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SEC Proposes Changes In Investment Adviser Custody Rules - Adopts Changes In Fund Merger Regulations - Proposes Exemptions For Standardized Options- Adopts Changes To Privacy Act Systems Of Records

Date 17/07/2002

The Commission today proposed changes to Rule 206(4)-2, the custody rule under the Investment Advisers Act, to enhance protections afforded to advisory clients' assets, harmonize the rule with current custodial practices, and clarify when advisers have custody. SEC regulations concerning mergers of affiliated investment companies were changed to permit a greater range of fund mergers that are consistent with the protection of fund investors. The Commission also proposed exemptions for standardiz
PricewaterhouseCoopers Settles SEC Auditor Independence Case - PWC And Its Broker-Dealer Affiliate to Pay A Total of $5 Million - Avon Settles SEC Enforcement Action, Agrees To Restate

Date 17/07/2002

The Securities and Exchange Commission today announced a settled enforcement action against PricewaterhouseCoopers LLP (PwC) and its broker-dealer affiliate, PricewaterhouseCoopers Securities LLC (PwCS), for violations of the auditor independence rules. The auditor independence violations span a five-year period from 1996 to 2001 and arise from (1) PwC's use of prohibited contingent fee arrangements with 14 different audit clients for which PwCS provided investment banking services, and (2) PwC'
PEX Fund Buys 50 Pacific Exchange Seats

Date 17/07/2002

PEX Fund, LP, a newly formed partnership, on July 15 purchased 50 seats on the Pacific Exchange from a single seller. The seats were bought for $18,700 each.
Opening Remarks By Mr Thomas Kloet, SGX CEO, At The Launch Ceremony Of CapitaMall Trust, 17 July 2002, Raffles Hotel, The Ballroom

Date 17/07/2002

Distinguished guests, ladies and gentlemen, Good morning. It is a pleasure to see all of you at today's launch of Singapore's first listed property trust, commonly known as real estate investment trust, or REITs in short. This is an event that many of us have looked forward to with great anticipation.
HKEx: Status Report On New Product And Market Development Initiatives (Status Of 1 July 2002)

Date 17/07/2002

The following initiatives are subject to market support and regulatory approval so they may not be implemented. Hong Kong Exchanges and Clearing Limited (HKEx) will announce further details of these initiatives as they progress.

HKEx: Changes Of Designated Securities For Short Selling

Date 17/07/2002

The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announces that with effect from Monday, 29 July 2002, 24 additional securities will be eligible for short selling and five existing Designated Securities will be removed from the list. The total number of Designated Securities for short selling will be 174.
HKEx Publishes July Edition Of Quarterly Publication - Exchange

Date 17/07/2002

Hong Kong Exchanges and Clearing Limited (HKEx) has published the July edition of its quarterly publication Exchange. It includes: a discussion of HKEx's corporate strategy and recent partnerships; a summary of measures to strengthen the robustness and reliability of HKEx's IT systems; a Chat Room conversation with HKEx Executive Vice President Karen Lee; and an explanation of recent rule amendments that expand the range of derivative products that can be listed on the
CFTC Notifies National Futures Association of Results Of A Rule Enforcement Review

Date 17/07/2002

The Commodity Futures Trading Commission (Commission) has notified the National Futures Association (NFA) of the results of a rule enforcement review completed by the Commission's Division of Clearing and Intermediary Oversight (DCIO). The purpose of the review was to evaluate NFA's disciplinary program. DCIO found that NFA's disciplinary program is generally well-designed and is executed by well-trained, experienced staff. The program is highly successful in obtaining judgments against those NF
CFTC Joins With Treasury Department On Proposed Patriot Act Rules

Date 17/07/2002

The Commodity Futures Trading Commission joined the Department of the Treasury and six other federal regulators in issuing today proposed rules that would require certain financial institutions to establish minimum procedures for identifying and verifying the identity of customers seeking to open new financial accounts.
The Philadelphia Stock Exchange To Begin Trading Options On The PHLX Housing Sector <SUP>SM</Sup> (Hgx<SUP>SM</Sup>) On Wednesday, July 17

Date 16/07/2002

The Philadelphia Stock Exchange announced today that it will begin trading options on the newly created PHLX Housing Sector SM (HGXSM) at the start of trading on Wednesday.