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MFDF Webinar: Board Oversight of Cyber-Security
The SEC continues to be interested in fund board oversight of cyber-security issues. Join Rajib Chanda, partner at Simpson Thatcher & Bartlett LLP for a discussion of how boards can structure their...
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MFDF Webinar: Board Oversight of Best Execution
Because brokerage commissions are fund assets, fund directors have a responsibility to oversee how those commissions are used. Jim Burns, a partner at Willkie Farr & Gallagher LLP and former Deputy...
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SEC Chair to Fund Directors: Much is Expected of You in your Oversight
In remarks at the Mutual Fund Directors Forum’s annual Policy Conference, SEC Chair Mary Jo White emphasized the importance of fund directors to the millions of investors who own mutual funds. In...
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DOL Finalizes Fiduciary Rule
On April 6, the Department of Labor released final rules to expand the “fiduciary” standard to more retirement accounts. The rules were proposed in April 2015 (following the withdrawal of a 2010...
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MetLife SIFI Designation Overturned
In late March, DC District Court judge Rosemary M. Collyer overturned the FSOC’s designation of MetLife as a SIFI. The district judge found that “FSOC’s unacknowledged departure from its guidance and...
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Sequoia Shareholders Receive Redemptions in Kind
Sequoia shareholders who redeem more than $250,000 will likely receive stock rather than cash, according to a recent Wall Street Journal article. The article identifies one shareholder who received...
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WSJ: FSOC’s Appeal of MetLife Decision a “Tantrum”
Treasury Secretary Jack Lew fired back following the DC District Court’s Decision to overturn the FSOC’s designation of MetLife as a SIFI. In a press release after the decision was made public, Lew...
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SEC Investor Advisory Committee Recommends Individual Dollar-Based Fee...
The SEC’s Investor Advisory Committee recently recommended that the Commission “explore ways to improve mutual fund cost disclosures.” The Committee specifically recommended that the SEC consider...
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FSOC Releases Update on Review of Asset Management Industry
The FSOC recently released an update on its review of the products and activities of the asset management industry. The Council recommended the following with respect to mutual fund liquidity:Robust...
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Senators Introduce Resolution to Stop DOL Fiduciary Rule
Three Republican Senators introduced a resolution to stop the recent DOL fiduciary rule. Senator Enzi, one of the sponsors, expressed concern that “this new rule will cut off access for that advice...
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Massachusetts Files Complaint Against State Street Global Markets
Last week, the Secretary of the Commonwealth of Massachusetts filed charges against State Street Global Markets for “dishonest and unethical business practices.” The charges stem from overbilling of...
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New Fixed Income Trading Platforms Face Liquidity Crunch
A recent article in Bloomberg highlighted the recent boom in new electronic bond trading platforms. According to the article, there are currently 99 such platforms worldwide. The new trading...
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Asset Managers Using Derivatives in Place of Mortgage Bonds
Reuters reports that many asset managers are using derivatives to gain exposure to commercial mortgage-backed securities rather than purchasing the bonds themselves. The notional value of these...
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SEC Proposes Consolidated Audit Trail
The SEC recently proposed a plan that would create a “single, comprehensive database – a consolidated audit trail (CAT) – that would enable regulators to efficiently track all trading activity in U.S....
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House Adopts Resolution to Stop DOL Fiduciary Rule
Following on the heels of the Senate, the House of Representatives adopted a resolution to stop the recent DOL fiduciary rule. The vote was strictly along party lines. The Financial Services...
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Article Explores Evolution of Fund Director Responsibilities
A recent article by Matt Fink, an Oppenheimer Funds independent director and former president of the ICI, and Jacqueline Edwards, an associate at Kramer Levin, explores the evolution of the...
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McKinsey Report: Investors Should Prepare For 20 Years of Lower Returns
A recent report by McKinsey Global Institute urges investors to prepare for significantly lower investment returns in the coming decades. The report outlines the overall investment returns over the...
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Supreme Court Declines to Hear Cases Challenging SEC’s Administrative Courts
Over the past year or so, there have been numerous challenges to the constitutionality of the SEC’s “administrative courts.” While the Supreme Court recently bypassed two opportunities definitively...
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SEC Commissioner Stein Calls for Holistic Disclosure Review
In a recent speech, SEC Commissioner Stein discussed the importance of disclosure to the relationship between companies and their investors. She stated that the result of the robust disclosure system...
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MFDF Webinar: Fund Director Compensation: The MPI Annual Survey (2016)
Management Practice has conducted an annual survey of mutual fund director compensation for over 20 years. Each spring MPI releases its "Survey of Mutual Fund Director/Trustee Compensation and...
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