Hello,
What version of SEPM are you running? Please provide us the entire version #.
Secondly, What makes you feel that the SEPM is facing the Liveupdate Issue?
Is the SEPM not updated with the Latest Definitions?
What date under " Windows Latest Manager Version: " do you see on the Home Screen of SEPM?
Incase, you are running the SEP 12.1, check the dates on Symantec website:
http://www.symantec.com/security_response/definitions.jsp
If running SEP 11.x, check this :
http://www.symantec.com/security_response/definitions.jsp?pid=sep11_32
What do you see, under SEPM > Admin > Servers > Higlight Local Site and Click on "Show Liveupdate Downloads"?
To Explain us the Situation, you could also use Screenshots.
Hope that helps!!!