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Wallison Urges Congress to Assert Authority to Stop Fed on Shadow Banking
In a recent op-ed in the Wall Street Journal, Peter Wallison expressed his concerns about the recent efforts by the Federal Reserve and FSOC to regulate the shadow banking system. According to...
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SEC Commissioners Criticize SEC Rulemaking Process
SEC Commissioners Gallagher and Piwowar recently issued a dissent to the SEC’s rulemaking process surrounding the recently adopted rules regarding swaps reporting. The rules were originally approved...
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Alt Fund Adviser Agrees to Settle SEC Charges for Compliance Violations
Water Island Capital, an adviser to several alternative funds, agreed to pay $50,000 to settle SEC charges for various compliance violations. The settlement follows the SEC’s sweep of alternative...
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Risk Management Practices For Boards
Writing in a Q&A format for a recent issue of The Corporate Board, risk expert Charles Fishkin addresses boards’ understanding of risk. Fishkin was the founding director of the SEC’s Office of...
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CFTC Attorney: HFT “Pinging” May Violate CEA and CFTC Rules
In an article for the Connecticut Law Review, an attorney for the Commodity Futures Trading Commission argues that certain practices utilized by high-frequency traders may violate the Commodity...
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SEC Seeks to Clean Up Bond Markets
Bloomberg reports that the head of the complex financial instruments group in the SEC’s Enforcement Division, Michael Osnato, is finding evidence of troubling activity in the bond markets. Osnato...
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Suggestions For Fixing Fund Fee Disclosure
Morningstar’s Paul Ellenbogen laments the difficulty investors face when trying to compare fund fees. Ellenbogen and his Morningstar colleague John Rekenthaler offer three suggestions to help...
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Piwowar Criticizes Rulemaking Process and Regulation by Enforcement
SEC Commissioner Michael Piwowar offered several criticisms the SEC in a recent speech at SEC Speaks, focusing his comments on ways in which the SEC could be more fair, orderly, and efficient. He...
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Fed Cites Stable NAV, Bond Funds as Concerns
The Federal Reserve Board’s most recent semi-annual Monetary Policy Report raises old concerns relating to prime money market funds, bond mutual funds, and bond ETFs in one paragraph of a 60-page...
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New Gifts and Entertainment Guidance Issued
The Division of Investment Management released guidance recently regarding the acceptance of gifts by fund advisory personnel. While codes of ethics of both funds and advisers often address the...
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NY AG Proposes Whistleblower Awards, SEC Investigates Meddling
New York’s Attorney General, Eric Schneiderman, is asking the New York legislature to implement a whistleblower program similar to that of the SEC, according to Bloomberg. The proposal would offer...
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Avoiding the Pitfalls of Electronic Board Books
Sullivan & Cromwell highlights some potential legal issues with the prominent use of electronic board portals in a recent post. Though technology can in some ways ease the burden of reviewing ever...
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Gallagher Highlights Regulatory Burden of Dodd-Frank on Financial Services Firms
SEC Commissioner Dan Gallagher recently highlighted the aggregate impact of post Dodd-Frank reforms on financial services firms with the release of an infographic. Gallagher noted that in several...
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Fixed Income Markets: Challenges and Possible Solutions
A new report from the Tabb Group examines challenges in the fixed income markets. The report highlights the “laborious” nature of price discovery, which it calls “an increasingly expensive...
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An Argument for Microprudential Responsibility
In a recent speech, Federal Reserve Governor Daniel Tarullo argued that “we are all macroprudentialists now.” Hester Peirce, a senior research fellow at the Mercatus Center at George Mason University...
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SEC Approves Paired Class Shares Rule Change Over Dissent
The SEC recently approved a rule change for NASDAQ that would allow for the listing of “paired class shares.” Funds using the new product would offer two classes of shares, one of which would be...
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Asset Management Unit Co-Chief Addresses Enforcement Priorities
In a recent speech, the co-chief of the Division of Enforcement’s asset management unit, Julie Riewe, highlighted the history of the five-year-old unit and its recent initiatives. She explained that,...
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Financial Stability Board Releases Consultative Paper on Global SIFIs
The Financial Stability Board, in consultation with the International Organization of Securities Commissions (IOSCO), released a consultative paper suggesting revised methodologies for identifying...
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Legislation Introduced to Require Maker-Taker Elimination Pilot
Representative Stephen Lynch (MA-08) introduced a bill recently that would have the SEC conduct a pilot program to assess alternatives to maker-taker exchange pricing. The bill, the Maker-Taker...
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Survey Predicts Institutional Money Fund Exodus
A new survey of money market fund managers and institutional investors conducted by Citigroup indicates that respondents foresee heavy outflows ahead for institutional prime money funds. The survey...
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