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MFDF Webinar: Oversight Challenges: Alternative Funds
This webinar will focus on the unique board oversight challenges associated with alternative funds. Tomorrow at 2pm, join Amy Doberman, a partner at Wilmer Hale, to discuss common areas of board...
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SIFMA Releases Cybersecurity Exercise Findings
The Securities Industry and Financial Markets Association (SIFMA) recently released key findings from a cybersecurity exercise (dubbed “Quantum Dawn 3”) conducted by over 80 financial institutions and...
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Jaffe’s Fund Wish List
Columnist Chuck Jaffe issued his holiday wish list for the fund world. According to Jaffe, “[t]he mutual fund business believes that the only thing it owes you for your money is a positive return,” but...
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Debate Over IEX Exchange Application Continues
Several existing exchanges are engaged in a heated debate with upstart Investors’ Exchange, LLC (IEX) over its application for official exchange status filed with the SEC in September. While IEX brands...
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SEC to Propose Derivatives Rules
The SEC announced last Friday that it would hold a meeting on December 11 to “consider whether to propose a new rule and amendments to certain proposed forms related to the use of derivatives by...
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MFDF Webinar: Mutual Fund Valuation - Latest Emerging and Maturing Trends and...
Join Paul Kraft, the head of Deloitte’s US Mutual Fund and Investment Adviser practice, tomorrow at 2pm as he discusses observations from the 13th Annual Deloitte Fair Valuation Survey. The discussion...
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Champ Offers Valuation Guidance
In a recent post for Fund Board Views, former Director of the SEC’s Division of Investment Management and Deputy Director of the Office of Compliance Inspections and Examinations Norm Champ offered...
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Morningstar, Wall Street Journal Rankings Loom Large on Funds
Two new scholarly articles examine the effect of the public media coverage on mutual funds. In one recent paper, researchers from the University of Rochester examined the effect of a fund’s inclusion...
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“Bloat Ratio” May Predict Small-Cap Success
Morningstar Director of Manager Research Russel Kinnel developed a measure he believes can start to answer the questions: “Has asset growth altered your fund's strategy? Has it done so to the point...
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SEC Proposes Derivatives Rules
Last Friday, the SEC voted 3-1 to propose a new rule related to the use of derivatives by mutual funds, closed-end funds, ETFs, and business development companies. At the open meeting, SEC Chair Mary...
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Credit Fund Moves to Liquidate, Suspends Redemptions
In a letter to shareholders released last week, Third Avenue Management announced that the board of the Third Avenue Trust adopted a plan to liquidate the Third Avenue Focused Credit Fund. Under the...
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SEC Releases Study of Funds’ Derivatives Use
The SEC’s Department of Economic and Risk Analysis released a study examining registered investment companies’ use of derivatives (which they limit to “futures, swaps, currency forwards, and written...
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Canadian Regulator: No Additional Regulatory Response Necessary for HFT
The Investment Industry Regulatory Organization of Canada (IIROC) announced recently that it had completed a study of the effect of high-frequency trading on Canadian equity markets. The study did not...
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State Street Overbilled for Expenses
Yesterday, State Street announced that it initiated a review of “the manner in which it invoiced certain expenses to asset servicing clients.” According to the firm, preliminary results indicate that...
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Common Set of Directors Across Funds a “Mixed Blessing”
A recent paper examines the ubiquitous practice of a common set of directors serving at the board for multiple funds in a complex and finds the structure to be a “mixed blessing.” The authors...
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The Effect of Sharing an Auditor
A recent paper examines the effect of an investment company retaining the same auditor used by its parent company. The authors found that the median audit fee for an investment company with a shared...
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Grim Highlights 2015, 2016 Initiatives
In a recent speech, Director of the Division of Investment Management David Grim highlighted the initiatives undertaken by the Division in 2015 and discussed initiatives for 2016. Grim noted the...
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A Review of August’s NAV Issues
In a recent paper, Barrington Partners offers an in-depth look into the NAV issues experienced by many funds after the failure of a service provider in August. Barrington compiled the report following...
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SEC Issues Transfer Agent Concept Release
The SEC recently issued a concept release that solicits comments on the need for new requirements for transfer agents. The concept release includes provisions related to “registration and annual...
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SEC Releases Initial Analysis of August 24 Volatility
The SEC’s Division of Trading and Markets recently released an analysis of the volatility in equity markets that occurred on August 24, 2015. The report is offered “as a preliminary step to help inform...
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