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Asset Managers Urge Restraint, Change in Course for FSB
Several commenters urged the Financial Stability Board to rethink the approach outlined in its consultative paper proposing revised methodologies for identifying non-bank non-insurer global...
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Low Representation for Women Portfolio Managers
A new article from Morningstar highlights the small number of women serving as portfolio managers. It reports that only 9.4% of portfolio managers in its database are women and only 2.5% of funds and...
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Warren Says White Broke Promises in Scathing Letter
Senator Elizabeth Warren sent a 13-page letter to SEC Chair Mary Jo White last week, calling her leadership of the Commission “extremely disappointing.” Warren asserts that White has broken “promises”...
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District Court Deals SEC Setback in Use of Admin Courts
A real estate developer fighting an administrative proceeding by the SEC scored an early victory Monday after a federal district court ruled that the SEC’s procedure appointing administrative law...
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FINRA Loosens Restrictions on Related Performance Information for...
FINRA recently published an interpretive letter that permits the use of “Related Performance Information” in mutual fund marketing materials provided to institutional investors, subject to certain...
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SEC Seeks Comments on Exchange Traded Products
The SEC last week released a request for comment on the listing and trading of Exchange Traded Products (ETPs), a broad class of products that includes ETFs, Exchange Traded Notes, and certain pooled...
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MFDF Webinar: Regulatory Developments Affecting Securities Lending
The SEC’s securities lending sweep, the Dodd-Frank Act, and other regulatory developments have all placed additional pressure on boards’ oversight of the securities lending process. Tomorrow at 2pm...
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Stein: ‘Cracks’ in Registered Fund Legal Framework
Commissioner Kara Stein focused her remarks on the effect of the Investment Company Act on retail investors in a recent speech. Stein suggested that the 75th anniversary of the Act is a good time to...
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SEC Fines Adviser, Board for 15(c) Violations
The SEC announced yesterday that it had settled charges against an investment adviser and board for faults in the 15(c) process. The SEC alleges that the board of the World Funds Trust requested...
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Former SEC Chairs Defend White
Six former SEC chairs defended current SEC Chair Mary Jo White in the face of criticism from Senator Elizabeth Warren. In a letter to the Wall Street Journal, David S. Ruder, Harvey L. Pitt, William...
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Commissioners Push for Action on Transfer Agent Rules
Commissioners Luis Aguilar and Daniel Gallagher recently issued a public statement calling for the SEC to update rules governing the transfer agent industry. The pair calls the rules “anachronistic”...
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ICI Rebuts IMF Data on Asset Management Threat to Financial Stability
The ICI released a series of articles noting issues with a chapter in the IMF’s Global Financial Stability Report containing an analysis of the asset management industry and its effect on financial...
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IOSCO Backs Off Systemically Important Designation Path
The International Organization of Securities Commissions (IOSCO) indicated last week that it would adopt an “activities and products” approach to considering systemic risk in the asset management...
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Board Fires Fund’s Adviser
This week the board of the closed-end Vertical Capital Income Fund announced that it had fired the fund’s adviser. The board reasoned that the adviser, Vertical Capital Asset Management, “lacks...
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SEC Issues Alert on Retirement Sweep
The SEC’s Office of Compliance Inspection and Examinations announced a multi-year initiative targeting broker-dealers and investment advisers offering retirement advice known as the...
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Paper Recommends Reduced Role for Fund Directors
Eric Roiter, a lecturer at Boston University School of Law and former Senior Vice President and General Counsel of Fidelity Management & Research Company, thinks that fund directors should take a...
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Vanguard’s McNabb Encourages Shareholder Engagement
In a recent speech, Vanguard Chair and CEO William McNabb III shed light on the firm’s view of shareholder engagement for public company boards. McNabb noted that “Vanguard investors collectively own...
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NY Fed: Resolving Repo Systemic Risk will Take More Time
The Federal Reserve Bank of New York announced that additional time will be required to complete the roadmap set out by the Tri-party Repo Infrastructure Reform Task Force. The New York Fed formed the...
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SEC Fines Audit Firm for Independence Violations
The SEC yesterday fined Deloitte & Touche after concluding that a business relationship between a consulting affiliate of the auditor and a trustee of three of the firm’s fund audit clients...
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Morningstar Releases 2015 Stewardship Survey Results
Morningstar recently released its second annual U.S. Mutual Fund Industry Stewardship Survey. The report examines four firm-wide data points: manager tenure; manager retention rate; manager ownership...
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