SEC News Digest

COMMISSION ANNOUNCEMENTS

In the Matter of Universal Property & Acquisition Corp.

The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934, of trading in the securities of Universal Property Development & Acquisition Corp. (Universal Property), of Juno Beach, Florida at 9:30 a.m. EDT on May 10, 2010, and terminating at 11:59 p.m. EDT on May 21, 2010.

The Commission temporarily suspended trading in the securities of Universal Property due to a lack of current and accurate information about Universal Property because it has not filed certain periodic reports with the Commission. (Rel. 34-62062)

SEC Statement on Meeting With Exchanges

The Securities and Exchange Commission today released the following statement:

"This morning, SEC Chairman Mary Schapiro had a constructive meeting with the leaders of six exchanges - the New York Stock Exchange, NASDAQ, BATS, Direct Edge, ISE and CBOE - and the Financial Industry Regulatory Authority to discuss the causes of Thursday's market events, the potential contributing factors, and possible market reforms.

"As a first step, the parties agreed on a structural framework, to be refined over the next day, for strengthening circuit breakers and handling erroneous trades." (Press Rel. 2010-74)

Commission Meetings

Securities and Exchange Commission Investor Advisory Committee Open Meeting

The Securities and Exchange Commission Investor Advisory Committee will hold an Open Meeting on Monday, May 17, 2010, in the Multipurpose Room, L-006. The meeting will begin at 9:00 a.m. and will be open to the public, with seating on a first-come, first-served basis. Doors will open at 8:30 a.m. Visitors will be subject to security checks.

On April 26, 2010, the Commission published notice of the Committee meeting (Release No. 33-9120), indicating that the meeting is open to the public and inviting the public to submit written comments to the Committee. This Sunshine Act notice is being issued because a majority of the Commission may attend the meeting.

The agenda for the meeting includes: (i) remarks by Dan Ariely, behavioral economist, on investor reaction to disclosure; (ii) update on recommendations previously adopted by the Committee; (iii) briefing on the Investor as Owner Subcommittee's environmental, social, and governance disclosure workplan; (iv) update on certain issues involved in financial reform legislation; (v) discussion of fiduciary duty, in the context of investment advisers and registered broker-dealers, including a presentation by SEC staff; (vi) discussion with an expert panel on mandatory arbitration; (vii) discussion of money market funds and the issue of net asset value (NAV), including a presentation by SEC staff; (viii) recommendation by Investor Education Subcommittee of an investor education campaign; (ix) reports from Subcommittees on other activities; and (x) discussion of next steps and closing comments.

For further information, please contact the Office of the Secretary at (202) 551-5400.

ENFORCEMENT PROCEEDINGS

In the Matter of Universal Property & Acquisition Corp.

On May 10, 2010, the Commission issued an Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934 (Order) against Universal Property Development & Acquisition Corp. (Universal Property).

In the Order, the Division of Enforcement (Division) alleges that Universal Property failed to comply with Section 13(a) of the Exchange Act and Rules 13a-1 and 13a-13 thereunder, while its common stock was registered with the Commission in that it has not filed an Annual Report on Form 10-K since April 15, 2008 (for its year ending Dec. 31, 2007) or quarterly reports on Form 10-Q for any fiscal period subsequent to its fiscal quarter ending March 31, 2008.

A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Universal Property an opportunity to establish any defenses, and to determine whether the registration of each class of Universal Property securities should be suspended for a period not exceeding 12 months or revoked.

The Commission directed that an Administrative Law Judge shall issue an initial decision no later than 120 days from the date of service of the Order, pursuant to Rule 360(a)(2) of the Commission's Rules of Practice. (Rel. 34-62063; File No. 3-13883)

In the Matter of Susan G. Slovak

On May 10, 2010, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions (Order) against Susan G. Slovak. The Order finds that from at least 2005 until Jan. 6, 2009, Slovak, age 51, was a registered representative associated with broker-dealers and investment advisers registered with the Commission. The Order further finds that, on April 30, 2010, a final judgment was entered by consent against Slovak, permanently enjoining her from future violations of Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder, and Sections 206(1) and (2) of the Investment Advisers Act of 1940 (Advisers Act), in the civil action entitled Securities and Exchange Commission v. Susan G. Slovak, Civil Action Number 3:10-CV-826-N, in the United States District Court for the Northern District of Texas. The Order finds that the Commission's complaint in the civil action alleged that, while serving as a registered representative associated with broker-dealers and investment advisers registered with the Commission, Slovak misappropriated and misused more than $144,000 from three customers' accounts. Moreover, the complaint alleged that, in order to accomplish and then cover up the scheme, Slovak made material misstatements and omissions in her communications with affected customers and compliance personnel.

Based on the above, pursuant to Section 15(b)(6) of the Exchange Act and Section 203(f) of the Advisers Act, the Order bars Slovak from associating with any broker, dealer or investment adviser. In consenting to the issuance of the Order, Slovak admitted the district court's entry of the injunction against her, and neither admitted nor denied the Order's other findings. (Rels. 34-62068; IA-3023; File No. 3-13884)

SELF-REGULATORY ORGANIZATIONS

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change filed by the International Securities Exchange (SR-ISE-2010-37) relating to amending the Direct Edge ECN Fee Schedule 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 May 10. (Rel. 34-62050)

A proposed rule change (SR-ISE-2010-35) filed by the International Securities Exchange to adopt a limited fee waiver for its PrecISE terminals 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 May 10. (Rel. 34-62053)

A proposed rule change filed by The NASDAQ Stock Market (SR-NASDAQ-2010-056) relating to pricing for option orders routed to away markets and execution pricing for certain options 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 May 10. (Rel. 34-62056)

Accelerated Approval of Proposed Rule Change

The Commission granted accelerated approval to a proposed rule change (SR-ISE-2010-38) submitted by the International Securities Exchange pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 relating to the amounts that Direct Edge ECN, in its capacity as an introducing broker for non-ISE Members, passes through to such non-ISE Members. Publication is expected in the Federal Register during the week of May 10. (Rel. 34-62051)

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