Securities and Exchange Commission Suspends Trading in the Securities of East Delta Resources Corp. for Failure to Make Required Periodic Filings
The U.S. Securities and Exchange Commission announced the temporary suspension of trading in the securities of East Delta Resources Corp. (EDLT) commencing at 9:30 a.m. EST on Jan. 13, 2010 and terminating at 11:59 p.m. EST on Jan. 27, 2010.
The Commission temporarily suspended trading in the securities of East Delta due to a lack of current and accurate information about the company because it has not filed periodic reports with the Commission since the period ended September 30, 2008. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).
The Commission cautions brokers, dealers, shareholders and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by these companies.
Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2-11, at the termination of the trading suspension, no quotation may be entered relating to the securities of the East Delta unless and until the broker or dealer has strictly complied with all of the provisions of the rule. If any broker or dealer is uncertain as to what is required by the rule, it should refrain from entering quotations relating to the securities of East Delta until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. Any broker or dealer with questions regarding the rule should contact the staff of the Securities and Exchange Commission in Washington, DC at (202) 551-5720. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.
If any broker, dealer or other person has any information which may relate to this matter, they should immediately communicate it to the Washington, DC office of the Securities and Exchange Commission, Stephen Herm, Senior Counsel, at 202-551-4727 or by email at firstname.lastname@example.org. (Rel. 34-61341)
SEC Names New Specialized Unit Chiefs and Head of New Office of Market Intelligence
The Enforcement Division of the Securities and Exchange Commission today announced the appointment of the newest members of its national leadership team as the Division undertakes its most significant reorganization since its establishment in 1972.
The Division named leaders of national specialized units it has established in five priority areas dedicated to particular highly specialized and complex areas of securities law. The Division also has created a new Office of Market Intelligence that is responsible for the collection, analysis, and monitoring of the hundreds of thousands of tips, complaints, and referrals that the SEC receives each year. These units and the new office will help provide the additional structure, resources, and expertise necessary for enforcement staff to keep pace with ever-changing markets and more comprehensively investigate cases involving complex products, markets, regulatory regimes, practices and transactions.
"Two great challenges face every enforcement authority policing our securities markets - the complexity and high-velocity pace of innovation in financial products, transactions, and markets, and the willingness of violators to use every trick to cover their tracks," said Robert Khuzami, Director of the Division of Enforcement. "These specialized units address both challenges through improved understanding of complex products and markets, earlier and better capability to detect emerging fraud and misconduct, greater capacity to file cases with strike-force speed, and an increase in expertise throughout the Division. And by making connections between similar tips from different outside sources, our new Office of Market Intelligence will enable the Division to better focus resources on those tips and referrals with the greatest potential for uncovering wrongdoing."
Through enhanced training and improved access to specialists, unit members will obtain increased understanding of particular markets, products and transactions. They will use that expertise to adopt a more proactive approach to identifying conduct and practices ripe for investigation, to conduct those investigations with increased efficiency and effectiveness, and to share that expertise with all staff throughout the Enforcement Division conducting investigations in these specialized areas.
The new Office of Market Intelligence will be led by Thomas A. Sporkin. This office will analyze tips according to internally-developed risk criteria as well as SEC priorities, and will utilize the expertise of the SEC's other Divisions and of the specialized units to help analyze the tips and identify wrongdoing.
Mr. Sporkin assumes this new role after serving as Deputy Chief in the Office of Internet Enforcement at the SEC since 2001. Previously, he was Senior Counsel and Staff Attorney in the SEC's Division of Enforcement. Mr. Sporkin received his J.D. from American University Washington College of Law, and his B.S. in Economics from the University of Maryland.
The specialized units and their Unit Chiefs are:
Asset Management - This unit will be led by Co-Chiefs Bruce Karpati and Robert B. Kaplan and will focus on investigations involving Investment Advisors, Investment Companies, Hedge Funds, and Private Equity Funds.
Mr. Karpati was founder and head of the SEC's Hedge Fund Working Group, and has served as Assistant Regional Director for the New York Regional Office of the SEC. Earlier, he was a Branch Chief and Attorney in the Division of Enforcement at the agency. Previously, Mr. Karpati was an Associate at Dechert LLP in Washington, D.C. Mr. Karpati received his J.D. from University at Buffalo Law School, and his B.A. in International Relations from Tufts University.
Mr. Kaplan has served as Assistant Director of the SEC's Division of Enforcement. He previously held positions as Assistant Chief Litigation Counsel and Senior Counsel/Staff Attorney in the Division. Earlier, he was an Associate with Morgan, Lewis & Bockius LLP in New York. Mr. Kaplan received his J.D. from New York University School of Law, and his A.B. in History from Columbia College, Columbia University.
Market Abuse - This unit will be led by Daniel M. Hawke, and will focus on investigations involving large-scale market abuses and complex manipulation schemes by institutional traders, market professionals, and others.
Mr. Hawke is Director of the SEC's Philadelphia Regional Office. He joined the SEC's Philadelphia office as Associate Regional Director, and previously served in the Washington, D.C. office as Branch Chief and Staff Attorney in the Enforcement Division. Earlier, he was a Litigation Partner at Tucker, Flyer & Lewis LLP in Washington, D.C. Mr. Hawke received his J.D. from Boston University School of Law, and his B.A. in Political Science from Tulane University.
The Market Abuse Unit Deputy Chief is Sanjay Wadhwa. Mr. Wadhwa has been Assistant Regional Director for the New York Regional Office of the SEC. Earlier, he was Branch Chief and Senior Counsel/Staff Attorney in the Division of Enforcement at the agency. Previously, he was an Associate at Skadden, Arps, Slate, Meagher & Flom LLP in New York. Mr. Wadhwa received his LL.M. in Taxation from New York University School of Law, his J.D. from South Texas College of Law, and his B.B.A. in Accounting from Florida Atlantic University.
Structured and New Products - This unit will be led by Kenneth R. Lench and will focus on complex derivatives and financial products, including credit default swaps, collateralized debt obligations, and securitized products.
Mr. Lench has served as Assistant Director, Branch Chief, Assistant Chief Counsel, and Senior Counsel/Staff Attorney with the SEC's Division of Enforcement. Earlier, he was a Senior Attorney with the SEC's Division of Corporation Finance, and an Associate with Sills Cummis P.C. in Newark, N.J. Mr. Lench received his J.D. from Boston University School of Law, and his B.A. in Political Science from Brandeis University.
The Structured and New Products Unit Deputy Chief is Reid A. Muoio, who has been an Assistant Director, Branch Chief, and Staff Attorney with the SEC's Division of Enforcement. Earlier, he was an Associate with Hughes Hubbard & Reed LLP in New York. Mr. Muoio received his J.D. from Yale Law School and his B.A. in Economics from Williams College.
Foreign Corrupt Practices - This unit will be led by Cheryl J. Scarboro and will focus on violations of the Foreign Corrupt Practice Act, which prohibits U.S. companies from bribing foreign officials for government contracts and other business. Ms. Scarboro has served as Associate Director, Assistant Director, Deputy Assistant Director, and Staff Attorney in the SEC's Division of Enforcement. She also was Counsel to SEC Chairman Arthur Levitt, Jr.. Earlier, she was an Associate at Sutherland, Asbill & Brennan LLP in Washington, D.C. Ms. Scarboro received her J.D. from Duke University School of Law, and her B.A. in Political Science from the University of Alabama in Huntsville.
Municipal Securities and Public Pensions - This unit will be led by Elaine C. Greenberg and will focus on misconduct in the large municipal securities market and in connection with public pension funds including: offering and disclosure fraud; tax or arbitrage-driven fraud; pay-to-play and public corruption violations; public pension accounting and disclosure violations; and valuation and pricing fraud.
Ms. Greenberg is the Associate Regional Director of the Philadelphia Regional Office of the SEC and has served as the Co-Chair of the Division's national Municipal Securities Working Group. Earlier, she was Assistant Regional Director, Branch Chief, and Staff Attorney in the Philadelphia office. Ms. Greenberg received her J.D. from Temple University School of Law, and her B.A. in Anthropology from Temple University.
The Municipal Securities and Public Pensions Unit Deputy Chief is Mark R. Zehner. Mr. Zehner has served as Regional Municipal Securities Counsel in the SEC's Philadelphia Regional Office and as Co-Chair of the Municipal Securities Working Group.
Previously, he was an Attorney-Fellow in the Office of Municipal Securities in the SEC's Washington, D.C. office. Earlier, Mr. Zehner was a Partner with Saul, Ewing, Remick, & Saul LLP in Philadelphia. He received his J.D. from the University of Pennsylvania Law School, and his B.A. in Government from Dartmouth College.
Prior to today, among the recommendations already implemented, senior officers have received the authority to open formal investigations and initiate the issuance of subpoenas to facilitate the swifter collection of evidence. Other initiatives that are being undertaken by the Division include substantially expanding staff training programs, streamlining management, putting additional experienced investigators on the front lines, revising internal enforcement procedures, restructuring processes to ensure better sharing of information, leveraging the knowledge of third parties, and revamping the handling of tips.
For more information, contact:
Robert S. Khuzami, Director of the Division of Enforcement - (202) 551-4500
Lorin L. Reisner, Deputy Director of the Division of Enforcement - (202) 551-4500
(Press Rel. 2010-5)
SEC Announces Initiative to Encourage Individuals and Companies to Cooperate and Assist in Investigations
The Securities and Exchange Commission today announced a series of measures to further strengthen its enforcement program by encouraging greater cooperation from individuals and companies in the agency's investigations and enforcement actions.
The new initiative establishes incentives for individuals and companies to fully and truthfully cooperate and assist with SEC investigations and enforcement actions, and provides new tools to help investigators develop first-hand evidence to build the strongest possible cases. The cooperation initiative is expected to result in invaluable and early assistance in identifying the scope, participants, victims and ill-gotten gains associated with fraudulent schemes.
"This is a potential game-changer for the Division of Enforcement," said Robert Khuzami, Director of the Division of Enforcement. "There is no substitute for the insiders' view into fraud and misconduct that only cooperating witnesses can provide. That type of evidence can expand our ability to conduct our investigations more swiftly, and to act quickly to file charges, freeze assets, and protect investors."
To improve the quality, quantity, and timeliness of information and assistance it receives, the SEC approved the following measures:
First, the Division of Enforcement is authorizing its staff to use various tools to encourage individuals and companies to report violations and provide assistance to the agency. The new tools are laid out in a revised version of the Division's enforcement manual in a new section entitled "Fostering Cooperation." For many years, similar cooperation tools have been regularly and successfully used by the Justice Department in its criminal investigations and prosecutions. The new cooperation tools, not previously available in SEC enforcement matters, include:
Second, the SEC streamlined the process for submitting witness immunity requests to the Justice Department for witnesses who have the capacity to assist in its investigations and related enforcement actions.
Third, the Commission has set out, for the first time, the way in which it will evaluate whether, how much, and in what manner to credit cooperation by individuals to ensure that potential cooperation arrangements maximize the Commission's law enforcement interests. This pronouncement is expected to provide guidance and serve as an incentive for individuals to report violations and to cooperate fully and promptly in enforcement cases. It is similar to the so-called "Seaboard Report" that was issued in 2001 and detailed the factors the SEC considers when evaluating cooperation by companies.
In the newly issued policy statement, the SEC identifies four general considerations:
The developments announced today are the latest in a series of initiatives that are part of the most significant reorganization of the Enforcement Division in more than 30 years. These reforms include vastly expanding staff training programs, hiring staff with new skill sets, streamlining management, adding more experienced investigators to the front lines, revising internal enforcement procedures, restructuring processes to ensure better sharing of information, leveraging the knowledge of third parties, and revamping the way tips are handled.
For more information, contact:
Robert S. Khuzami - Director of the Division of Enforcement - (202) 551-4500
Lorin L. Reisner - Deputy Director of the Division of Enforcement - (202) 551-4500
Jordan A. Thomas - Assistant Chief Litigation Counsel - (202) 551-4475
(Press Rel. 2010-6)
SEC Proposes New Rule to Effectively Prohibit Unfiltered Access and Maintain Market Access Controls
The Securities and Exchange Commission today voted unanimously to propose a new rule that would effectively prohibit broker-dealers from providing customers with "unfiltered" or "naked" access to an exchange or alternative trading system (ATS).
The SEC's proposed rule would require brokers with market access, including those who sponsor customers' access to an exchange, to put in place risk management controls and supervisory procedures. Among other things, the procedures would help prevent erroneous orders, ensure compliance with regulatory requirements, and enforce pre-set credit or capital thresholds.
"Unfiltered access is similar to giving your car keys to a friend who doesn't have a license and letting him drive unaccompanied," said SEC Chairman Mary L. Schapiro. "Today's proposal would require that if a broker-dealer is going to loan his keys, he must not only remain in the car, but he must also see to it that the person driving observes the rules before the car is ever put into drive."
Broker-dealers use a 'special pass' known as their market participant identifier (MPID) to electronically access an exchange or ATS and place an order for a customer. Broker-dealers are subject to the federal securities laws as well as the rules of the self-regulatory organizations that regulate their operation.
However, those laws and rules do not apply to a non-broker-dealer customer who a broker-dealer provides with their MPID in order to individually gain access to an exchange or ATS. Under this arrangement known as "direct market access" or "sponsored access," the customer can sometimes place an order that flows directly into the markets without first passing through the broker-dealer's systems and without being pre-screened by the broker-dealer in any manner. This type of direct market access arrangement is known as "unfiltered" access and "naked" access. A recent report estimated that naked access accounts for 38 percent of the daily volume for equities traded in the U.S. markets.
Through sponsored access, especially "unfiltered" or "naked" sponsored access arrangements, there is the potential that financial, regulatory and other risks associated with the placement of orders are not being appropriately managed. In particular, there is an increased likelihood that customers will enter erroneous orders as a result of computer malfunction or human error, fail to comply with various regulatory requirements, or breach a credit or capital limit.
The SEC's proposed rule would require broker-dealers to establish, document and maintain a system of risk management controls and supervisory procedures reasonably designed to manage the financial, regulatory and other risks related to its market access, including access on behalf of sponsored customers.
Broker-dealers would be required to:
The SEC today also approved a new Nasdaq rule that requires broker-dealers offering sponsored access to Nasdaq to establish certain controls over the financial and regulatory risks of that activity. The proposed Commission rule would extend beyond the new Nasdaq rule in several respects. For example, the Commission's proposal would require the broker-dealer to automatically apply its controls on a pre-trade basis, and to retain exclusive control over those controls without delegation of this critical function to the customer or another third party. The Commission's proposal also would require broker-dealers to establish a supervisory system, including an annual CEO certification, to assure the ongoing effectiveness of its controls In addition, the Commission's proposed risk management controls would apply market-wide, whenever a broker-dealer directly accesses any exchange or ATS.
The SEC's proposed rule seeks public comment and data on a broad range of issues relating to market access, including the costs and benefits associated with the proposal. Public comments on today's proposal must be received by the Commission within 60 days after its publication in the Federal Register. (Press Rel. 2010-7)
SEC Issues Concept Release Seeking Comment on Structure of Equity Markets
The Securities and Exchange Commission today moved forward with a broad review of the equity market structure, voting unanimously to issue a concept release seeking public comment on such issues as high frequency trading, co-locating trading terminals, and markets that do not publicly display price quotations.
The U.S. equity markets have undergone significant change in recent years from a market structure that relies on people shouting on the exchange floors to one that relies on advanced computer technology. The speed of trading has accelerated from seconds to milliseconds to microseconds. Trading volume has expanded, and new trading centers have entered the markets and captured a significant share of volume. Liquidity is now dispersed among many different venues, and these venues offer a complex array of order types and other trading services.
In conducting this review, the Commission seeks to ensure that the current market structure serves the interests of long-term investors who are willing to accept the risk of equity ownership over time and are essential for capital formation. These investors include individuals who invest directly in equities, as well as retirement plans and other institutional investors that invest on behalf of many individuals.
"At the Commission, we must continually assess how changes in the market are affecting investors," said SEC Chairman Mary L. Schapiro. "We must try to understand how these changes may impact the markets in the future, so we can steer clear of any unnecessary risks to investors."
The Commission is assessing how all types of individual investors and all sizes of institutional investors - small, medium, and large - are faring in the current market structure. It also is assessing whether the current market structure promotes capital formation in companies with varying levels of market capitalization.
The concept release requests comment on all matters related to market structure. In addition, it asks many specific questions about the current market structure, including:
Market Quality Metrics
Fairness of Market Structure
High Frequency Trading
The Commission's ongoing review already has led to several rulemaking proposals that are narrowly targeted to address discrete issues and intended primarily to preserve the integrity of longstanding market structure principles.
One proposal would ban flash orders, which enable a person who has not publicly displayed a quote to see orders less than a second before the public is given an opportunity to trade with those orders.
Another proposal would strengthen transparency requirements for non-public trading interest, including dark pools of liquidity which are a type of alternative trading system that does not display quotations to the public.
In addition, the Commission today proposed for public comment a new market structure initiative to strengthen the risk management controls of broker-dealers that provide market access.
The Commission intends to use the public's comments on the concept release to help determine whether additional regulatory measures are needed to improve the current equity market structure. Public comments on the concept release must be received by the Commission within 90 days after its publication in the Federal Register. (Press Rel. 2010-8)
SEC Charges Bank of America for Failing to Disclose Extraordinary Losses at Merrill Lynch Prior to Merger
The Securities and Exchange Commission today charged Bank of America with violating the federal proxy rules by failing to disclose extraordinary financial losses at Merrill Lynch prior to a shareholder vote to approve a merger between the two companies.
The SEC's complaint, filed in U.S. District Court for the Southern District of New York, alleges that Bank of America learned prior to the Dec. 5, 2008, shareholder vote that Merrill Lynch had incurred a net loss of $4.5 billion in October 2008 and estimated billions of dollars of additional losses in November. Bank of America erroneously and unreasonably concluded that no disclosure concerning these extraordinary losses was required as shareholders were called upon to vote on the proposed merger with Merrill Lynch. The lack of any disclosure about the losses deprived shareholders of up-to-date information that was essential to their ability fairly to evaluate whether to approve the merger on the terms presented to them. Bank of America's failure to disclose this information violated its undertaking to update shareholders concerning fundamental changes to previously disclosed information, and rendered its prior disclosures materially false and misleading.
Last August, the Commission filed a separate action charging Bank of America with misleading investors about billions of dollars in bonuses that were being paid to Merrill executives. Today's filing follows yesterday's ruling by the Honorable Jed S. Rakoff that the SEC's proposed charges relating to the Merrill losses should be filed separately rather than being consolidated with the current complaint challenging the bonus disclosure. That case is currently set for trial to begin on March 1, 2010 before Judge Rakoff.
According to the SEC's complaint filed today, the actual and estimated losses at Merrill Lynch for the fourth quarter of 2008 together represented approximately one-third of the value of the merger at the time of the shareholder vote and more than 60 percent of the aggregate losses that the firm sustained in the preceding three quarters combined. The SEC's complaint further alleges that Merrill's deteriorating performance represented a fundamental change to the financial information that Bank of America provided shareholders in the proxy statement used to solicit votes for approval of the merger. In connection with the merger, Bank of America also publicly filed a registration statement in which it represented that it would update shareholders about any fundamental changes in the information previously disclosed.
The SEC's complaint charges Bank of America with violating Section 14(a) of the Securities Exchange Act of 1934 and SEC Rule 14a-9 by failing to make any disclosure to its shareholders of the losses that Merrill Lynch incurred in the two-month period leading to the Dec. 5, 2008 shareholder vote.
The SEC acknowledges the assistance of the U.S. Attorney's Offices for the Southern District of New York and Western District of North Carolina, the Federal Bureau of Investigation, and the Office of The Special Inspector General for the Troubled Asset Relief Program. [SEC v. Bank of America Corporation, Civil Action No. 10-0215 (S.D.N.Y.)] (LR-21377)
INVESTMENT COMPANY ACT RELEASES
Cash Account Trust, et al.
An order has been issued on an application filed by Cash Account Trust, et al. exempting applicants from Section 15(a) of the Investment Company Act and Rule 18f-2 under the Act. The order permits the applicants to enter into and materially amend subadvisory agreements without shareholder approval and grants relief from certain disclosure requirements. (Rel. IC-29109 - January 12)
Investools Inc., et al.
The Commission has issued an order to Investools Inc., et al. (Investools) under Section 9(c) of the Investment Company Act exempting applicants and any other company of which Investools is or becomes an affiliated person from Section 9(a) of the Act with respect to an injunction entered by the U.S. District Court for the District of Columbia on December 16, 2009. (Rel. IC-29110 - January 12)
Immediate Effectiveness of Proposed Rule Changes
A proposed rule change (SR-NASDAQ-2009-112) filed by the NASDAQ Stock Market to amend NASDAQ Rules 1140 and 3080 to reflect recent changes to a corresponding rule of the Financial Industry Regulatory Authority 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 January 18. (Rel. 34-61314)
A proposed rule change filed by the Chicago Stock Exchange to implement a tiered Fee Schedule (SR-CHX-2010-01) 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 January 18. (Rel. 34-61322)
A proposed rule change filed by the Chicago Board Options Exchange (SR-CBOE-2009-101) relating to professional fees 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 January 18. (Rel. 34-61329)
A proposed rule change filed by the Chicago Board Options Exchange (SR-CBOE-2010-002) to permit concurrent listing of $3.50 and $4 strikes for classes in both the $0.50 Strike and $1 Strike Programs has become immediately 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 January 18. (Rel. 34-61331)
A proposed rule change (SR-ISE-2009-115) filed by the International Securities Exchange relating to a market maker incentive plan for foreign currency options 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 January 18. (Rel. 34-61334)
A proposed rule change filed by NASDAQ OMX PHLX relating to amendments to the fee schedule (SR-Phlx-2009-104) 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 January 18. (Rel. 34-61337)
Approval of Proposed Rule Changes
A proposed rule change (SR-ISE-2009-103), filed by the International Securities Exchange relating to market data fees has been approved pursuant to Section 19(b)(2) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of January 18. (Rel. 34-61317)
The Commission approved a proposed rule change (SR-NYSEArca-2009-106) submitted by NYSE Arca pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, relating to the listing fee and annual fee applicable to derivative securities products. Publication is expected in the Federal Register during the week of January 18. (Rel. 34-61330)
Proposed Rule Changes
The Commission issued notice of a proposed rule change submitted by Financial Industry Regulatory Authority (SR-FINRA-2009-093) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to repeal NASD Rule 2450 (Installment or Partial Sales), NASD Interpretive Material 2830-2 ("IM-2830-2") (Maintaining the Public Offering Price) and Incorporated NYSE Rule 413 (Uniform Forms) as part of the process of developing a consolidated FINRA rulebook. Publication is expected in the Federal Register during the week of January 18. (Rel. 34-61319)
The Commission approved a proposed rule change submitted by the New York Stock Exchange (SR-NYSE-2009-117) amending its listing fees for structured products. Publication is expected in the Federal Register during the week of January 18. (Rel. 34-61333)
The Commission published notice of a proposed rule change (SR-Phlx-2009-113) submitted by NASDAQ OMX PHLX pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 relating to index option position limits. Publication is expected in the Federal Register during the week of January 18. (Rel. 34-61326)
Accelerated Approval of Proposed Rule Change
Chicago Board Options Exchange filed, and the Commission has approved on an accelerated basis, a proposed rule change (SR-CBOE-2009-092) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 to amend Rule 8.91 - Limitations on Dealings of DPMs and Affiliated Persons of DPMs. Publication is expected in the Federal Register during the week of January 18. (Rel. 34-61336)
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