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IEX Wins Approval to Become National Securities Exchange
On Friday, the SEC approved IEX’s application to become a national securities exchange. SEC Chair Mary Jo White said that the SEC’s actions “promote competition and innovation, which our equity...
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SEC Staff Issues No-Action Relief on Auditor Independence
The SEC staff has issued no-action relief for situations where an auditor’s independence may be compromised by the “loan rule.” The loan rule generally prohibits “[a]ny loan (including any margin...
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BNY Mellon Settles FX Charges with the SEC
BNY Mellon (the “Bank”) and the SEC have settled charges related to the Bank’s handling of certain foreign currency transactions on behalf of its clients, including some registered investment companies...
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SEC Chair to Senate: Fund Rules to be Adopted by the End of the Year
In testimony before the Senate Banking Committee, SEC Chair Mary Jo White highlighted the Commission’s accomplishments since she last appeared before the Committee in September 2014. She discussed the...
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MFDF Webinar: Board Oversight of Sub-Advisers and What to Expect from the CCO
The webinar will discuss oversight responsibilities of Board members with regard to sub-advisers, with a focus on the special compliance, independence, board reporting, and other issues presented. A...
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Morningstar Report Predicts DOL Fiduciary Rule Winners and Losers
A report from Morningstar predicts that the DOL’s final fiduciary rule will be disruptive to many segments of the financial industry even though aspects of the final rule were more lenient than the...
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IM Staff Issues Guidance on Business Continuity Plans for Funds
Earlier this week, the staff of the SEC’s Division of Investment Management issued a guidance update on business continuity plans for registered investment companies. The update provides the staff’s...
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FSB Recommends Policy Changes to Address Risk in Asset Management
The FSB recently proposed policy recommendations designed to address systemic risks to the financial system posed by the asset management industry. The document acknowledges that the asset management...
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Can Golf Increase Gender Diversity on Boards?
A new paper explores whether women’s engagement in male dominated activities can improve gender diversity in the “executive labor market.” The paper examines whether women who play golf are more...
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SEC Nominees Face another Setback
In the latest setback to a full Commission, the Wall Street Journal reports that a democratic senator has placed a hold on the Republican nominee, Hester Peirce. According to the article, a vote of 60...
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SEC Chair: Low Level of Board Diversity in US is Unacceptable
In a recent speech, SEC Chair Mary Jo White gave an overview of board diversity in the United States, and lamented that the percentage of top 200 companies in the S&P 500 with at least one minority...
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Portfolio Managers Barred From Industry over Concealed Derivatives Use
The SEC recently denied an appeal from two portfolio managers regarding an ALJ’s finding that they violated the anti-fraud provisions of the securities laws. The portfolio managers managed a...
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Closed-End Fund No-Action Relief to Exclude Shareholder Proposal Denied by...
The staff of the SEC’s Division of Investment Management declined to give no-action assurance to two closed-end funds regarding the exclusion of a shareholder proposal from a proxy statement. At issue...
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Commissioner Piwowar: Delay in Commission Action on T+2 Settlement Cycle...
In a recent statement, SEC Commissioner Piwowar criticized the Commission for its failure to act on rules that would shorten trade settlement cycles to T+2. According to Commissioner Piwowar, the rule...
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MFDF Webinar: The SEC and VaR: What do Directors Really Need to Know?
The SEC’s recent rule proposal on derivatives anticipates asking fund boards to approve portfolio risk policies and procedures, which will likely include calculations of Value at Risk, or VaR. This...
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Researchers Try to Develop Tool to Determine: What am I Getting by Becoming a...
The Wall Street Journal reported that two professors and UBS are working to develop a tool to measure the impact that companies are actually having on sustainable goals. The objective is to allow...
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Senator Sherrod Brown Encourages SEC to Adopt Liquidity, Derivatives Rules
In a recent letter to SEC Chair Mary Jo White, Senator Sherrod Brown, the ranking Democrat on the Senate’s Banking Committee, encouraged the SEC to “strengthen and complete” its rules on fund liquidity...
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Paper Examines Mutual Fund Influence on Corporate Governance
A paper that is to be published in the Journal of Financial and Quantitative Analytics examines how mutual funds influence corporate governance of portfolio companies. Because mutual funds own...
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T. Rowe Price Settles Lawsuit over Dell Buyout
T. Rowe Price has agreed to a $25 million settlement with Dell over Dell’s recent buyout, the Wall Street Journal reports. The settlement will allow T. Rowe Price to offset part of the $194 million it...
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FSOC Rescinds GE Capital SIFI Designation
In late June, the FSOC voted unanimously (with one member abstaining) to rescind GE Capital’s SIFI designation. GE Capital was designated in July 2013. According to the Council’s public explanation...
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