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Forum Urges Supreme Court to Review Northstar
Last week, the Forum filed a “friend of the court” brief urging the Supreme Court to review the Ninth Circuit's ruling in Northstar Financial Advisors Inc. v. Schwab Investments et al, warning that the...
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Court Dismisses Suit Against Exchanges
Last week a federal district court judge dismissed a suit alleging that several exchanges and a dark pool enabled high-frequency traders to take advantage of other investors. The case represents a...
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Compliance Group Urges Prosecutorial Discretion
The National Society of Compliance Professionals recently submitted a letter to SEC Director of Enforcement Andrew Ceresney urging greater use of prosecutorial discretion in actions against compliance...
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NFA Proposes Cybersecurity Rules
Last week, the National Futures Association submitted a proposed Interpretive Notice to the CFTC containing new rules related to Information Systems Security Programs (ISSPs). The NFA is the...
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Volatile Markets Prompt Calls for Reviews
Market volatility over the past two weeks is prompting calls for a review of several rules implemented in recent years. In some instances, limit up / limit down circuit breakers meant to allow the...
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Gallagher Sets End Date, Replacements Still Forthcoming
SEC Commissioner Dan Gallagher announced last week that he will leave the Commission no later than October 2. While he had stated in May that he would leave upon the appointment of his successor, he...
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Researchers Find Change in Ownership Policy Spurs Alpha
In April 2004, the SEC implemented a requirement for funds to disclose the level of ownership of portfolio managers in the funds they manage. Since that time, researchers have found that the level of...
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Forum Submits Comments on Audit Committee Disclosure Concept Release
This week, the Forum submitted a comment letter to the SEC in response to a concept release regarding possible revisions to audit committee disclosures. The letter expresses concern that disclosing the...
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More Details on BNY Pricing Issue, Massachusetts Launches Investigation
Additional details are coming to light regarding the pricing issues recently experienced by BNY Mellon and several fund complexes. The problems were “caused by an unforeseen complication resulting from...
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SEC to Propose Swing Pricing for Mutual Funds
The SEC is expected to vote next week on new proposed rules to allow the use of “swing pricing” for mutual funds during times of market stress, according to Bloomberg. The article suggests that the...
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Massad Highlights CFTC Priorities
In a recent speech, CFTC Chair Tim Massad laid out the agency’s priorities. Massad highlighted the CFTC’s work to finish the remaining rulemakings required by Dodd-Frank, including those related on...
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OCIE Outlines Second Round of Cybersecurity Exams
The SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a risk alert this week describing its plans to conduct a second round of cybersecurity examinations of registered...
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SEC Eliminates Credit Ratings from Money Market Fund Rules
Earlier this week, the SEC voted to adopt rule amendments eliminating references to credit ratings from Rule 2a-7, the rule governing money market funds. The amendments were adopted pursuant to one of...
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Healthy Markets Association Encourages Investor Action on Dark Pools
A new report reviews recent regulatory actions against dark pools and offers some lessons for investors. The author of the report, Healthy Markets Association, is “a non-profit 501(c)(6) coalition led...
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SEC Announces First “Distribution in Guise” Settlement
In the first settlement from the SEC’s so-called “Distribution in Guise” initiative, First Eagle Investment Management and FEF Distributors (“Distributor”) agreed to pay $40 million to settle charges...
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SEC Proposes Fund Liquidity Management Programs, Swing Pricing
The SEC yesterday issued a proposal to address liquidity management in open-end funds. The proposal would require funds (other than money market funds) to establish a liquidity risk management program,...
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Grasso, Aberdeen: Markets are Unfair
Dick Grasso, the former CEO and a 35-year veteran of the NYSE, recently suggested that the U.S. markets are not fair. He argued that “a fast market is not necessarily a fair market” and suggested that...
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SEC Chair "Strongly Supports" T+2 Effort
SEC Chair Mary Jo White added her support recently to industry efforts to move to a two-day settlement timeline. In response to a letter from SIFMA and the ICI, White wrote that she "strongly supports"...
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IEX Applies for Exchange Status
Investors Exchange LLC recently filed an application with the SEC to become an official exchange. Better known as IEX , the group had been operating as an alternative trading system (ATS) and gained...
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CFTC Commissioner: “the world is changing faster than we perceive”
In a recent speech, CFTC Commissioner Sharon Bowen offered suggestions for how her agency can address concerns related to algorithmic trading and cybersecurity. In the face of rapid change, Bowen...
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