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Study: 401(k) Trustees Favor Their Own Fund Families
The National Bureau of Economic Research recently studied whether mutual fund families acting as trustees of 401(k) plans display favoritism toward their own funds. The study found that...
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Fed Presidents Weigh in On MMF Debate
The Presidents of all 12 Federal Reserve Banks support enacting reforms for money market funds, but are critical of an industry proposal for liquidity fees and redemption gates. In their joint...
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Financial Transaction Tax Legislation to be Reintroduced
Senator Tom Harkin (D-IA) and Congressman Peter DeFazio (D-OR) are planning to reintroduce The Wall Street Trading and Speculators Tax, which would apply a three basis point tax to every financial...
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NICSA Webinar: Haaga and Pozen on What’s Ahead for the Fund Industry
Money market fund initiatives, new rules for hedge funds, rock-bottom interest rates, sky-high interest in ETFs – How will these factors affect the fund industry over the next year? On February 19th...
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Morningstar Examines ETF Premiums
A recent Morningstar paper found that changes to ETF premiums could be predicted with a good degree of accuracy. In addition, because of a strong relationship to movements in the equity market,...
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Webinar: The Managed Volatility Trend
Managed volatility funds represent an increasingly popular investment trend. While initially found primarily in the variable annuity space, the broader implementation and acceptance of these...
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Active Mutual Funds Becoming Less “Active”
Active mutual fund managers are becoming less “active,” according to research reported in an IndexUniverse article. The article states:“Since 1991, the average correlation for actively managed mutual...
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Eliminating 12b-1 Fees in IRA Accounts Would Have Minimal Impact
A recent paper analyzes the potential effects of a proposed Department of Labor (DOL) rule that would eliminate 12b-1 fees on mutual funds held in IRA accounts. Many in the industry have criticized...
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SEC Announces 2013 Exam Priorities, Role of Fund Boards Included
The SEC Office of Compliance Inspection and Examinations (OCIE) has released its examination priorities for 2013. The following priorities involve the role of the fund board and should be of...
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Gallagher Calls FSOC Threat to SEC Independence
In a speech last week, SEC Commissioner Daniel Gallagher criticized the existence of the Financial Stability Oversight Council (FSOC), calling it a threat to the independence of the SEC. He noted...
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Mary Jo White Confirmation Hearings Scheduled
The Senate is expected to hold confirmation hearings on March 11 regarding the nomination of Mary Jo White to chair the SEC. The New York Times reported that Ms. White will most likely join Richard...
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SEC to Increase Focus on Alt Mutual Funds
Funds using alternative investment strategies are a rising focus of the SEC, according to Andrew “Drew” Bowden, head of the investment advisor and fund program at the SEC Office of Compliance...
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Supreme Court: SEC Can’t Extend Statute of Limitations in Fraud Cases
In a decision that will limit the SEC’s ability to obtain fines in actions alleging fraud, the Supreme Court recently held that the five-year statute of limitations on antifraud actions begins to run...
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Oral Argument for Appeal of CFTC Rule Decision Scheduled
Oral argument in the case challenging a CFTC rule affecting funds has been scheduled by the Court of Appeals for the District of Columbia Circuit for May 6. In early February 2012 the CFTC issued a...
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PwC Issues Brief on Fund Fair Value Prices
PwC has written a regulatory brief addressing mutual fund fair value practices. The brief discusses valuation procedures and tells boards they should be vigilant for such things as changes in market...
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Paper Analyzes “Invisible” Costs of Fund Trading
A recent paper found that the “invisible” costs of fund trading, which are not reflected in the fund expense ratios, can have a negative impact on performance. The paper found that funds’ annual...
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Dechert Update on Money Market Fund Reform
Dechert has released a legal update on the continuing debate over money market fund reform, including a summary of key developments over the past few years. The article includes summaries of the...
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SEC and IRS Discuss Floating NAV
SEC staff have reportedly met with IRS officials to discuss tax implications if money market funds were to float their NAV. According to Bloomberg, discussions have centered around the tax treatment...
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SEC to Examine Distribution Fees and Alt Funds
The SEC will begin an exam sweep of mutual fund distribution fees, including 12b-1, sub-transfer agent, revenue sharing and conference fees, later this year, according to Andrew Bowden, deputy...
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2013 Forum Policy Conference
The Forum's annual Policy Conference will be held in Washington DC on April 10-11, 2013. The conference brings independent directors together with legislators, regulators, and other industry experts...
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