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To highlight guidance issued by the US Securities and Exchange Commission (SEC) for the benefit of investment advisers regarding certain obligations under the Investment Advisers Act of 1940 (Advisers Act) and the rules thereunder.

Summarizes recent guidance regarding issues related to several challenging Advisers Act requirements, including inadvertent custody and client account transfers under Advisers Act Rule 206(4)-2, the use of participating affiliate arrangements pursuant to the “Unibanco” no-action letters, unique considerations affecting automated advisers (i.e., “robo-advisers”), the top five most frequently identified compliance topics identified in examinations conducted by the SEC’s Office of Compliance Inspections and Examinations (OCIE), and recent guidance regarding the private fund regulatory filing Form PF.

This guidance may assist advisers in preparing for regulatory examinations and questions from institutional investors. While the recent guidance addresses important topics, the guidance also raises some practical questions.

Practical guidance from experienced securities and financial services lawyers.

AFTER viewing the Messerschmitt Me. 110, one is impressed by the fact that here is an aeroplane provided with terrific striking power, but with practically no defensive armament or armour. The four machine‐guns and two cannon, tightly packed into the nose of the fuselage, provide heavy lire power, and contrast sharply with the single flexible machine gun supported on a primitive mount in the aft cockpit. A quickly detachable, external bomb rack designed to carry two bombs, apparently of the 500 lb. class, is provided for use on missions where attack of ground objectives, such as troop concentrations, would be the principal purpose.

IT is the purpose of this article to present some ideas about future trends in wing design for high speed aircraft and to discuss briefly some of the many difficult problems which the designers will have to deal with in producing such rugged but in many respects extreme structural shapes as will be required for successful aircraft of the transonic and supersonic era.