In this issue of CFWD we discuss:

- Staff Recommendation for Working with the
  PCAOB on Section 404 Changes Approved
- Recommendations on Private Securities Offering
  Reform Released
- Proposal for Consolidating NYSE and NASD
  Regulatory Organizations Published
- New York Court of Appeals Holds Notes are a UCC
- NASD Form U-5 Statements Ruled Absolutely Privileged
  from a Defamation Claim
- Advisers Act Rule Exempting Fee Based Brokerage
  Accounts Vacated
- Banking Agencies Propose Revised Examination
- FSA Leaves Directive-Minimum Listing Door Open
- UK Chancellor Names President of Financial Action
  Task Force
- Motion to Dismiss Claims Against Former Officers
  and Directors Denied
- CFTC Proposes Codification of Foreign Broker