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Several MMFs to Disclose Market-Based NAV Daily
Several money market funds have announced that they will start disclosing their market-based NAV on a daily basis, including funds run by Fidelity, Goldman Sachs, JP Morgan, Blackrock and BNY Mellon....
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Webinar - SEC v. Morgan Keegan Board: Lessons & Implications for...
Join us as John Loder, Bryan Chegwidden, and Rajib Chanda, partners at Ropes & Gray, discuss SEC v. Morgan Keegan Board and its implications. This webinar will be broadcast live from 2:00 to 3:00...
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SEC Drafting MMF Reform Proposal
During the question and answer follow up to a speech on Wednesday, SEC Commissioner Daniel Gallagher stated that he hopes and expects the SEC to release a money market fund reform proposal in the...
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SEC Drafting MMF Reform Proposal
During the question and answer follow up to a speech last Wednesday, SEC Commissioner Daniel Gallagher stated that he hopes and expects the SEC to release a money market fund reform proposal in the...
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“Liquidity Fee” for Money Market Funds Gaining Support
In comment letters to the U.S. Financial Stability Oversight Council (FSOC), Vanguard and the Securities Industry and Financial Markets Association (SIFMA) said they could support “liquidity fees” on...
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CFPB to Address Retirement Savings Accounts?
Bloomberg reported that the U.S. Consumer Financial Protection Bureau (CFPB) is considering whether it should play a role in regulating retirement savings accounts. CFPB Director Richard Cordray told...
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Bents Sue Independent Trustees of Reserve Primary Fund
Bruce Bent and his son, managers of the Reserve Primary Fund that broke the buck in September 2008, are suing the independent trustees of that fund for misappropriation of assets, fraud and other...
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Obama Nominates Former Prosecutor Mary Jo White for SEC Chair
Yesterday, President Obama announced that he would nominate Mary Jo White as the next SEC chairman. Ms. White is a former US Attorney for the Southern District of New York. During her nine year...
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Appeals Court Articulates Stricter Independence Standard for Directors in...
Dechert has issued a legal update summarizing a recent court decision that applied a stricter independence standard for fund directors and their business relationships in the context of shareholder...
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Article: New Money Fund Disclosures Don’t Change Much for Consumer
A recent Morningstar article discussed what it means for consumers now that several large fund shops are posting their money market funds’ shadow NAVs daily. The author’s conclusion is that it...
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Directors Sued Over Sec Lending Fees
BlackRock and the independent directors of the iShares funds are being sued over allegedly excessive securities lending fees being paid to a Blackrock affiliate. The funds used a Blackrock affiliate...
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Forbes Profiles the ETF Industry
Forbes recently published a detailed profile of the ETF industry. Although the largest sponsors are attracting the largest net flows, the next wave of ETF issuers is on its way. Fidelity, T. Rowe...
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Upcoming Webinar: Board Self-Assessments and Reviews
On February 7 at 2:00pm Eastern, the Forum will host the webinar: “Board Self-Assessments and Reviews.” Mandatory Board self-assessments and optional additional reviews give directors an exceptional...
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Carl Frischling to Receive Lifetime Achievement Award
Fund Directions has announced that Carl Frischling will receive the Lifetime Achievement Award at its 20th Annual Mutual Fund Industry Awards. Mr. Frischling retired from the Invesco Funds board on...
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MMF Reform; Walter’s Plans for the Future
In comments to the press, both SEC Chairman Elisse Walter and Commissioner Daniel Gallagher stated that a money market fund reform proposal is moving forward at the Commission. According to...
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MMFs Receiving Heavy Inflows
Money market fund inflows have sharply increased since the expiration of FDIC guarantees for checking account balances over $250,000 in December 2012, according to the Wall Street Journal. Barclays...
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Study: Higher Sales Loads Increase Inflows But Hurt Future Performance
A recent academic study looks at how sales loads and revenue sharing affect fund inflows and performance. The study found that inflows usually increase with the load paid to a broker, in particular...
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Forum Files Amicus Brief in CFTC Litigation
On February 6, the Forum filed an amicus brief in the lawsuit over recent changes to CFTC’s Rule 4.5 which would require certain mutual funds to register as commodity pool operators. The brief...
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Forum Files Comment Letter on MMF Reform with FSOC
On February 8, 2013, the Forum filed a comment letter with the Financial Stability Oversight Council (“FSOC”) concerning that entity’s proposed recommendations regarding money market fund reform. The...
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NY Fed Staff Report: MMFs Make Banking System More Unstable
The New York Federal Reserve Bank has issued a staff report asserting that money market funds (MMFs) make the banking system more unstable. The paper compares two market structures – direct finance,...
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