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OFR Publishes 2015 Financial Stability Report
The Office of Financial Research recently released its 2015 Financial Stability Report which finds that “[o]verall threats to U.S. financial stability remain moderate,” but that some threats “have...
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SEC Issues Guidance on Distribution and Sub-TA Fees
The SEC’s Division of Investment Management recently released a Guidance Update entitled Mutual Fund Distribution and Sub-Accounting Fees. The update follows the Office of Compliance Inspections and...
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MFDF Webinar: 2016 Legislative Outlook
Tomorrow at 2pm, Tim Jenkins and Shelby Hagneauer of Nossaman LLP will discuss the 2016 outlook for Congress with an emphasis on legislative developments that may impact the financial services sector....
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Fidelity: Retirement Savings Rate Improving, Still Insufficient
A new study released by Fidelity finds that “people are saving more and investing more appropriately for their age, improving the overall state of retirement readiness of households in America.” The...
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MFDF Webinar: Liquidity Risk Management - Update for Fund Directors
Regulators are increasingly focused upon market participants’ ability to effectively manage liquidity risk. Tomorrow at 2pm, join Interactive Data Pricing and Reference Data, LLC Managing Director...
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OCIE Releases Examination Priorities for 2016
The SEC’s Office of Compliance Inspections and Examinations (OCIE) released its Examination Priorities for 2016 this week and announced that it would assess market-wide risks, examine issues related to...
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After High-Yield Issues, SEC Launched Sweep
The decision to liquidate a high-yield bond fund by Third Avenue Management last month prompted the SEC to quickly launch a sweep of high-yield bond funds, according to Reuters. The article reports...
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Forum Submits Comments on Liquidity Risk Management Proposal
Last week, the Forum submitted a comment letter to the SEC in response to the proposal to address liquidity management in open-end funds. The proposal would require funds (other than money market...
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Fed to Develop Margin Rules
The Wall Street Journal reports that the Federal Reserve is looking to adjust margin requirements on “securities-financing transactions” in an effort to address concerns over “shadow banking.” Fed...
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Atkins: SEC Should Review Reg NMS, Not Grant IEX Application
The exchange application of IEX has stoked an ongoing debate over the health of the equity markets, largely due to IEX’s plan to add a 350-microsecond delay in an attempt to remove any speed advantage...
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SEC Awards Company Outsider Whistleblower for Detailed Analysis
The SEC recently announced that it had awarded $700,000 to a whistleblower “who conducted a detailed analysis that led to a successful SEC enforcement action.” While the SEC has paid over $55 million...
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SEC Fines Alternative Fund Manager for Valuation, Disclosure Issues
The SEC recently announced that Equinox Fund Management agreed to settle charges related to alleged valuation and disclosure violations related to a managed futures fund for which it is the commodity...
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PATH Act Resolves Tax Uncertainty Foreign Investors in Mutual Funds
Last month, President Obama signed the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”) which included a provision to make permanent provisions eliminating the withholding of taxes on...
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Treasury Department Requests Comment on Evolution of Treasury Market
The Treasury Department published a notice last week to solicit comments on “changes in Treasury market structure, the implications for market functioning, and risk management policies and practices.”...
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OFR Offers Analysis from Repo Pilot
The Office of Financial Research recently released an analysis of data collected on the bilateral repo markets through a voluntary pilot program conducted in conjunction with the Federal Reserve and...
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Tabb: SEC Should Address Exchange Data Pricing
In an op-ed for Bloomberg, Larry Tabb (Founder and CEO of Tabb Group) notes that “the widespread availability of information and new technologies has helped establish the most level playing field in...
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MFDF Webinar: The SEC's Derivatives Proposal - New Director Responsibilities
In December 2015, the SEC issued a long-awaited proposal regarding fund use of derivatives. The SEC proposes a new regulatory regime for fund use of derivatives that would call upon fund boards to...
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SEC Settles Dark Pool Charges with Credit Suisse, Barclays
The SEC announced this week that it had settled charges against Barclays and Credit Suisse for alleged misrepresentations related to the firms’ dark pools, collecting the largest-ever fines against...
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Activist Ackman Fears Index Fund Bubble
In a recent letter to his hedge fund shareholders, Pershing Square founder Bill Ackman examines the influence of index funds on corporate America. As a result of the increase in assets under management...
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SEC Advisory Committee Weighs in on August 24 Volatility
In a recent meeting, several members of the SEC’s Equity Market Structure Advisory Committee debated potential changes to equity market structure prompted by volatility on August 24, 2015. That day,...
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