In this issue of CFWD we discuss:

- SEC Division of Market Regulation Updates Frequently Asked Questions Regarding Regulation M
- Regulation SHO Impacts Fails
- NYSE Rule Authorizing Action for Failure to Testify or Produce Documents in Arbitrations is
- NASD Expands Automated Trade Reporting
- No-Action Letter Clarifies Statutory Disqualification
- FDIC Requests Public Comment on Industrial Loan Companies
- New Law Revises Tax Exempt Organization Tax Rules
- District Court Finds Failure to Plead Damages Adequately Fatal to Securities Act Claim
- Arbitration Clause not Waived Despite Failure to Assert it as Affirmative Defense
- CFTC Seeks Public Comment on Proposed Amendments to Advertising Regulations for CPOs,
  CTAs and Their Principals
- NFA Publishes New Investor Education Guide