48-4, 48-5, 48-6, § 201(a)(11) ...... 46A-5 ...... 48-7, 48-10, 48-11, § 201(c) ...... 35-83 ...... 48-14, 48-16, 48-17, § 202 ...... 55-44 ...... 48-18, 48-22, 48-28, § 202(a) ...... 46-194 ...... 48-29, 48-33, 48-34, § 202(a)(1) ...... 9-8, 62-23 ...... 48-35, 48-43, 48-48, § 202(a)(2) ...... 2-11, 11-11, ...... 48-52, 48-56, 48-57, ...... 55-67, 58-24 ...... 48-61, 48-63, 48-72, § 202(a)(2)(A) ...... 2-11 ...... 48-73, 48-75, 48-78, § 202(a)(2)(B) ...... 2-11 ...... 48-80, 48-81, 48A-2, § 202(a)(2)(C) ...... 2-11 ...... 48A-9, 48A-22, § 202(a)(5) ...... 10-13, 59-9

(Inv. Adv. Reg., Rel. #13, 6/18) T–47 INVESTMENT ADVISER REGULATION

§ 202(a)(11) ...... 2-2, 2-4, 2-5, § 202(a)(26) ...... 2-12 ...... 2-7, 2-14, 2-19, 2-20, § 202(a)(29) ...... 2-22, 4-7, ...... 2-31, 2A-2, 3-3, 3-14, ...... 51-24, 45B-3, 55-9 ...... 17-49, 35-19, 35-21, § 202(a)(30) ...... 2-24, 46-89, ...... 36-7, 37-2, 38-2, ...... 46A-35, 47-57, ...... 38-11, 38-16, 38-23, ...... 48-29, 48-31, ...... 39-10, 40-3, 40-21, ...... 48-32, 51-29 ...... 41-4, 43-3, 46-92, § 202(a)(ii) ...... 55-22 ..... 46A-4, 46A-25, 47-46, § 202(b) ...... 55-6, 55-60, ...... 48-3, 49-11, 49C-4, ...... 55-51, 55-62, 55-67 ...... 49E-22, 55-67, 55-71, § 203 ...... 10-11, 11-4, ...... 55-72, 55-75, 58-24, ...... 17-38, 20-3, 22-2, ...... 59-2, 59-6, 59-20 ...... 23-3, 26-12, 27-5, § 202(a)(11)(A) ...... 3-3, ...... 34-3, 34-14, 35-9, ...... 43-8, 43-17 ...... 35-12, 35-13, 35-18, § 202(a)(11)(A)–(E) ...... 38-11, ...... 35-19, 35-81, 36-7, ...... 38-12 ...... App. 37A-4, 46A-111, § 202(a)(11)(A)–(F) ...... 3-3 ...... 48-13, 48-17, 48-18, § 202(a)(11)(B) ...... 2-13, 2A-6 ...... 48A-25, 51-66, 56-14 § 202(a)(11)(C) ...... 2A-2, 2A-9, § 203(a) ...... 48-22, 49C-3, ...... 2A-10, 2A-19, 2A-21, ...... 49C-27, 49E-8, ...... 2A-27, 2-14, 8A-6, ...... 49E-22, 51-2, 51-35, ...... 8A-10, 8A-12, 17-48, ...... 55-71, 57-3 ...... 17-49, 38-12, 38-18, § 203(b) ...... 2-20, 3-10, 10-7, ...... 39-17, 39-19, 39-22, ...... 29-8, 33-2, ...... 39-23, 39-24, 40-3, ...... App. 37A-3, 46-85, ...... 41-5, 41-7 ...... 46-89, 46-96, 46A-13, § 202(a)(11)(D) ...... 2-14, 55-74 ...... 46A-21, 46A-34, § 202(a)(11)(E) ...... 2-18, 55-76 ...... 48-33, 51-2, 52-5, § 202(a)(11)(F) ...... 2-20, 38-11, ...... 52-6, 55-8, 55-10, ...... 59-3, 59-19 ...... 55-41, 55-71, § 202(a)(11)(G) .... 2-19, 46A-25, ...... 55-72, 57-19 ...... 59-3, 59-6 § 203(b)(1) ...... 2-21 § 202(a)(11)(6) ...... 51-25 § 203(b)(2) ...... 41-4 § 202(a)(12) ...... 59-9 § 203(b)(3) ..... 2-21, 2-22, 2-23, § 202(a)(17) ...... 5-8, 5-10, ...... 2-24, 2-32, 2-38, ...... 48-6, 48-80 ...... App. 2A-1, 15A-10, § 202(a)(18) ...... 2-8 ...... 26-11, 46-64, 46-80, § 202(a)(22) ...... 10-11, 46-13, ...... 46A-12, 46A-13, ...... 46-48, 58-39 ...... 47-46, 47-57, 47-64, § 202(a)(25) ...... 3-15, 3-16, ...... 47-66, 48-22, 50-2, ...... 23-2, 27-3, ..... 50-8, 50-9, 51-6, 51-8, ...... 27-10, 35-27, ...... 51-22, 51-24, 51-29, ...... 36-13, 48-43 ...... 51-31, 52-5, 52-6,

T–48 Table of Authorities

...... 55-9, 55-29, 55-62, ...... 46A-15, 46A-16, ...... 57-2, 59-3, 59-5, ...... 46A-21, 46A-23, ...... 59-7, 59-20, 59-22 ...... 51-25, 51-26, 55-10, § 203(b)(4) ...... 2-29 ...... 55-12, 55-29, 57-2, § 203(b)(5) ...... 2-29 ...... 57-8, 57-19 § 203(b)(6) ...... 2-29, 58-21 § 203A ...... 3-3, 35-9, 35-10, § 203(b)(6)(B) ...... 51-22 ...... 35-19, 36-5, 36-8, § 203(b)(7) ...... 2-26, 2-55, ...... 36-10, 46-59, 46-60, ...... 57-7, 57-8 ..... 46-80, 46A-6, 46A-13, § 203(c) ...... 4-9 ...... 47-59, 51-2, 51-23, § 203(c)(2) ...... 4-22 ...... 55-12, 55-45, § 203(d) ...... 34A-11 ...... 55-67, 55-68 § 203(e) ...... 4-24, 8-55, 15A-5, § 203A(a) ...... 3-4, 39-14 ...... 22-5, 23A-8, 31-23, § 203A(a)(1) ...... 35-12, 38-23 ...... 33-20, 34-3, 34-4, § 203A(a)(1)(3) ...... 3-7 ...... 34A-20, 34A-22, § 203A(a)(1)(A) .....47-53, 63-12 ...... 34A-23, 34A-24, § 203A(a)(2) ...... 3-7, 47-53 ...... 34A-25, 34A-26, § 203A(a)(2)(B) ...... 63-12 .... 48A-13, 48A-14, 55-42 § 203A(a)(3) ...... 3-7, § 203(e)(2)(A)–(D) ...... 15A-5 ...... 46-61, 46A-7 § 203(e)(3) ...... 34-3 § 203A(b) ...... 3-12 § 203(e)(4) ...... 15A-5, 34A-21 § 203A(b)(1) ...... 35-18, 35-19, § 203(e)(6) ...... 8-40, 17-42, ...... 35-20, 36-5, ...... 23-5, 23-7, 24-40, ...... 36-12, 47-57, 55-5 ...... 46A-61, 57-15, 60-10 § 203A(b)(1)(A) ...... 3-15, 36-8, § 203(e)(9) ...... 35-81, ...... 36-12, 37-5, 39-15 ...... 35-82, 35-83 § 203A(b)(1)(B) ...... 59-8 § 203(f) ...... 15A-5, 23-5, § 203A(b)(1)(b) ...... 59-10 ...... 23A-4, 34-4, § 203A(b)(2) .... 8-11, 36-6, 37-5 ...... 34A-23, 34A-24, § 203A(c) ...... 3-9, 35-51 ...... 48A-13, 48A-14 § 204 ...... 17-38, 27-4, 29-8, § 203(g) ...... 4-24 ...... 33-2, 45B-8, 46A-73, § 203(i) ...... 34-4 ...... 48-18, 49C-21, § 203(j) ...... 34-4 ...... 51-32, 51-36, 57-19 § 203(k) ...... 34-4 § 204(a) ...... 27-2, 45B-21, § 203(l) ...... 2-26, 2-27, 35-13, ...... 46-85, 46A-21, 48-33 ...... 46-83, 46-85, 46A-16, § 204(b) ...... 46-152, 46A-74, ... 46A-21, 48-25, 48A-13, .... 46A-86, 46A-87, 55-11 ...... 48A-14, 51-26, 55-10, § 204(b)(3) ...... 15A-42 ...... 55-11, 55-29, 55-41, § 204(b)(4) ...... 45B-21 ...... 57-2, 57-7, 57-19 § 204(b)(8) ...... 45B-23 § 203(m) ...... 2-23, 2-28, 35-13, § 204(b)(11) ...... 45B-8 ...... 35-14, 46-81, 46-82, § 204A ...... 1-12, 3-13, 23A-6, ...... 46-85, 46-87, ...... 24-41, 27-2, 27-3, ...... 46A-13, 46A-14, ...... 27-4, 27-16, 27-17,

(Inv. Adv. Reg., Rel. #13, 6/18) T–49 INVESTMENT ADVISER REGULATION

...... 29-2, 29-8, 29-9, ...... 8-55, App. 8A-3, 9-5, ...... 29-10, 29-11, 34-7, ...... 9-6, 10-5, 15A-40, ...... App. 37A-3, 48-48, ... 15A-42, 15A-45, 17-35, ...... 48A-6, 51-33, 57-19 ...... 17-37, 17-41, 17-57, § 205 ...... 3-13, 10-7, 10-21, ..... 20-2, 20-3, 20-6, 22-2, ...... 15A-36, 24A-29, ...... 28-2, 34-14, 34-15, ...... App. 37A-3, 46-93, ...... 37-2, 38-12, 39-31, ...... 46A-31, 48-15, 51-33, ...... 46-17, 46-74, 46-93, ...... 55-81, 62-25 .... 46A-31, 46A-54, 47-48, § 205(1) ...... 10-16 ...... 48-33, 48-34, 48A-10, § 205(a) ...... 15A-36, 15A-38, ...... 49C-7, 49C-8, 49C-9, .....48-14, 49C-14, 49E-30 ..... 49E-24, 49E-25, 51-32, § 205(a)(1) ...... 1-9, 9-3, 10-6, ...... 54-94, 55-28, 55-49, ...... 10-10, 10-11, 10-16, ...... 55-55, 55-77, 55-78, ...... 10-18, 10-19, 15A-38, ...... 55-79, 55-83, 55-86, ...... 46-95, 46A-110, ...... 55-93, 55-94, 57-13, ...... 46A-111, 47-58, ...... 57-17, 60-7, ...... 51-34, 55-81 ...... 60-9, 63-28 § 205(a)(2) .....9-7, 9-8, 15A-36, § 206(1) .... 1-7, 1-8, App. 2A-5, ...... 15A-37, 47-50, ...... 8-5, 8-25, 8-55, 12-6, ...... 49C-23, 49E-34 ...... 15A-42, 15A-46, § 205(a)(3) ...... 9-5, ...... 15A-48, 17-36, 17-37, ...... 15A-38, 47-50 ...... 17-45, 23A-4, 40-10, § 205(b) ...... 15A-39, 55-81 ...... 40-27, 41-9, 46-93, § 205(b)(1) ...... 10-18 ...... 46-94, 46A-29, § 205(b)(2) ...... 10-14, 10-19, ...... 46A-31, 46A-32, ...... 10-20, 10-26 ...... 48-34, 48-35, 48-38, § 205(b)(3) ...... 10-7 ..... 48-40, 48A-3, 48A-21, § 205(b)(4) ...... 10-15, ...... 49C-110, 49E-27, ...... 10-26, 47-58 ...... 51-33, 51-36, 52-16, § 205(b)(5) ...... 10-15, 10-26, ...... 55-21, 55-39, 55-56 ...... 48-15, 49C-14, § 206(2) .... 1-7, App. 2A-5, 7-6, ...... 49E-30, 51-7, 51-34 ...... 8-5, 8-25, 8-35, 8-36, § 205(c) ...... 10-20 ....8-38, 8-39, 8-53, 8-55, § 205(d) ...... 15A-36 ..... 12-6, 15A-42, 15A-46, § 205(e) ...... 10-13, ... 15A-48, 15A-49, 17-36, ...... 46-96, 46A-111 ...... 17-37, 17-38, 17-45, § 205(f) ...... 35-93 ...... 19-19, 20-13, 23A-4, § 206 ...... 1-6, 1-7, 1-31, ...... 23A-7, 34-15, 39-5, ...... 2-11, 3-13, 4-10, ...... 40-10, 40-27, 41-9, ...... 5-4, 7-6, 7-13, 8-4, ...... 43-12, 44-5, 44-12, ...... 8-5, 8-6, 8-7, 8-11, ...... 46-93, 46-94, 46-187, ...... 28-13, 8-14, 8-17, ...... 46A-29, 46A-31, ..... 8-18, 8-23, 8-26, 8-34, ...... 46A-32, 48-35, 48-38, ..... 8-37, 8-39, 8-52, 8-53, ..... 48-40, 48A-3, 48A-21,

T–50 Table of Authorities

...48A-25, 48A-26, 49C-9, ...... 57-18, 61-17, ...... 49C-110, 49E-27, ...... 61-25, 63-28 ...... 51-33, 51-36, 52-16, § 207 ...... 4-3, 15A-46, 17-38, ...... 55-28, 55-39, 55-56, ...... 44-9, 44-12, 48-18, ...... 57-10, 61-3, 61-25 ...... 49C-8, 49E-25, 57-10 § 206(3) ...... 1-10, 1-11, 2A-14, § 208 ...... 48-18, 48-31 ...... 3-13, 8-18, 8-32, § 208(a) ...... 4-23 ...8A-18, 15A-47, 15A-48, § 208(d) ...... 2-22, 2-32, 10-16, ...... 15A-49, 18-2, 19-2, ...... 34A-20, 48-81, ..... 19-3, 19-4, 19-5, 19-6, ...... 51-12, 51-18, ...... 19-7, 19-8, 19-9, ...... 51-26, 59-22 ...... 19-10, 19-12, 19-13, § 209 ...... 34-14 ...... 19-14, 19-20, 20-2, § 209(b) ...... 33-3 ...... 21-10, 23-13, 23A-6, § 209(d) ...... 34-13 ...... 39-18, 39-19, 39-20, § 209(e) ...... 34-13 ..... 40-4, 40-5, 40-6, 40-7, § 209(f) ...... 23A-5 ...... 40-8, 40-9, 43-12, § 210(b) ...... 33-28, 46A-87 ...... 45-8, 46-93, 46A-31, § 210(c) ...... 45B-22 ...... 48-35, 48-50, 48-51, § 211 ...... 46A-32 ....48A-14, 51-33, 54-114, § 215 ...... 8-52, 8-53, .... 54-115, 54-117, 55-86, ...... 15A-40, 34-14, ...... 57-13, 57-14, 62-32 ...... 34-15, App. 37A-3 § 206(4) ...... 1-7, 6-2, 6-5, 6-6, § 215(a) ...... 8-18, 8-53, ...... 6-16, 7-4, 7-7, 7-9, ...... 9-5, 15A-40, 47-50 ..... 7-10, 7-13, 7-15, 8-53, § 215(b) ...... 9-1, 15A-40, 51-33 ...... 8-55, 8A-18, 11-4, § 217 ...... 8-55, 33-20 ...15A-8, 15A-46, 15A-48, § 222 ...... 1-15, 1-16, 1-17, ..... 15A-49, 23A-5, 24-39, ...... 1-31, 3-15, 35-17, ...... 34A-21, App. 37A-3, ...... 36-3, 46A-11, ...... 40-10, 41-9, 44-12, ...... 55-67, 55-69 ...... 46-94, 46-95, § 222(b) ...... 1-17, 35-12, 35-46 ...... 46-183, 46A-29, § 222(c) ...... 1-17, 35-12, ... 46A-32, 46A-34, 48-35, ...... 35-39, 35-46 ...... 48-40, 48-52, 48-54, § 222(d) ...... 1-15, 1-18, 2-3, ... 48A-3, 48A-11, 48A-21, ...... 3-15, 35-11, 35-12, ...... 48A-25, 51-33, 52-3, ...... 35-29, 46A-11, ...... 52-12, 52-16, 55-28, ...... 48-33, 51-25 ...... 55-29, 55-39, 57-16, § 223 ...... 46A-96 § 409 ...... 47-57

(Inv. Adv. Reg., Rel. #13, 6/18) T–51 INVESTMENT ADVISER REGULATION Investment Advisers Act Releases

2, Opinion of General Counsel Relating to Section 202(a)(11)(C) of the Investment Advisers Act of 1940 (Oct. 28, 1940) ...... 2A-10, 2A-12, 2A-14, 39-23 6, First Serv. Corp. (Nov. 6, 1940) ...... 2-12 21, In the Matter of Donner Estates, Inc. (Nov. 3, 1941) ...... 46A-25, 59-3 40, Opinion of Director of Trading and Exchange Division (Jan. 5, 1945) ...... 55-86, 57-13 40 (Feb. 4, 1945) ...... 39-5 40, dated February 5, 1945 ...... 19-8, 19-9 48, Marine Midland Grp., Inc. (Sept. 2, 1947) ...... 2-12 52, In the Matter of the Pitcairn Company (Mar. 2, 1949) ...... 46A-25, 59-3 54, In the Matter of Roosevelt & Son (Aug. 31, 1949) ...... 46A-25, 59-4 58, In the Matter of William Lee Parks (Apr. 10, 1951) ...... 9-5 122 (Nov. 6, 1961) ...... 11-22 123 (Feb. 27, 1962) ...... 11-22 201 (June 1, 1966) ...... 11-24 203 (Aug. 11, 1966) ...... 39-5 232, Kidder, Peabody & Co., Inc. (Oct. 16, 1968) ...... 16-2, 20-13, 39-5 271 ...... 46-69 302 (Dec. 1, 1971) ...... 2-34 305 (Jan. 12, 1972) ...... 2-34 308 (Feb. 10, 1972) ...... 2-34 315 (Apr. 6, 1972) ...... 8-22, 10-14, 10-20, 10-21, 55-82 333, Chase Investors Mgmt. Corp. N.Y. (Aug. 21, 1972) ...... 2-12 353 (Dec. 18, 1972) ...... 2-34 455 (Apr. 23, 1975) ...... 38-11 470, Adoption of Rule 206(3)-1 Under the Investment Advisers Act of 1940 and Termination of Temporary Rule 206(3)-1(T) Under that Act (Aug. 20, 1975) ...... 15A-48, 19-8, 19-13 471 (Aug. 20, 1975) ...... 2A-7 497 (Feb. 19, 1976) ...... 2-34 589 (June 1, 1977) ...... 19-4 615, Requirements Governing Payments of Cash Referral Fees by Investment Advisers (Feb. 2, 1978) ...... 5-2, 15A-4, 34A-20, 63-29 626 (Apr. 27, 1978) ...... 2A-7, 2A-11, 38-11, 55-73

T–52 Table of Authorities

664, Investment Adviser Requirements Concerning Disclosure, Recordkeeping, Applications for Registration and Annual Filings (Jan. 30, 1979) ...... 15A-16 688 (July 12, 1976) ...... 63-29 688, Requirements Governing Payments of Cash Referral Fees by Investment Advisers (July 12, 1979) ...... 5-3, 5-4, 5-8, 5-9, 5-10, 15A-4, ...... 15A-6, 34A-19, 34A-10, 49C-15, 49E-30, 55-42 688 (July 19, 1979) ...... 15A-6 701 (Sept. 17, 1979) ...... 41-9 721, Contingent Advisory Compensation Arrangements (May 16, 1980) ...... 10-14, 10-16, ...... 15A-38, 55-81 736, In the Matter of William Lee Parks (Oct. 27, 1980) ...... 9-5 770, Applicability of the Investment Advisers Act to Financial Planners (Aug. 13, 1981) .....2-4, 2A-27, 38-12, 38-13, ...... 38-14, 38-15, 38-16, 38-17 870 (July 15, 1983) ...... 57-4 897, In the Matter of Alfred C. Rizzo (Jan. 11, 1984) .....39-5, 57-11 920, In re Bond Timing Services, Inc. and Vilis Pasts (July 23, 1984) ...... 7-7, 7-10 952 (Jan. 16, 1985) ...... 32-14 961 (Mar. 25, 1985) ...... 10-26 996, Exemption to Allow Registered Investment Advisers to Charge Fees Based Upon a Share of Capital Gains Upon or Capital Appreciation of a Client’s Account (Nov. 14, 1985) ...... 10-22, 15A-39 996 (Nov. 26, 1985) ...... 10-4 1000 (Dec. 3, 1985) ...... 11-13, 11-14 1034, Certain Transactions Not Deemed Assignments (Sept. 9, 1986) ...... 15A-37 1038, In re Shearson Lehman Brothers, Inc., Stein Roe & Farnham (Sept. 24, 1986) ...... 21-11, 34-5, 48-37, 57-15 1083 (Sept. 25, 1987) ...... 4-21, 4-22 1092, Applicability of the Investment Advisers Act to Financial Planners, Pension Consultants, and Other Persons Who Provide Investment Advisory Services as a Component of Other Financial Services (Oct. 8, 1987) ...... 2-4, 2-5, 2-6, 2-10, 2-31, ...... 2-40, 2A-27, 35-21, 35-22, 35-23, 35-26, ...... 38-16, 38-17, 38-31, 39-8, 39-9, 39-24, ...... 41-5, 46-93, 46A-31, 49C-4, 55-25, ...... 55-44, 55-73, 58-14, 58-15

(Inv. Adv. Reg., Rel. #13, 6/18) T–53 INVESTMENT ADVISER REGULATION

1092, Applicability of the Investment Advisers Act to Financial Planners, Pension Consultants, and Other Persons Who Provide Investment Advisory Services as a Component of Other Financial Services (Oct. 16, 1987) ...... 49C-4, 49E-23 1093, Investment Advisers (Nov. 5, 1987) ...... 7-17 1095, In re John Guira, et al. (Nov. 13, 1987) ...... 48-37 1105, In the Matter of Mark Bailey & Co. and Mark Bailey (Feb. 24, 1988) ...... 8-34, 15A-50, ...... 16-2, 20-6, 57-12 1117, In re Westmark Financial Services Corp. (May 16, 1988) ...... 39-5 1135, Recordkeeping by Investment Advisers (Aug. 17, 1988) ...... 7-16, 7-17, 32-5 1140 (Sept. 16, 1988) ...... 2-21, 2-22 1174, In re George Sein Lin (June 19, 1989) ...... 12-4 1243, Thomson McKinnon Asset Management L.P. (July 26, 1990) ...... 10-4 1280, In re Edgemont Asset Mgmt. Corp. & Bowling Green Securities, Inc. (June 18, 1991) ...... 48-38 1297, In the Matter of Baskin Planning Consultants, Ltd. (Dec. 19, 1991) ...... 57-12 1318, In re M&I Investment Management Corp. (June 30, 1992) ...... 21-3, 21-7 1324, In re DemitriBalatsos (Aug. 18, 1992) ...... 19-7 1358, In re Stephen C. Schulmerich (Jan. 4, 1993) ...... 33-27 1379, In the Matter of Aetna Capital Management, Inc. and Aetna Financial Services, Inc. (Aug. 19, 1993) ...... 5-5 1387, In re Kemper Fin. Servs., Inc. (Oct. 20, 1993) ...... 19-18, 20-8, 55-85 1393, In re Michael L. Smurlock (Nov. 29, 1993) ...... 19-18, 48-36, 55-85 1396, In re Kingsley, Jennison, McNulty & Morse, Inc., et al. (Dec. 23, 1993) ...... 17-23, 44-6, 48-36, 61-4 1406, Suitability of Investment Advice Provided by Investment Advisers; Custodial Account Statements for Certain Advisory Clients (Mar. 16, 1994) ...... 12-5, 32-2, 39-5, 49C-17, ...... 49E-33, 55-94, 57-11, 63-14 1406, Suitability of Investment Advice Provided by Investment Advisers; Custodial Account Statements for Certain Advisory Clients (Mar. 22, 1994) ...... 60-9 1411, Disclosure by Investment Advisers Regarding Wrap Fee Program (Apr. 19, 1994) ...... 43-6, 44-2, 55-83

T–54 Table of Authorities

1423, In re Edgemont Asset Mgmt. Corp. and Bowling Green Sec., Inc. (July 5, 1994) ...... 48-38 1425 (July 12, 1994) ...... 55-88 1431, In re Seaboard Investment Advisers, Inc. (Aug. 3, 1994) ...... 7-15 1435, In re Piper Capital Management, Inc. (Aug. 11, 1994) ...... 19-9, 55-86 1446, In re Joan Conan (Sept. 30, 1994) ...... 27-22, 55-87 1446, In re Schwendiman Partners, LLC (Sept. 30, 1994) ...... 48-37 1447, In re Chancellor Capital Mgmt., Inc., Parag Saxena, and James A. Long IV (Oct. 18, 1994) ...... 17-36, 27-21, 48-38, 55-88 1452, In the Matter of Credit Suisse Asset Management, Inc. (Nov. 16, 1994) ...... 55-86 1457, In re Gabelli & Co. and GAMCO Investors, Inc. (Dec. 8, 1994) ...... 24-41, 27-17 1468, In re Thomas J. Bowne (Feb. 10, 1995) ...... 48-38 1469 (Feb. 14, 1995) ...... 17-4, 17-10, 17-55, 55-92 1492, In re Askins Capital & David J. Askin (May 23, 1995) ...... 48-36 1494, In re Kemper Financial Services, Inc. (June 6, 1995) ...... 27-22 1495, In re Thomas H. Richards (June 6, 1995) ...... 19-18 1501, In the Matter of Clarke LanzenSkalla Investment Firm, Inc. (June 16, 1995) ...... 44-6 1504, In the Matter of Clariden Asset Management (New York) Inc. (July 10, 1995) ...... 57-13 1510, Status of Investment Advisory Programs Under the Investment Company Act of 1940 (July 27, 1995) ...... 2-10, 39-34, 43-8 1525, In re Van Kampen American Capital Mgmt., Inc. (Sept. 29, 1995) ...... 48-36 1527, In re Roger W. Honour (Sept. 29, 1995) ...... 27-21, 48-38 1529, In re Account Mgmt. Corp., et al. (Sept. 29, 1995) ...... 19-19, 48-37 1538, Feldman Investment Group, Inc. (Nov. 27, 1995) ...... 19-5 1539, In re John J. Kaweske (Nov. 27, 1995) ...... 27-22, 48-38 1545, In re Leeb Investment Advisors et al. (Jan. 16, 1996) ...... 7-8 1550, In re Stanley Peter Kerry (Jan. 25, 1996) ...... 44-9 1560, In the Matter of Gruntal & Co., Inc. (Apr. 9, 1996) ...... 43-12 1562, Use of Electronic Media by Broker-Dealers, Transfer Agents, and Investment Advisers for Delivery of Information (May 9, 1996) ...... 15A-19, 19-12, ...... 40-9, 46-67, 46A-39, 46A-47, ...... 49C-12, 49E-29, 55-71, 63-24

(Inv. Adv. Reg., Rel. #13, 6/18) T–55 INVESTMENT ADVISER REGULATION

1568, In the Matter of Portfolio Mgmt. Consultants, Inc. (June 27, 1996) ...... 40-10, 43-11, 48-38 1571, In re McKenzie Walker Investment Mgmt., Inc., et al. (July 16, 1996) ...... 19-19, 20-8, 48-37, 57-15 1575, In re S Squared Technology Corp. (Aug. 7, 1996) ...... 17-36, 57-13 1581, In re Michael C. Robertson, et al. (Sept. 26, 1996) ...... 48-38 1584, In re Patricia Owen-Michel (Sept. 27, 1996) ...... 6-6, 6-16, 7-8, 7-9 1585, In re Concord Investment Co. (Sept. 27, 1996) ...... 19-5 1601 (Dec. 20, 1996) ...... 37-3 1605, In re Ronald L. Speaker, et al. (Jan. 13, 1997) ...... 48-37 1614, In re Oakwood Counselors, Inc. and Paul J. Sherman (Feb. 10, 1997) ...... 17-21, 48-38 1632, In re Russell W. Stein, Ford D. Albritton, Jr., and Dover & Assocs., Inc. (May 9, 1977) ...... 5-2 1633, Rules Implementing Amendments to the Investment Advisers Act of 1940 (May 15, 1997) ...... 3-4, 3-10, 3-17, 3-18, 5-10, ...... 15A-48, 36-2, 36-6, 37-5, 46-62, ...... 46-93, 46A-9, 46A-31, 63-14 1637, Arthur Anderson Financial Advisers (June 16, 1997) (Notice) ...... 3-11 1642, Arthur Anderson Financial Advisers (July 8, 1997) (Order) ...... 3-11 1644, In re LBS Capital Management, Inc. (July 18, 1997) ...... 6-16, 7-8, 7-10 1648, In re First Capital Strategies, et al. (Aug. 13, 1997) ...... 48-37 1648, In re First Capital Strategists, et al. (Aug. 15, 1997) ...... 48-37 1654, In re Mitchell Hutchins Asset Mgmt., Inc. (Sept. 2, 1997) ...... 48-37 1666, In re Stephens, Inc. (Sept. 16, 1997) ...... 19-9, 57-13 1681 (Nov. 13, 1997) ...... 3-11, 3-17 1682 (Nov. 13, 1997) ...... 10-22 1688, In re Renaissance Capital Advisors, Inc. and Richard N. Fine (Dec. 22, 1997) ...... 17-36 1705, In the Matter of Moreland Management Company (Mar. 10, 1998) ...... 59-4 1717, In re Reservoir Capital Management, Inc. (Apr. 24, 1998) ...... 6-5, 6-15 1731, Exemption to Allow Investment Advisers to Charge Fees Based Upon a Share of Capital Gains Upon or Capital Appreciation of a Client’s Account (July 15, 1998, effective as of Aug. 20, 1998) ...... 10-22, 47-59, ...... 48-15, 48-17

T–56 Table of Authorities

1731, Exemption to Allow Registered Investment Advisers to Charge Fees Based Upon a Share of Capital Gains Upon or Capital Appreciation of a Client’s Account (July 15, 1998) ...... 10-22, 10-25, 15A-39, ...... 47-59, 48-15, 48-17 1732, Interpretation of Section 206(3) of the Investment Advisers Act of 1940 (July 17, 1998) ...... 15A-47, 15A-48, 19-4, 19-7, ...... 19-8, 19-9, 19-10, 57-13, 57-14 1733 (July 17, 1998) ...... 3-11, 3-16, 3-17 1741, In the Matter of: Nicholas-Applegate Capital Management (Aug. 12, 1998) ...... 57-12 1751, In re Stephen H. Brown (Sept. 14, 1998) ...... 48-36, 48-37 1763, In re FinArc, LLC (Sept. 29, 1998) ...... 4-23, 6-15 1764, In re Profitek, Inc. and Edward G. Smith (Sept. 29, 1998) ...... 6-15, 7-9 1767, In re ABN AMRO-NSM International Funds Management, B.V. (Sept. 30, 1998) ...... 19-5 1772, In the Matter of O’Brien Partners, Inc. (Oct. 27, 1998) ...... 2-39, 55-23, 55-83 1774, In re Valicenti Advisory Services and Vincent R. Valicenti (Nov. 18, 1998) ...... 4-21, 6-13 1775, In re Robert J. Smith (Nov. 25, 1998) ...... 10-6 1779, In re Meridian Investment Management Corp. et al. (Dec. 28, 1998) ...... 7-8, 7-16 1789 In re Republic New York Securities Corp. (Feb. 10, 1999) ...... 17-36 1798, In re Wren Harold Hart (Apr. 22, 1999) ...... 34-8 1801, In re Boston Investment Counsel, Inc. and Robert E. Campanella (June 10, 1999) ...... 4-21, 6-15 1804 (June 22, 1999) ...... 3-3 1805, CSX Financial Management, Inc. (June 23, 1999) ...... 2-20 1808 (July 20, 1999) ...... 2-20 1813, In re Bell Capital Management, Inc. (Aug. 6, 1999) ...... 6-15, 6-16 1814, In re Bing Sung (Aug. 12, 1999) ...... 12-4, 15A-45 1819, In re Van Kampen Investment Advisory Corp. and Alan Sachtleben (Sept. 8, 1999) ...... 7-6, 48-36 1821, In re Fleet Investment Advisors, Inc. (Sept. 9, 1999) ...... 48-38, 48-39 1825, In re Engebretson Capital Management, Inc. and Lester W. Engebretson (Sept. 13, 1999) ...... 7-27 1834, In re Capital Markets Research Co. & Paul Edward Holl (Sept. 27, 1999) ...... 48-38

(Inv. Adv. Reg., Rel. #13, 6/18) T–57 INVESTMENT ADVISER REGULATION

1841, In re Marvin & Palmer Assocs., et al. (Sept. 30, 1999) ...... 17-37, 48-38 1843, In re Gordon Richard Taubenheim (Oct. 4, 1999) ...... 3-13, 46A-32 1845, Certain Broker-Dealers Deemed Not to Be Investment Advisers (Nov. 4, 1999) ...... 38-24, 38-25 1848, In re Scudder Kemper Investments, Inc. and Gary Paul Johnson (Dec. 22, 1999) ...... 24-16, 48-37 1849, In re Michael T. Sullivan, III (Dec. 22, 1999) ...... 24-16, 48-37 1862 (Apr. 5, 2000) ...... 1-24, 17-5, 17-55, ...... 33-28, 46-67, 46A-47 1863, In re Rauscher Pierce Refsnes, Inc., et al. (Apr. 6, 2000) ...... 2-39, 48-38, 55-24 1870, In re The Dreyfus Corp. et al. (May 10, 2000) ...... 7-6, 8-36, 48-36, 48-37, 61-24 1872, In re Schield Management Company et al. (May 31, 2000) ...... 7-5, 7-8, 7-9, 7-27 1879, In re Founders Asset Mgmt., LLC, et al. (June 15, 2000) ...... 48-39 1880, In the Matter of Owen-Joseph Asset Mgmt. Corp., et al. (June 15, 2002) ...... 40-10 1882, SEC v. Timothy J. Lyons (June 20, 2000) ...... 48-37 1883, Final Rule: Privacy of Consumer Financial Information (Regulation S-P) (June 22, 2000) ...... 15A-22, ...... 15A-24, 46A-99 1883, Privacy of Consumer Financial Information (Regulation S-P) (June 29, 2000) ...... 49C-39, 49E-22 1883, Final Rule: Privacy of Consumer Financial Information (Regulation S-P) (Nov. 13, 2000) ...... 15A-26, 15A-27 1889, In re Dawson Samberg Capital Mgmt., Inc., et al. (Aug. 3, 2000) ...... 8-30, 17-21, 46-122, 48-38 1895, In re F.W. Thompson Co., Ltd., et al. (Sept. 7, 2000) ...... 20-11, 48-37 (Sept. 7, 2002) ...... 20-8 1897, Electronic Filing by Investment Advisers; Amendments to Form ADV (Sept. 12, 2000) ...... 1-24, 4-4, 4-10, 4-24 1898 (Sept. 25, 2000) ...... 12-6 1924, In the Matter of Marc N. Geman (Feb. 14, 2001) ...... 43-11 1931, In the Matter of Bear Creek Inc. (Mar. 9, 2001) ...... 46A-25, 59-4 1932, Electronic Recordkeeping by Investment Companies and Investment Advisers (Mar. 13, 2001) ...... 32-14

T–58 Table of Authorities

1937, In re John Wellington Bagwell (Apr. 10, 2001) ...... 4-21 1941, In re Joel R. Mogy Investment Counsel, Inc. (May 7, 2001) ...... 49C-50 1943, In the Matter of Guy P. Wyser-Pratte, Wyser-Pratte Mgmt. Co., Inc. and Wyser-Pratte and Co., Inc. (May 9, 2001) ...... 27-17, 29-13 1945 (May 24, 2001) ...... 32-15, 46A-72 1954, In the Matter of Sage Advisory Services LLC (July 27, 2001) ...... 12-6, 17-39 1967, In re Andrew S. Parlin (Aug. 10, 2001) ...... 48-36 1978, In the Matter of Performance Analytics, Inc. and Robert P. Moseson (Sept. 27, 2001) ...... 6-17 1979, In re David F. Bellet (Sept. 28, 2001) ...... 32-9, 34-12 1980, In the Matter of Western Asset Management Co. and Legg Mason Fund Adviser, Inc. (Sept. 28, 2001) ...... 8-40, 57-15 1984, In re Duff & Phelps Investment Mgmt. Co., Inc. (Sept. 28, 2001) ...... 17-38, 48-39 1991, In the Matter of F.X.C. Investors Corp., and Francis Curzio (Oct. 18, 2001) ...... 6-16 1994, In the Matter of IMS/CPAs & Associates, Vernon T. Hall, Stanley Hargrave, and Jerome B. Vernazza (Nov. 5, 2001) ...... 5-5 2001, In re Cambridge Equity Advisors, Inc. and Michael E. Goldston (Dec. 12, 2001) ...... 6-15 2002, In re Market Timing Systems, Inc., Gregory Meadors and Mark Shinnick (Dec. 14, 2001) ...... 6-15 2010, In re Raymond A. Parkins, Jr. (Jan. 18, 2002) ...... 12-6 2023, In re Stan D. Kiefer & Associates and Stanley D. Kiefer (Mar. 22, 2002) ...... 7-27 2028 (Apr. 12, 2002) ...... 3-11 2035, In re Deprince, Race & Zollo, Inc., and John D. Race (June 12, 2002) ...... 27-17 2038, In re Portfolio Advisory Servs., LLC, et al. (June 20, 2002) ...... 8-24, 17-41, 40-10, ...... 48-38, 48-39 2047, In re Market Timing Systems, Inc. et al. (Aug. 28, 2002) ...... 7-8, 7-9 2064, In the Matter of Renberg Capital Management, Inc. and Daniel H. Renberg (Oct. 1, 2002) ...... 57-14 2079, In the Matter of Gintel Asset Mgmt., Inc., Gintel & Co. LLC, Robert M. Gintel and Stephen G. Stavrides (Nov. 8, 2002) ...... 29-21 2091 (Dec. 12, 2002) ...... 3-11

(Inv. Adv. Reg., Rel. #13, 6/18) T–59 INVESTMENT ADVISER REGULATION

2092, In re Millennium Capital Advisors (Dec. 3, 1992) ...... 23-5 2092, In re Millennium Capital Advisors of Pennsylvania, Inc. and Louis J. Sozio (Dec. 13, 2002) ...... 34-7 2106, Proxy Voting by Investment Advisers (Jan. 31, 2003) ...... 8-41, 13-3, 13-4, 13-6, ...... 15A-43, 15A-44, 32-12, 57-18 (Mar. 10, 2003) ...... 46A-97 2125, Am. Pegasus LDG, LLC et al. (Dec. 21, 2010) ...... 48A-13, 48A-14, ...... 48A-15, 48A-17, 48A-22 2129, In the Matter of Jamison, Eaton & Wood, Inc. (May 15, 2003) ...... 8-55 2136, In re Monetta Financial Services, Inc. et al. (June 9, 2003) ...... 20-8 2146 In re Fundamental Portfolio Advisers, Inc...... 17-38 2153, In re John McStay Investment Counsel L.P. (July 31, 2003) ...... 48-36 2160, In the Matter of Deutsche Asset Mgmt., Inc. (Aug. 19, 2003) ...... 13-5, 57-18 2165, In the Matter of Massachusetts Fin. Servs. Co. (Sept. 4, 2003) ...... 29-13 2176, Final Rule: Custody of Funds or Securities of Clients by Investment Advisers (Sept. 25, 2003) ...... 4-9, 11-13, 11-17, 11-21, 11-25, 15A-50, ...... 46A-88, 46A-92, 49C-18, 49C-21, 57-17 2192, In the Matter of Putnam Investment Management, LLC (Nov. 13, 2003) ...... 27-22 2201, In the Matter of FT Interactive Data, f/k/a Interactive Data Cease-and-Desist Order (Dec. 11, 2003) ...... 55-48 2204, Compliance Programs of Investment Companies and Investment Advisers ...... 8-45, 54-94, 61-5 2203, In re Robert T. Littell & Wilfred Meckel (Dec. 15, 2003) ...... 17-42, 34-5, 34-8, 46A-61, 57-15 2204, Final Rule: Compliance Programs of Investment Companies and Advisers (Dec. 17, 2003) ...... 8-45, 15A-46, 17-37, 22-2, ...... 22-4, 22-5, 22-7, 22-13, 22-14, 23-2, ...... 23A-2, 23A-3, 24-4, 24-8, 24-12, 24-17, ...... 24-39, 25-2, 28-3, 29-10, 46A-53, 46A-55, 61-5 (Feb. 5, 2004) ...... 46-73, 46-75, 48A-5 2204, Adopting Release (Dec. 24, 2003) ...... 48A-5 2205, In re Alliance Capital Mgmt., LP (Dec. 8, 2003) ...... 29-10 2239, In the Matter of Strong Capital Management, Inc. (May 20, 2004) ...... 27-23

T–60 Table of Authorities

2,253 In re Clarke T. Blizzard and Rudolph Abel (June 23, 2004) ...... 17-23 2256, Investment Advisers Codes of Ethics (July 2, 2004) ...... 24-12, 24-33, 24-35, ...... 228-3, 29-10, 46A-58, 57-19 2256 (July 6, 2004) ...... 27-16, 32-10 2256, Investment Adviser Codes of Ethics (Aug. 31, 2004) ...... 27-10, 27-11, 27-13, ...... 46-78, 46A-60, 48A-7 2276, In re Thayer Capital Partners, et al. (Aug. 12, 2004) ...... 48-39 2278, Certain Broker-Dealers Deemed Not to Be Investment Advisers (Aug. 18, 2004) ...... 39-16 2294, In re Bridgeway Capital Management, Inc. (Sept. 15, 2004) ...... 10-20 2332, Proper Disposal of Consumer Report Information (Dec. 2, 2004) ...... 14-8, 14-9, 15A-22, ...... 46-99, 46A-103 2333, Registration Under the Advisers Act of Certain Hedge Fund Advisers (Dec. 2, 2004) ...... App. 2A-1, 11-31, 46A-30, 46A-32, ...... 46A-70, 48-15, 50-8, 51-3 2340, Certain Broker-Dealers Deemed Not to Be Investment Advisers (Jan. 14, 2005) ...... 38-26 2374, In re Michael T. Jackson and EGM Capital (Apr. 6, 2005) ...... 21-1, 21-7 2376 (Apr. 12, 2005) ...... 2A-7, 39-17, 39-18, 39-19 2376, Certain Broker Dealers Deemed Not to Be Investment Advisers (Apr. 15, 2005) ...... 43-3 2376, Certain Broker-Dealers Deemed Not to Be Investment Advisers; Final Rule (Apr. 19, 2005) ...... 38-2, 38-27, 38-28 2390, In the Matter of Smith Barney Fund Mgmt. LLC and Citigroup Glob. Mkts., Inc. (May 31, 2005) ...... 8-33 2396, In the Matter of Banc of Am. Inv. Servs., Inc. (June 15, 2005) ...... 34B-39, 34B-40 2426 (Sept. 12, 2005) ...... 2A-7 2441, In re Angelo Haligiannis (Oct. 12, 2005) ...... 48-37 2457, In re Gerson Asset Mgmt., Inc. (Dec. 2, 2005) ...... 20-9 2459, Riverton Management, Inc. (Dec. 9, 2005) ...... 46A-25 2489, In re New England Securities Corp. (Feb. 21, 2006) ...... 44-5 2500, In the Matter of Adler Management, L.L.C. (Mar. 21, 2006) ...... 59-4 2514, Hutchens Investment Management, Inc. and William Hutchens (May 9, 2006) ...... 15A-8

(Inv. Adv. Reg., Rel. #13, 6/18) T–61 INVESTMENT ADVISER REGULATION

2520, In re Capital Works Investment Partners, LLC, et al. (June 6, 2006) ...... 6-4, 33-27 2628, Prohibition of Fraud by Advisers to Certain Pooled Investment Vehicles (Aug. 3, 2007) ...... 8-55, 17-36, 17-37, 46-95, 49C-8, 55-39 (Sept. 10, 2007) ...... 48A-3, 48A-11, 48A-12, 48A-22, 48A-23 2633 In the Matter of Schultz Asset Management LLC (Aug. 15, 2007) ...... 17-37 2634, In re Quattro Global Capital, LLC (Aug. 15, 2007) ...... 49C-50 2652, Interpretive Rule Under the Advisers Act Affecting Broker-Dealers (Sept. 24, 2007) ...... 39-22, 39-23, 39-24 2652 (Sept. 28, 2007) ...... 38-30 2653, Rule Regarding Principal Trades with Certain Advisory Clients (Sept. 24, 2007) ...... 15A-48, 19-13, 19-14 2711, Amendments to Form ADV (Mar. 3, 2008) ...... 8-28, 44-2, 46A-48, 49C-7, 49E-24 2712, Part 248—Regulation S-P: Privacy of Consumer Financial Information & Safeguarding Personal Information (Mar. 4, 2008) ...... 14-9, 15A-24, 46-99, 46A-103 2713, In the Matter of Fid. Mgmt. & Research Co., Inc. (Mar. 5, 2008) ...... 8-4, 34B-40 2733, In the Matter of Banc of America Inv. Servs. Inc. & Columbia Mgmt. Advisors, LLC (May 1, 2008) ...... 8-31 2736, In the Matter of Slick Enterprises, Inc. (Mar. 22, 2008) ...... 59-4 2761, In the Matter of Pax World Management, Corp. (July 30, 2008) ...... 12-3 2763, (July 30, 2008) ...... 8-25 2773, In the Matter of Woodcock Financial Management Company, LLC (Aug. 26, 2008) ...... 59-4 2775, LPL Fin. Corp. (Sept. 11, 2008) ...... 14-8 2804, In the Matter of WLD Enterprises., Inc. (Oct. 17, 2008) ...... 59-4 2871, In the Matter of Hennessee Grp. LLC & Charles J. Gradante (Apr. 22, 2009) ...... 8-38 2872, In the Matter of INTECH Inv. Mgmt. LLC and David E. Hurley (May 7, 2009) ...... 8-40, 15A-43, 46A-98 2876 (May 20, 2009) ...... 15A-55 2910 (Aug. 3, 2009) ...... 55-32 2911, Regulation S-AM: Limitations on Affiliate Marketing (Aug. 4, 2009) ...... 15A-22, 15A-31

T–62 Table of Authorities

2945, In the Matter of Value Line, Inc., et al. (Nov. 4, 2009) ...... 40-10 2950, Final Model Privacy Form under the Gramm-Leach-Bliley Act (Nov. 16, 2009) ...... 15A-22 2968, Custody of Funds or Securities of Clients by Investment Advisers (Dec. 30, 2009) ...... 4-9, 11-22, 11-25, ...... 11-27, 11-31, 15A-50, 32-11, ...... 34B-19, 40-24, 46A-90, 46A-92, 46A-94, 49C-18 2969, Commission Guidance Regarding Independent Public Accountant Engagements Performed Pursuant to Rule 206(4)-2 Under the Investment Advisers Act of 1940 (Dec. 30, 2009) ...... 11-27, 46A-94 3043, Political Contributions by Certain Investment Advisers (June 30, 2010) ...... 55-28, 55-29 3043, Political Contributions by Certain Investment Advisers (July 1, 2010) ...... 32-11, 47-64, 52-2, 52-6 3043 (July 10, 2010) ...... 57-16 3043 (Sept. 13, 2010) ...... 15A-9, 15A-10, ...... 15A-11, 15A-12, 15A-13 3057, In the Matter of James C. Dawson (July 23, 2010) ...... 8-3 3060, Amendments to Form ADV (July 28, 2010) ...... 4-4, 4-10, 4-18, 8-4, 15A-16, ...... 15A-18, 15A-46, 15A-49, 17-41, 32-7, ...... 44-9, 45-5, 46-65, 46-66, 46-67, 46-69, ...... 46A-45, 46A-46, 46A-47, 46A-49, 55-70 (Aug. 12, 2010) ...... 34A-27 (Oct. 12, 2010) ...... 15A-16 3079, In the Matter of Neal R. Greenberg (Sept. 7, 2010) ...... 8-25 3090, In the Matter of Valentine Capital Asset Mgmt., Inc. (Sept. 29, 2010) ...... 48A-25, 48A-26 3098 (Oct. 10, 2010) ...... 59-7 3098 (Oct. 12, 2010) ...... 2-19 3109, In the Matter of Buckingham Research Grp., Inc. (Nov. 17, 2010) (Order) ...... 34B-36 3110 (Nov. 19, 2010) ...... 3-8, 51-24, 55-10, ...... 55-13, 55-29, 55-45 3111 (Nov. 19, 2010) ...... 51-25, 55-10, 55-13 3128 (Dec. 28, 2010) ...... 19-14 3136, Charles Schwab Inv. Mgmt., et al. (Jan. 11, 2011) ...... 48A-15, 48A-17 3145, Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF (Jan. 26, 2011) ...... 46-153, 46-155, 46-156

(Inv. Adv. Reg., Rel. #13, 6/18) T–63 INVESTMENT ADVISER REGULATION

3149, In the Matter of AXA Rosenberg Group, LLC (Feb. 3, 2011) ...... 22-4, 39-36, 48A-7, ...... 48A-26, 63-31 3197, Alethia Research and Management (May 9, 2011) ...... 27-23 3198 (May 10, 2011) ...... 10-23 3211, In the Matter of Wunderlich Securities, Inc., et al. (May 27, 2011) ...... 27-23, 40-16, 34B-8 3220, Family Offices (June 22, 2011) ...... 2-47, 46-92, ...... 46A-26, 46A-28, 47-57, 59-8 3221, Rules Implementing Amendments to the Investment Advisers Act of 1940 (June 22, 2011) ...... 2-24, 2-28, 3-4, 3-7, 3-8, 3-10, ...... 3-11, 4-4, 4-5, 4-6, 37-4, 5-52, 37-4, ...... 46-60, 46-61, 46-62, 46-63, 46A-7, 46A-8, ...... 47-46, 47-53, 47-54, 47-56, 47-57, 47-64, ...... 47-65, 48-5, 49C-13, 50-9, 51-22, 52-6, ...... 52-8, 52-12, 52-10, 57-4, 57-16, 59-3 3222, Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets Under Management, and Foreign Private Advisers (June 22, 2011) ...... 2-24, 45B-4, 46-81, 46-82, ...... 46-89, 46A-13, 46A-15, 46A-17, ...... 46A-36, 46A-40, 47-54, 48-23, 48-24, ...... 49C-5, 49C-6, 49E-3, 49E-23, 49E-24, 57-4 3236 (July 12, 2011) ...... 10-23 3297, Approval of Filing Fees for Exempt Reporting Advisers and Private Fund Advisers (Sept. 30, 2011) ...... 57-6 3304, In the Matter of Banco Espirito Santo S.A. (Oct. 24, 2011) ...... 49C-4, 49C-26, 49C-27, 49E-7 3305, Order Approving Filing Fees for Exempt Reporting Advisers and Private Fund Advisers (Oct. 24, 2011) ...... 45B-22 3308, Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF (Oct. 31, 2011) ...... 45B-7, 45B-23, 47-53 3325, In the Matter of Feltl & Co., Inc. (Nov. 28, 2011) ...... 40-16 3372, Investment Adviser Performance Compensation (Feb. 15, 2012) ...... 10-23, 15A-39, ...... 15A-40, 37-5, 46A-110, 48-16 3383, Laurence Albukerk & EB Fin. Grp., LLC (Mar. 14, 2012) ...... 48A-19, 48A-20, 48A-21 3399, GMB Capital Mgmt., LLC, et al. (Apr. 20, 2012) ...... 48A-14, 48A-15, 48A-16, 48A-17

T–64 Table of Authorities

3403 (July 1, 2010) ...... 52-8 3408, Quantek Asset Mgmt., LLC, et al. (May 29, 2012) ...... 48A-15, 48A-16, 48A-17 3412, In the Matter of Oxford Investment Partners, LLC & Walter J. Clarke (May 30, 2012) ...... 8-37 3416, In re David Mark Bunzel (June 7, 2012) ...... 61-11, 61-12 3418, Political Contributions by Certain Investment Advisers: Ban on Third-Party Solicitation; Extension of Compliance Date (June 8, 2012) ...... 47-65, 52-5 3428, Calhoun Asset Mgmt., LLC (July 9, 2012) ...... 34B-13 3441, In the Matter of ConsultivaInternacional, Inc. (Aug. 3, 2012) ...... 34B-8 3458, In the Matter of Focus Point Solutions, Inc. (Sept. 7, 2012) ...... 15A-44 3464, In the Matter of Walter V. Gerasimowicz, et al. (Sept. 14, 2012) ...... 15A-56 3495, BTS Asset Management, Inc. (Oct. 29, 2012) (Order) ...... 7-7, 34B-27 3516, In re New England Investment Retirement Group, Inc., et al. (Dec. 18, 2012) ...... 7-19 3519, Claymore Advisors, LLC (Dec. 19, 2012) ...... 34B-25, 34B-26 3520, Fiduciary Asset Management, LLC (Dec. 19, 2012) ...... 48A-17 3522, Temporary Rule Regarding Principal Trades with Certain Advisory Clients (Dec. 20, 2012) ...... 15A-48, ...... 19-14, 19-15 3547 (Feb. 6, 2013) ...... 35-17 3553, Oxford Inv. Partners LLC & Walter J. Clarke (Feb. 15, 2013) ...... 48A-17 3564, In the Matter of Fry Hensley and Company and Nicholas L. Fry, II (Mar. 8, 2013) ...... 15A-47 3566, Oppenheimer Asset Mgmt. Inc. & Oppenheimer Alternative Inv. Mgmt., LLC (Mar. 11, 2013) ...... 48A-18, 48A-19, 61-16, 61-17 3571 ...... 48A-18 3582, Identity Theft Red Flags Rules (Apr. 10, 2013) ...... 15A-31, 15A-32, ...... 15A-33, 15A-34, 15A-35 3587, In the Matter of Vector Wealth Management, LLC (Apr. 18, 2013) ...... 15A-55 3636, In the Matter of Comprehensive Capital Management, Inc. (July 20, 2013) ...... 15A-55 3638, In the Matter of Goelzer Inv. Mgmt., Inc. & Gregory W. Goelzer (July 21, 2013) ...... 8-29, 8-32

(Inv. Adv. Reg., Rel. #13, 6/18) T–65 INVESTMENT ADVISER REGULATION

3653, In the Matter of Chariot Advisors, LLC & Elliott L. Shifman (Aug. 21, 2013) ...... 8-33 3658, In the Matter of J.S. Oliver Capital Mgmt., L.P., Ian O. Mausner & Douglas F. Drennan (Aug. 30, 2013) ..... 8-26 3671, In the Matter of Shadron L. Stastney (Sept. 18, 2013) ...... 8-32 3686, Manarin Investment Counsel, Ltd. (Oct. 2, 2013) ...... 8-24 3693 (Oct. 17, 2013) ...... 15A-13 3704, In the Matter of Equitas Capital Advisors, LLC et al. (Oct. 23, 2013) ...... 15A-46 3705, In the Matter of Knelman Asset Management Group (Oct. 29, 2013) ...... 15A-44 3706, In the Matter of GW & Wade, LLC (Oct. 28, 2013) .....15A-51 3715 (Nov. 13, 2013) ...... 15A-13 3719, In re Agamas Capital Management, LP (Nov. 19, 2013) ...... 61-17, 61-18 3725, In the Matter of Ambassador Capital Mgmt., LLC & Derek H. Oglesby (Nov. 26, 2013) ...... 8-5 3727, In the Matter of Tri-Star Advisors, Inc., William T. Payne, and Jon C. Vaughan (Nov. 26, 2013) ...... 15A-49 3747, In the Matter of Jim Poe & Associates, Inc. (Dec. 24, 2013) ...... 15A-39 3762, In the Matter of Western Asset Mgmt. Co. (Jan. 27, 2014) ...... 8-35 3785, In the Matter of Clean Energy Capital, LLC and Scott A. Brittenham (Feb. 25, 2014) ...... 15A-48 3818, In the Matter of Total Wealth Management, Inc., Jacob Keith Cooper, Nathan McNamee & Douglas David Shoemaker (Apr. 15, 2014) ...... 8-22 3858, In re Penn Mezzanine Partners Management, L.P. (June 20, 2014) ...... 48-23 3859 (June 20, 2014) ...... 48-23, 52-4, 55-40 3866, In the Matter of Gruss & Co., Inc. (July 1, 2014) ...... 59-23 3867, In the Matter of Duncan Family Office (July 1, 2014) .... 59-23 3924, In the Matter of Strategic Capital Grp., LLC and N. Gary Price (Sept. 18, 2014) ...... 7-22, 8-32 3927, In re Lincolnshire Management, Inc. (Sept. 22, 2014) ...... 8-35, 48-37, 48-73 3955, In re Clean Energy Capital, LLC (Oct. 17, 2014) ...... 48-37, 48-73 3955, In the Matter of Clean Energy Capital, LLC & Scott A. Brittenham (Oct. 17, 2015) ...... 8-35 3972, In the Matter of Alan Gavornik, Nicholas Mariniello & Lee Argush (Nov. 24, 2014) ...... 8-32

T–66 Table of Authorities

4053 (Mar. 30, 2015) ...... 61-20 4065, In the Matter of BlackRock Advisors, LLC, & Bartholomew A. Battista (Apr. 20, 2015) ...... 8-35 4091 ...... 51-26 4094, In the Matter of Gray Fin. Grp., Inc., Laurence O. Gray & Robert C. Hubbard, IV (May 21, 2015) ...... 8-33 4126, In the Matter of Pekin Singer Strauss Asset Mgmt. Inc. (June 23, 2015) ...... 8-24, 54-95 4131, In the Matter of Kohlberg Kravis Roberts & Co. L.P. (June 29, 2015) ...... 47-69, 48-74 4135 (July 1, 2015) ...... 61-13 4136 (July 1, 2015) ...... 61-13 4163, In the Matter of Guggenheim Partners Investment Mgmt., LLC (Aug. 10, 2015) ...... 8-27 4178, In the Matter of Citigroup Glob. Mkts., Inc. (Aug. 19, 2015) ...... 8-32 4188, In the Matter of Mackensen & Co., Inc. & Warren J. Mackensen (Sept. 3, 2015) ...... 7-22 4190, In the Matter of Raymond J. Lucia Cos., Inc. & Raymond J. Lucia, Sr. (Sept. 3, 2015) ...... 7-10, 7-22, 7-23, 8-37 4204, In re R.T. Jones Capital Equities Management, Inc. (Sept. 22, 2015) ...... 63-35 4206, John P. Freeman, Covenant Capital Management Partners, L.P. & Covenant Partners, L.P. (Sept. 23, 2015) ...... 8-13 4219, In the Matter of Blackstone Management Partners L.L.C., et al. (Oct. 7, 2015) ...... 8-34, 47-69, 48-74 4231, In the Matter of Welhouse & Assocs., Inc. & Mark P. Welhouse (Oct. 16, 2015) ...... 8-26 4253, In the Matter of Fenway Partners, LLC, et al. (Nov. 3, 2015) ...... 47-69 4258, In the Matter of Cherokee Investment Partners, LLC and Cherokee Advisers, LLC (Nov. 5, 2015) ...... 47-69 4266, In the Matter of Virtus Inv. Advisers, Inc. (Nov. 15, 2015) ...... 8-21 (Nov. 16, 2015) ...... 7-23 4276, In the Matter of JH Partners, LLC (Nov. 23, 2015) ...... 47-69 4283, In the Matter of Alpha Fiduciary, Inc. and Arthur T. Doglione (Nov. 30, 2015) ...... 7-8, 7-22, 8-37 4295, N.A. & J.P. Morgan Sec. LLC (Dec. 18, 2015) ...... 8-27, 44-12 4314, In the Matter of Everhart Fin. Grp., Inc., Richard Scott Everhart, & Matthew James Romeo (Jan. 14, 2016) ...... 8-23 4338, In the Matter of Cantella & Co. (Feb. 23, 2016) .....7-23, 8-22

(Inv. Adv. Reg., Rel. #13, 6/18) T–67 INVESTMENT ADVISER REGULATION

4351, In the Matter of Royal Alliance Associates, Inc., SagePoint Fin., Inc. and FSC Sec. Corp. (Mar. 14, 2016) ...... 8-36, 8-56 4352, In the Matter of Central States Capital Mkts., LLC, et al. (Mar. 15, 2016) ...... 8-9 4366, In the Matter of Gregory L. Merrick (Apr. 13, 2016) ...... 8-25 4371, In the Matter of Bruce A. Hartshorn (Apr. 19, 2016) ...... 8-26 4372, In the Matter of TPG Advisors LLC d/b/a The Phillips Group Advisors & Larry M. Phillips (Apr. 19, 2016) ...... 8-26 4411, In the Matter of Blackstreet Capital Management, LLC and Murry N. Gunty (June 1, 2016) ...... 47-68 4420A (July 7, 2016) ...... 8-5 4421 (June 14, 2016) ...... 10-24, 47-58, 47-59, 48-16 4431 (June 17, 2016) ...... 17-41 4439, Adviser Business Continuity and Transition Plans (June 28, 2016) ...... 8-47, 24A-16, 25-2, 48-77 4493, In the Matter of Apollo Management V, L.P. et al. (Aug. 23, 2016) ...... 48-45, 48-74 4494, In the Matter of WL Ross & Co. LLC (Aug. 24, 2016) ...... 47-69, 48-74 4509, Form ADV and Investment Advisers Act Rules (Aug. 25, 2016) ...... 24A-7, 47-50, 48-6, 48-7 4529, In the Matter of First Reserve Management, L.P. (Sept. 14, 2016) ...... 47-69, 48-75 4604 In the Matter of Centre Partners Management, LLC (Jan. 10, 2017) ...... 47-69 4889 (Apr. 18, 2018) ...... 8A-24 15,657, In the Matter of Larry C. Grossman & Gregory J. Adams (Dec. 23, 2014) ...... 8-22 31,308, Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisers on Form PF (Oct. 31, 2011) ...... 46A-75, 46A-78, ...... 46A-81, 46A-87

T–68