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Industry Pushes for T+2 Settlement, Issues Timeline for Migration
A financial industry consortium recently announced a timeline for a proposed move to a two-day settlement cycle by the third quarter of 2017. The change would apply to equities, corporate bonds,...
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Commissioners Contemplate the Effect of Actions Against CCOs
In a recent public statement, Commissioner Daniel Gallagher continued his call for “the Commission to tread carefully when bringing enforcement actions against compliance personnel.” He suggested that...
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Fund Complexes File for Exemption to Implement Interfund Lending Program
Lord Abbett and BlackRock both recently filed applications with the SEC to implement a program that would permit lending between funds. To implement interfund lending, the SEC must grant an exemption...
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Fund of Funds get No-Action Relief on Investment Restrictions
The Division of Investment Management issued a no-action letter recently waiving investment restrictions for a fund of funds applicant. While funds are generally limited with respect to the percentage...
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PCAOB Requests Comment on Audit Quality Indicators
The PCAOB issued a concept release requesting comment on audit quality indicators (AQIs) last week. AQIs are “a portfolio of quantitative measures that may provide new insights about how to evaluate...
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SEC Issues Audit Committee Disclosure Concept Release
The SEC issued a concept release last week seeking comment on audit committee disclosures. The announcement noted that the SEC “is interested in receiving information about the audit committee and...
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Regulators Issue Report on October Treasury Market Volatility
The U.S. Department of Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the SEC, and the CFTC released a joint report this week offering...
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Massachusetts Launches Investigation of Alt Fund Sales
Massachusetts Secretary of the Commonwealth William Gavin announced that he has launched an investigation of the sales of 25 alternative mutual funds by investment advisers registered in...
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White: SEC Not Seeking to Second Guess CCOs
SEC Chair Mary Jo White said in a speech this week that “it is not [the SEC’s] intention to use our enforcement program to target compliance professionals.” Addressing the audience at the annual...
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DOL May Offer Changes to Fiduciary Proposal, Requests SEC to Defer Document...
At a meeting of the SEC’s Investor Advisory Committee, Department of Labor Deputy Assistant Secretary for Program Operations of the Employee Benefits Security Administration Timothy Hauser indicated...
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Suggestions on Implementing a Sound Risk Culture
Parveen P. Gupta and Tim Leech predict that oversight of “risk culture” will continue to rise in importance for boards in their article, The Next Frontier for Boards, Oversight of Risk Culture. The...
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MFDF Webinar: An Update on Money Market Fund Reforms
In July 2014 the Securities and Exchange Commission adopted amendments to its money market fund rules that will require institutional prime money market funds to use a variable net asset value instead...
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FSB to Take Activities-Based Approach
At a recent British Treasury Select Committee hearing, Chair of the Financial Stability Board (FSB) Mark Carney indicated that the organization would change course on its view of the asset management...
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White Marks Fifth Anniversary of Dodd-Frank
SEC Chair Mary Jo White marked the five year anniversary of the Dodd-Frank Act last week with a statement highlighting the agency’s progress in completing its obligations under the act. White noted...
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Exchanges Plan Better Backup for Closing Auction Outages
NASDAQ and NYSE announced a plan to “create a more resilient market by providing an additional layer of redundancy for the closing auction of U.S. equities.” The plan would call for stocks listed on...
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An Insight into Market Liquidity
Douglas Elliott, a fellow at the Brookings Institution, offers a view into the current state of market liquidity in a recent piece. Elliott defines market liquidity as “the ability of buyers and...
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MFDF Webinar: Considerations for Directors in Light of Northstar Financial
Earlier this year, the 9th circuit ruled that directors can be sued directly by shareholders for an alleged breach of fiduciary duty. Tomorrow at 2pm EST, Ropes & Gray partners Bryan Chegwidden,...
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Agencies Clarify Application of Volcker to Registered Fund Seeding
Agencies involved with the implementation of the Volcker Rule recently released guidance relating to the seeding of registered funds by a banking entity. The agencies are the Federal Reserve Board,...
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Calls for DOL Proposal Do-Over
The DOL is facing continued scrutiny of its fiduciary rule proposal, and after receiving 825 individual comments and many more form letters, many are also calling for the department to go back to the...
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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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