Investment adviser news – first quarter 2009

The SEC issued assurance that it would not seek enforcement action under Section 206(3) of the Investment Advisers Act of 1940 (“Advisers Act”) against a “Participating Firm” if the Participating Firm tenders or causes the sale of “Subject Securities” to the Participating Firm on behalf of a “Discretionary Client” without first obtaining the Discretionary Client’s affirmative consent, provided that the Participating Firm follows the “Discretionary Client Protocol.”