SEC News Digest

COMMISSION ANNOUNCEMENTS

Change in the Meeting: Room Change

The Open Meeting scheduled for Thursday, Sept. 17, 2009, at 2:30 p.m., will be held in the Auditorium, Room L-002.

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

Commission Bars Martin A. Armstrong Following Conviction and Entry of Permanent Injunction

The Commission barred Martin A. Armstrong of New Jersey, a former associated person with Princeton Economics International Ltd., a former unregistered investment adviser, from association with an investment adviser following his 2006 conviction of one count of conspiracy to commit securities, mail, and commodities fraud and the 2008 entry of a permanent injunction against him by the United States District Court for the Southern District of New York. The Commission found that Armstrong had been convicted of conspiracy to commit fraud and enjoined for antifraud violations in connection with promissory note investments and that the public interest required that Armstrong be barred. In imposing the bar, the Commission found that Armstrong's conduct was egregious, as shown by his sentence on the conspiracy count which included sixty months' imprisonment and $80 million in restitution, and targeted sixty investors over seven years. (Rel. IA-2926; File No. 3-13121)

INVESTMENT COMPANY ACT RELEASES

Grail Advisors LLC and Grail Advisors ETF Trust

A notice has been issued giving interested persons until Oct. 7, 2009, to request a hearing on an application filed by Grail Advisors LLC and Grail Advisors ETF Trust, for an order exempting applicants from Section 15(a) of the Investment Company Act and Rule 18f-2 under the Act. The order would permit the applicants, including an actively-managed exchange traded open-end fund, to enter into and materially amend subadvisory agreements without shareholder approval and would grant relief from certain disclosure requirements. (Rel. IC-28900 - September 14)

MML Series Investment Fund, et al.

An order has been issued on an application filed by MML Series Investment Fund (MML Trust), MML Series Investment Fund II (MML II Trust) and Massachusetts Mutual Life Insurance Company (collectively, Applicants) pursuant to Section 6(c) of the Investment Company Act. The order exempts each life insurance company separate account supporting variable life insurance contracts (VLI Account) (and its insurance company depositor) that may invest in shares of an existing portfolio of the MML Trust or the MML II Trust (an Existing Fund) or a "Future Fund," as defined below, from the provisions of Sections 9(a), 13(a), 15(a) and 15(b) of the Act and Rules 6e-2(b)(15) and 6e-3(T)(b)(15) thereunder, in situations where such VLI Accounts hold shares of any Existing Fund or Future Fund (each, a "Fund;" collectively, the "Funds") when one or more of the following other types of investors also hold shares of the Funds: (1) a life insurance company separate account supporting variable annuity contracts, (2) any VLI account, (3) a Fund's investment adviser or affiliated person of the investment adviser (representing seed money investments in the Fund), and/or (4) trustees of a qualified group pension or group retirement plan outside the separate account context. As used in the application, a Future Fund is any investment company (or investment portfolio or series thereof), other than an Existing Fund, designed to be sold to VLI Accounts and to which Applicants or their affiliates may in the future serve as investment advisers, investment subadvisers, investment managers, administrators, principal underwriters, or sponsors. (Rel. IC-28901 - September 15)

SELF-REGULATORY ORGANIZATIONS

Immediate Effectiveness of Proposed Rule Changes

The Depository Trust Company, the National Securities Clearing Corporation, and the Fixed Income Clearing Corporation filed proposed rule changes (SR-DTC-2009-14, SR-NSCC-2009-07, and SR-FICC-2009-09) under Section 19(b)(1) of the Exchange Act to clarify their rules with regards to the economic sanctions and embargo programs administered and enforced by the Office of Foreign Assets Control, U.S. Department of the Treasury. The proposed rule changes were effective upon filing. Publication is expected in the Federal Register during the week of September 21. (Rel. 34-60660)

A proposed rule change filed by the NASDAQ Stock Market to amend IM-2110-4 to reflect changes to a corresponding FINRA rule (SR-NASDAQ-2009-083) 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 September 21. (Rel. 34-60661)

A proposed rule change filed by NASDAQ OMX BX to amend IM-2110-4 to reflect changes to a corresponding FINRA rule (SR-BX-2009-053) 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 September 21. (Rel. 34-60662)

A proposed rule change filed by the Chicago Board Options Exchange (SR-CBOE-2009-062) relating to dissemination of certain index data 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 September 21. (Rel. 34-60666)

A proposed rule change filed by the NASDAQ Stock Market to modify fees for members using the NASDAQ Market Center (SR-NASDAQ-2009-082) 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 September 21. (Rel. 34-60674)

A proposed rule change filed by New York Stock Exchange extending until Sept. 22, 2009, the operation of Interim NYSE Rule 128 which permits the Exchange to cancel or adjust clearly erroneous executions if they arise out of the use or operation of any quotation, execution or communication system owned or operated by the Exchange, including those executions that occur in the event of a system disruption or system malfunction, (SR-NYSE-2009-95) 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 September 21. (Rel. 34-60678)

Approval of Proposed Rule Changes

The Commission approved a proposed rule change (SR-CBOE-2009-052) submitted by Chicago Board Options Exchange pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, related to hybrid matching algorithms. Publication is expected in the Federal Register during the week of September 21. (Rel. 34-60665)

The Commission approved a proposed rule change (SR-BX-2009-043) submitted by NASDAQ OMX BX pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to extend a holiday for certain registration and processing fees for associated persons. Publication is expected in the Federal Register during the week of September 21. (Rel. 34-60668)

The Commission approved a proposed rule change (SR-NYSEAmex-2009-46) submitted by NYSE Amex pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 amending NYSE Amex Equities Rule 1000 to allow Exchange systems to access CCS interest to partially fill an incoming limit order. Publication is expected in the Federal Register during the week of September 21. (Rel. 34-60670)

The Commission approved a proposed rule change (SR-NYSE-2009-71) submitted by New York Stock Exchange pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 amending NYSE Rule 1000 to allow Exchange systems to access CCS interest to partially fill an incoming limit order. Publication is expected in the Federal Register during the week of September 21. (Rel. 34-60671)

SECURITIES ACT REGISTRATIONS

• Latest Securities Act registrations (TXT)

RECENT 8K FILINGS

• Latest 8-K filings (TXT)

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