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Banks, Asset Managers Asked to Cover Cash Shortfalls in Repo Markets
The Wall Street Journal reports that Depository Trust and Clearing Corporation has proposed that large banks and asset managers cover cash shortfalls if a member of its Fixed Income Clearing Corp....
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Delaware Court Denies T. Rowe Funds Appraisal Rights in Dell Transaction
A Delaware Court recently denied a bid by several T. Rowe Price Funds to dispute the value they received for Dell shares in a 2013 merger transaction. Under Delaware law, a shareholder is able to...
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Liquidity Conditions in the US Treasury Market Consistent with Historical...
In a recent blog post, the Department of Treasury summarized the current liquidity conditions in the US Treasury market. The post acknowledged the significant structural changes that the Treasury...
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Management Practice Completes Annual Director Compensation Study
Management Practice recently released a summary of its 23rd annual director compensation and corporate governance survey. The survey data is based on information from 403 fund boards. Overall, fund...
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Diversity on Corporate Boards Still a Challenge
A recent New York Times report on corporate board composition shows that efforts to diversify corporate boards remain a challenge. Hispanics, in particular, remain underrepresented. According to an...
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MFDF Webinar: Exchange-Traded Funds: What Boards of Actively Managed Funds...
Join K&L Gates partners Stacy Fuller and Peter Shea as they provide directors with a business update on recent asset flows in the ETF space. Additionally, the webinar will explore the...
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SEC Chair: SEC Working to Finalize Liquidity and Derivatives Rules This Year
In a recent speech, SEC Chair Mary Jo White provided an update on the status of several recent Commission initiatives affecting the fund industry, focusing on the liquidity and derivatives proposals....
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MFDF Webinar: Beyond Expense Benchmarking: Economies of Scale, Mutual Fund...
Fund-by-fund review of advisory profitability and economies of scale continue to be pillars of the 1940 Act, Section 15(c) contract renewal process since the 1982 "Gartenberg" case. Recent actions...
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FINRA Exams Look for Mutual Fund Overcharges by Brokerage Firms
InvestmentNews reports that FINRA is conducting targeted exams to determine whether brokerage firms are overcharging clients for mutual fund purchases. According to the article, the information...
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Financial Regulators Propose Compensation Rules to Limit Risk-Taking
This month, the SEC and other financial regulators proposed rules, required by Dodd-Frank, that would prohibit incentive compensation arrangements that “could encourage inappropriate risk-taking by...
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SEC Questions Auditor Independence
In a recent filing, Invesco disclosed that PwC was in “discussions” with the SEC over a rule interpretation that may affect its independence with respect to certain funds advised by Invesco. At issue...
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GAO: Are Financial Regulators Doing Enough to Prevent Another Crisis?
Reuters reports that the GAO is examining whether “financial regulators are doing enough to collaborate and share information to prevent another economic crisis.” The investigation, six years after...
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SEC/Treasury Request Additional Trade Reporting for US Treasury Securities
The SEC and Treasury Department recently announced“that they are working together to explore efficient and effective means of collecting U.S. Treasury cash market transaction information.” As a first...
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Federated Settles Charges with SEC Over Use of Third Party Consultant
Federated agreed to pay a $1.5 million penalty to settle charges stemming from the lack of policies and procedures governing the work of a third party consultant who provided analysis, including buy...
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Sequoia Fund Managers Meet with Shareholders, Announce Investment Limit
The managers of the Sequoia Fund recently announced a 20% limit on investments in a single company at a recent shareholder meeting, as reported by the Wall Street Journal. The adviser moved the...
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Forum Reiterates Support for Electronic Delivery of Fund Disclosures
The Forum recently filed a supplemental comment letter on the SEC’s reporting modernization proposal to reiterate its support for electronic delivery of fund disclosures. The letter expresses support...
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Morgan Stanley Settles SEC Charges Over Failures to Protect Client Information
Morgan Stanley has agreed to pay $1 million to settle charges with the SEC “related to its failures to protect customer information, some of which was hacked and offered for sale online.” The order...
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T. Rowe Price to Reimburse Investors After Proxy Voting Error
T. Rowe Price recently announced that the company will pay clients approximately $194 million to compensate them for a proxy voting error related to a 2013 leverage buyout of Dell. Last month, a...
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Mutual Funds Driving Corporate Bond Prices Higher
According to a recent article in Bloomberg, mutual funds purchased $275 billion worth of high quality corporate bonds in 2015. Analysts at Deutsche Bank quoted in the article report that those...
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BlackRock Research Finds Little Support for Bond Fund Fire Sales
Recent research from BlackRock finds that fire sales of bond mutual funds are unlikely in times of economic stress. The research finds that the diversity among bond mutual funds – including strategy,...
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