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• An Update on Structuring Investments in India ( April 2004 )
  

  India's strength in providing low cost business services, the valuation of such businesses on India's stock exchanges and currency exchange liberalizations are causing investors to consider more India centric investments. The primary considerations in selecting an investment structure for India are valuation and ease of exit for investors.

• Mutual Fund "Bad Apples" Haven't Spoiled the Barrel ( March 2004 )
  

  In the last four months, the mutual fund industry has received more unfavorable publicity than it received in the preceding six decades. The SEC, the NASD, state attorneys general, and state securities commissions have launched investigations, and various reforms are being considered by the SEC and Congress.

• Imposing Corporate Governance Reform: The SEC Takes Action ( November 2003 )
  

  The partial settlement announced on November 13, 2003 between the Securities and Exchange Commission and Putnam Investment Management LLC highlights a significant trend in recent enforcement actions: the imposition of substantial corporate governance reforms and related independent monitoring of these required changes. While criticized by state officials in New York and Massachusetts as not being tough enough, the Putnam settlement details sweeping, and for the most part, voluntary changes to its boardroom in terms of composition, process and procedure. The SEC emphasized these voluntary remedial efforts and undertakings as part of its decision to accept Putnam’s offer of settlement. Understanding these specific reforms provides insight into what non-monetary terms the SEC may expect or require in the current regulatory environment.

• SEC Approves NYSE and NASDAQ Proposals Relating to Director Independence ( November 2003 )
  

  On November 4, 2003, the Securities and Exchange Commission (SEC) approved listing standards proposed by the New York Stock Exchange (NYSE) and the Nasdaq Stock Market, Inc. (Nasdaq) relating to board composition and director independence. The new listing standards affect the composition of the boards of directors and board committees of listed companies and impact the individual members of the board.

• Imposing Corporate Governance Reform:The SEC Takes Action ( November 2003 )
  

  The partial settlement announced on November 13, 2003, between the Securities and Exchange Commission and Putnam Investment Management LLC highlights a significant trend in recent enforcement actions: the imposition of substantial corporate governance reforms and related independent monitoring of these required changes. Understanding these specific reforms provides insight into what non-monetary terms the SEC may expect or require in the current regulatory environment.

• SEC Expected to Approve Final Nasdaq Corporate Governance Standards ( October 2003 )
  

  On October 9, 2003, The Nasdaq Stock Market, Inc. filed an amendment to its proposed listing standards concerning director independence and other corporate governance matters with the SEC. As a general rule, listed companies will need to be in compliance with the new rules prior to their 2004 annual shareholders meeting. Although widely expected to be in final form at this time, the proposals must be approved by the SEC before becoming final, and the SEC could require further revisions.

• Sarbanes-Oxley Update: SEC Issues Final Rules Prohibiting Improper Influence on Auditors ( May 2003 )
  

  The Securities and Exchange Commission has issued final rules prohibiting corporate directors and officers (and those acting under their direction) from exercising improper influence on auditors as required by Section 303(a) of the Sarbanes-Oxley Act of 2002. 

• Proposed Rules Requiring Investment Companies and Investment Advisers to Adopt "Compliance Programs" ( July 2003 )
  

  The Securities and Exchange Commission is proposing new rules that would require each investment company and investment adviser registered with the Commission to adopt and implement policies and procedures designed to prevent the violation of federal securities laws and to protect fund investors.

• SEC Publishes Proposed PCAOB Rules For Funding ( July 2003 )
  

  On June 23, 2003 the Securities and Exchange Commission (the “SEC”) published for public comment the funding proposal of the Public Company Accounting Oversight Board (the “Board”), which was created by the Sarbanes-Oxley Act of 2002 (the “Act”).

• SEC Adopts Final Rules Requiring Listing Standards for Audit Committee Independence and Powers ( April 2003 )
  

  As required by Section 301 of the Sarbanes-Oxley Act of 2002, the Securities and Exchange Commission adopted final rules on April 9, 2003 directing the national securities exchanges and associations (principally the NYSE, AMEX and Nasdaq) to prohibit the listing of any security of a company that is not in compliance with the audit committee requirements established by the Sarbanes-Oxley Act.