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Chamber of Commerce Asks SEC to Reform Enforcement Program
The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness recently released a report entitled Examining U.S. Securities and Exchange Commission Enforcement: Recommendations on Current...
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PIMCO Receives Wells Over Valuation, Disclosures
PIMCO announced Monday that it received a Wells Notice from the staff of the SEC regarding its Total Return Active ETF, ticker symbol BOND. According to the filing, the “matter principally pertains to...
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IMF Calls for More MMF Reform, ICI Rebuts
The IMF criticizes the regulatory treatment of money market funds and offers several recommendations in a recent publication. The report notes that the funds enjoy features “that support[] the...
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Fed, Treasury Officials Join Call for Treasury Market Review
In recent remarks, officials from the Treasury Department and Federal Reserve suggested that regulators should reevaluate the structure of the Treasury markets, with a particular focus on the effect of...
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SEC Adopts Pay Ratio Rule Over Strong Dissents
The SEC adopted a controversial pay ratio disclosure rule last week in a 3-2 vote. The rule, mandated by Dodd-Frank, will require public companies to disclose the ratio of the annual total compensation...
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Seventh Circuit Adds Likely Final Chapter to Jones v. Harris
The Seventh Circuit Court of Appeals recently added the likely final chapter in the Jones v. Harris case. The Supreme Court decided the case in March 2010, unanimously embracing the Gartenberg standard...
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Department of Labor Holds Four Days of Hearings on Proposed Rule
The Department of Labor this week is holding a series of hearings to discuss its fiduciary rule proposal. The hearings, held over four days, are comprised of 25 panels and 79 presenters. The panelists...
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Aguilar Calls for Clarity in Enforcement Orders
Commissioner Luis Aguilar released a statement this week urging the Commission to take care to be as clear as possible when it issues enforcement orders. Aguilar suggested that “[o]ne of the...
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Asset Manager Offers Exchange Insights
Norges Bank Investment Management, the manager of the $880 billion Government Pension Fund of Norway, issued a new report recently on the role of exchanges in well-functioning markets. Norges argues...
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Forum Submits Comment Letter in Response to SEC Disclosure Modernization...
Last week, the Forum submitted a comment letter to the SEC regarding proposed amendments to certain reporting requirements for investment companies and investment advisers in order to “modernize and...
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SEC Faces Continued Setbacks on use of Administrative Proceedings
A federal court in New York last week found that the SEC’s process for appointing administrative law judges (ALJs) is “likely unconstitutional.” Barbara Duka, a former managing director at Standard and...
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SEC Fines ITG for Dark Pool Proprietary Trading
The SEC settled charges with ITG last week that the company “operated a secret trading desk and misused the confidential trading information of dark pool subscribers.” The release states that ITG was...
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Report Highlights Understaffed CFTC, Gaps in Contract Market Reviews
A new report highlights inadequate staffing at the CFTC and finds that its “rule enforcement reviews” of designated contract markets (DCMs), boards of trade or exchanges under the CFTC’s jurisdiction,...
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Morningstar to add ESG Fund Score
Morningstar recently announced that it will add a new environmental, social, and governance rating to its mutual fund scorecard. The company cited a February study showing that 71 percent of individual...
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Study Finds Bias in 401(k) Plan Offerings
A new study suggests the presence of bias in the investment options offered to 401(k) plan participants where the plan trustee is affiliated with a mutual fund company. The study grouped funds into...
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Report Shows 401(k) Fund Fees Continue to Drop
A new report shows that average fund expenses in 401(k) plans are continuing a downward trend. The ICI recently released its annual analysis of the fees and found that the average expense ratio for...
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Pozen Calls for Institutional Investors to Combat Activists
Bob Pozen is calling for institutional investors to step up to counter the influence of activist investors. Pozen, former chair of MFS Investment Management, argues that "[a]cross the world, a clamor...
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Systems Issue Causes NAV Challenges
An issue with a system used by Bank of New York Mellon is causing NAV challenges across the industry. The company explained Tuesday that “an issue with a SunGard system that has impacted a limited...
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DC Court of Appeals Rejects Pay-to-Play Challenge
The DC Court of Appeals rejected a challenge by the New York Republican State Committee and the Tennessee Republican Party to the “pay to play” rule. The rule was adopted in 2010 and prevents...
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Sluggish Dark Pool Systems May Cost Investors
A new report from the Tabb Group finds that slow systems at dark pools may be costing pool participants. The study used trading data from The Boston Company Asset Management from July 2014 to May 2015...
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