Clik here to view.
MFDF Webinar: The SEC's Views on Payments to Intermediaries—First Eagle
The SEC has been focusing for some time on payments from fund assets for what it has termed "distribution in guise" – including payments for sub-TA, revenue sharing and shareholder servicing. The First...
View ArticleClik here to view.
MFDF Webinar: Current Topics in Valuation (2015)
Recent volatility and trading suspensions in the U.S. markets and abroad have caused valuation complexities. Tomorrow at 2pm, join Deloitte partners Paul Kraft, Bill Fellows, and Jim Weber as they...
View ArticleClik here to view.
SEC Proposal Amends Administrative Rules
The SEC recently issued two proposals to amend the rules that govern its administrative proceedings. Chair Mary Jo White said in a press release that “[t]he proposed amendments seek to modernize our...
View ArticleClik here to view.
SEC Working on Recommendations Related to Fund Use of Derivatives, Uniform...
In a speech commemorating the 75th anniversary of the Investment Company and Investment Advisers Acts, SEC Chair Mary Jo White highlighted “a full plate of critical initiatives” currently underway at...
View ArticleClik here to view.
Supreme Court Declines to Review Northstar
The Supreme Court yesterday denied the petition for review in Schwab Investments, et al. v. Northstar Financial Advisers. As a result, the 9th Circuit's decision allowing fund boards to be sued...
View ArticleClik here to view.
The SEC’s Liquidity Proposal in Detail: Liquidity Risk Management Program
The SEC’s new liquidity proposal would require open-end funds (including open-end ETFs but excluding money market funds) to implement liquidity risk management programs in order to “reduce the risk...
View ArticleClik here to view.
The SEC’s Liquidity Proposal in Detail: Swing Pricing
The SEC’s new liquidity proposal would allow open-end funds (other than ETFs and money-market funds) to voluntarily implement “swing pricing,” “a process of adjusting the net asset value of a fund’s...
View ArticleClik here to view.
The SEC’s Liquidity Proposal in Detail: DERA Study
In explaining the need for its recent released liquidity proposal, the SEC relied heavily on analysis from a paper issued by the Division of Economic and Risk Analysis entitled Liquidity and Flows of...
View ArticleClik here to view.
SEC Inflates Enforcement Statistics, Researcher Finds
In a forthcoming article in the Cornell Law Review, Urska Velikonja argues that the SEC’s enforcement metrics “are deeply flawed,” and that its method of reporting “consistently overstates the SEC’s...
View ArticleClik here to view.
SEC Reduces Use of Administrative Courts
According to the Wall Street Journal, the SEC is “quietly” reducing its use of administrative courts for enforcement actions. The article notes that the SEC sent fewer cases to its administrative...
View ArticleClik here to view.
Gross Files Suit, Offers Version of PIMCO Events
In the latest chapter of the fallout of portfolio manager Bill Gross’s exit from PIMCO, Gross is suing the asset manager for $200 million. Gross filed a complaint last week alleging that, “[d]riven by...
View ArticleClik here to view.
Deloitte Releases 13th Annual Fair Valuation Pricing Survey
Deloitte’s most recent annual Fair Valuation Pricing Survey found that “the mutual fund industry continues to improve its procedures in an effort to better manage valuation risk, enhance the governance...
View ArticleClik here to view.
Aguilar: ETFs Need Review
SEC Commissioner Luis Aguilar urged a review of ETFs in a recent speech to the SEC’s Investor Advisory Committee, including asking whether the Commission should consider “potentially curtailing the...
View ArticleClik here to view.
SEC Settles with UBS over CDS Investment Strategy Change
The SEC announced a settlement with two UBS advisory firms for failing to disclose a change in the investment strategy of a closed-end fund that they advised. A joint venture between UBS Fund Advisor...
View ArticleClik here to view.
Peirce, Fairfax Nominated to SEC
The White House yesterday nominatedHester Peirce and Lisa Fairfax to serve on the Securities and Exchange Commission. Peirce, the Republican nominee, would fill the vacant seat of former Commissioner...
View ArticleClik here to view.
Fitch Sees Liquidity Issues in Recent Proposal
Credit rating agency Fitch Ratings recently suggested that the SEC’s liquidity management proposal“could leave the funds better equipped to handle bouts of market volatility, but there may be...
View ArticleClik here to view.
Aguilar Offers Corporate Governance Pointers
SEC Commissioner Luis Aguilar highlighted the important work of boards and principles of good corporate governance in a recent speech. Speaking to a gathering of corporate directors, Aguilar noted that...
View ArticleClik here to view.
DTCC Examines Interconnectedness Risk
The Depository Trust and Clearing Corporation (DTCC) recently issued a whitepaper explaining the risk of interconnectedness in the financial world. DTCC notes that “risk managers can no longer view...
View ArticleClik here to view.
White: Equity Markets Offer Lessons for Treasury Market Regulation
In a recent speech, SEC Chair Mary Jo White suggested that equity market regulation could provide a roadmap for addressing market structure issues and regulatory gaps in the Treasury markets. She noted...
View ArticleClik here to view.
MFDF Webinar: Current SEC and PCAOB accounting, auditing and regulatory...
John Russo and John Schneider of KPMG, and Rick Sennett of Legg Mason, will discuss current accounting, auditing and regulatory hot topics from the PCAOB and SEC that may impact mutual fund directors....
View Article