ITEM 1: Exemption for Certain Exchange Members

OFFICE: Division of Trading and Markets

STAFF: Haoxiang Zhu, David Saltiel, Andrea Orr, David Shillman, Eric Juzenas, Michael Bradley, David Michehl, Nicholas Shwayri, Vince Vuong, Alba Baze

The Commission will consider whether to adopt rule amendments to narrow an exemption from the requirement under the Securities Exchange Act of 1934 that any Commission-registered broker-dealer become a member of a national securities association if it effects securities transactions elsewhere than an exchange where it is a member.

For further information, please contact Michael Bradley in the Division of Trading and Markets at (202) 551-5594.

ITEM 2: Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews

OFFICE: Division of Investment Management

STAFF: William A. Birdthistle, Sarah G. ten Siethoff, Melissa Harke, Marc Mehrespand, Tom Strumpf, Robert Holowka, Shane Cox, Neema Nassiri

The Commission will consider whether to adopt rules and amendments under the Investment Advisers Act of 1940 (“Advisers Act”) for private fund advisers and whether to adopt amendments to the compliance rule under the Advisers Act.

For further information, please contact Melissa Harke or Tom Strumpf in the Division of Investment Management at (202) 551-3135.