SEC News Digest

COMMISSION ANNOUNCEMENTS

Commission Meetings

Following is a schedule of Commission meetings, which will be conducted under provisions of the Government in the Sunshine Act. Meetings will be scheduled according to the requirements of agenda items under consideration.

Open meetings will be held in the Auditorium, Room L-002 at the Commission's headquarters building, 100 F Street, N.E., Washington, D.C. Visitors are welcome at all open meetings, insofar as space is available. Persons wishing to photograph or videotape Commission meetings must obtain permission in advance from the Secretary of the Commission. Persons wishing to tape record a Commission meeting should notify the Secretary's office 48 hours in advance of the meeting.

Any member of the public who requires auxiliary aids such as a sign language interpreter or material on tape to attend a public meeting should contact SECInterpreter@SEC.gov at least three business days in advance. For any other reasonable accommodation related disability contact DisabilityProgramOfficer or call 202-551-4158.

Open Meeting - Wednesday, December 16, 2009 - 10:00 a.m.

The subject matter of the Open Meeting will be:

Item 1: The Commission will consider whether to adopt amendments to rules and forms under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940 to enhance the disclosures that registrants are required to make about compensation and other corporate governance matters.

Item 2: The Commission will consider whether to adopt amendments to the investment adviser custody rule (rule 206(4)-2) under the Investment Advisers Act of 1940) and related forms and rules. The amendments would enhance the protections provided advisory clients when they entrust their funds and securities to an investment adviser.

At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551-5400.

ENFORCEMENT PROCEEDINGS

In the Matter of Robert J. Bradbury and Dolphin and Bradbury, Incorporated

On Dec. 9, 2009, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) and Section 15B(c) of the Securities Exchange Act of 1934, Making Findings and Imposing Remedial Sanctions (Order) against Robert J. Bradbury and Dolphin and Bradbury, Incorporated. The Order finds that Robert J. Bradbury (Bradbury) was, at all relevant times, the chairman, chief operating officer and 38% owner of Dolphin and Bradbury, Incorporated (D&B), a registered broker-dealer with the Commission since 1986.

The Order also finds that, on Nov. 30, 2009, a federal court entered by consent final judgments in SEC v. Robert J. Bradbury, et al., Civil Action No. 06-CV-3435 (JF)(E.D. Pa.) against, among others, Bradbury and D&B, enjoining them from violating, or aiding and abetting violations of, Section 17(a) of the Securities Act of 1933, Sections 10(b), 15(c), 15B(c)(1) and 17(a) of the Securities Exchange Act of 1934, Rules 10b-5, 15c2-12, 17a-3 and 17a-4 thereunder, and Rule G-17 of Municipal Securities Rulemaking Board.

In addition, the final judgments order Bradbury, D&B, and relief defendant Margaret B. Bradbury to pay, on a joint and several basis, disgorgement in the amount of $3,405,000, plus prejudgment interest thereon in the amount of $1,731,628.79. Bradbury was also prohibited from serving as an officer or director of any public company.

On Aug. 3, 2006, the Commission filed a civil complaint alleging, among other things, that Bradbury and D&B defrauded four Pennsylvania school districts by repeatedly selling them, without adequate disclosure, a series of unsuitable, risky short-term, tax-exempt notes issued to finance a speculative golf course project in Central Pennsylvania. The complaint also alleged that Bradbury, on D&B's behalf, also executed numerous false and misleading documents to conceal the fraud. Bradbury's wife, Margaret, was sued as a relief defendant.

Based on the above, the Order bars Bradbury from association with any broker, dealer, or municipal securities dealer and revokes D&B's registration. Bradbury and D&B consented to the issuance of the Order without admitting or denying any of the findings except as to the entry of the final judgments. (Rel. 34-61132; File No. 3-13706)

INVESTMENT COMPANY ACT RELEASES

Madison Asset Management, LLC, et al.

A notice has been issued giving interested persons until Dec. 28, 2009, to request a hearing on an application filed by Madison Asset Management, LLC, et al., under Section 12(d)(1)(J) of the Investment Company Act for an exemption from Sections 12(d)(1)(A) and (B) of the Act, and under Sections 6(c) and 17(b) of the Act for an exemption from Section 17(a) of the Act. The order would permit certain registered open-end management investment companies to acquire shares of other registered open-end management investment companies and unit investment trusts that are within and outside the same group of investment companies. (Rel. IC-29068 - December 7)

SELF-REGULATORY ORGANIZATIONS

Proposed Rule Change

The Financial Industry Regulatory Authority filed a proposed rule change (SR-FINRA-2009-080) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 to adopt NASD Rule 3121 (Custodian of the Record) as FINRA Rule 4570 (Custodian of Books and Records) in the Consolidated FINRA Rulebook with minor changes. Publication is expected in the Federal Register during the week of December 7. (Rel. 34-61116)

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change filed by the Chicago Board Options Exchange relating to the CBSX market data infrastructure fee (SR-CBOE-2009-091) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of December 14. (Rel. 34-61121)

A proposed rule change (SR-FINRA-2009-083) filed by Financial Industry Regulatory Authority to adopt NASD Rule 2821 (Members' Responsibilities Regarding Deferred Variable Annuities) as FINRA Rule 2330 has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of December 14. (Rel. 34-61122)

A proposed rule change (SR-BX-2009-074) filed by NASDAQ OMX BX to amend Chapter XI (Communications with Public Customers) has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of December 14. (Rel. 34-61124)

A proposed rule change filed by the New York Stock Exchange (SR-NYSE-2009-122) to suspend certain provisions of NYSE Rules 116 and 123C relating to the requirement that the closing transaction be reported to the Consolidated Tape as a single transaction has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of December 14. (Rel. 34-61125)

A proposed rule change filed by New York Stock Exchange (SR-NYSE-2009-121) amending NYSE Rule 1600 to more fully incorporate away market contra side liquidity in the execution of New York Block Exchange orders has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of December 14. (Rel. 34-61126)

A proposed rule change filed by the New York Stock Exchange relating to the exclusion of early closing days from certain ADV calculations (SR-NYSE-2009-118) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of December 14. (Rel. 34-61130)

SECURITIES ACT REGISTRATIONS

• Latest Securities Act registrations (TXT)

RECENT 8K FILINGS

• Latest 8-K filings (TXT)

http://www.sec.gov/news/digest/2009/dig120909.htm