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MFDF Program: Board Oversight of Service Providers
On September 27, the Forum will host a one day program in Boston that will explore key issues in board oversight of third party service providers. Panels will include:Overview of Emerging Fintech...
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NICSA Panel at GMM to Explore Impact of Industry Change on Fund Directors
NICSA’s General Membership Meeting, which will take place on September 19 and 20 in Boston, will include a panel exploring how transformational changes in the fund industry may impact fund directors....
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SEC Settles Case with Fund Adviser Over Undisclosed Side Agreement with...
The SEC recently settled charges with a fund adviser stemming from a side agreement that prevented an adviser from terminating a sub-adviser without cause. Orinda Asset Management sought a...
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Index Funds Turn 40
Last week, the Vanguard S&P 500 Index Fund turned 40 (the fund was started as the First Index Investment Trust). The Wall Street Journal reports that the fund, which started with only $11.3...
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Group Suggests Commonsense Corporate Governance Principles
A small group of leaders of large corporations and investment managers together with an activist investor and a public pension plan convened a group to develop a set of broad corporate governance...
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Chamber of Commerce to SEC: Abandoning Electronic Delivery Major Step Backwards
The Chamber of Commerce Center for Capital Markets Competitiveness recently sent a letter to SEC Chair Mary Jo White expressing disappointment in recent reports that the SEC was planning to abandon...
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Study Shows Investors and Advisers Plan to Increase ETF Investments
Schwab’s 2016 ETF Investor Survey shows that both registered investment advisers (RIAs) and ETF investors are planning to increase investments in ETFs over the next five years. The survey included...
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MFDF Webinar: The DOL's New Fiduciary Regulation: Considerations for Mutual...
The fiduciary regulation will cause sweeping changes to the U.S. retirement landscape. Many intermediaries and advisers that deal with retirement plan clients, such as IRAs and 401(k) plans, will have...
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SEC Chair Mary Jo White Says SEC Considering Fiduciary Rule
InvestmentNews reports that the SEC continues to consider a fiduciary rule. SEC Chair Mary Jo White said that SEC Commissioners have received “a very detailed outline of the staff’s thinking on...
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SEC Commissioner Piwowar Discusses Fixed Income Liquidity
In a recent speech, SEC Commission Piwowar discussed fixed income market issues. He highlighted some recent improvements in fixed income market structure, but noted that a number of lingering...
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Morningstar to Ease Comparisons of Mutual Funds and ETFs
Morningstar recently announced that it was going to make it easier for investors to compare mutual funds and ETFs. Morningstar will begin providing its analyst ratings for ETFs by the end of the year....
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New York Proposes Cyber Rules for Banks
The Wall Street Journal reports that New York has proposed rules that would require banks to establish cybersecurity programs. The rules, if adopted, would require banks to:Hire a Chief Information...
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E&Y Settles Two Auditor Independence Violations with the SEC
Ernst and Young recently agreed to settle two cases of independence violations stemming from personal relationships between audit partners and members of the accounting or financial control staff at...
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Fund Managers Increase Investments in Private Assets
Reuters reports that fund managers have begun increasing investments in private assets in search for yield. The investments include direct ownership of oil wells and music royalties, for example....
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SEC Enforcement Chief Shares Lessons Learned from Recent Cases Against Auditors
In a recent speech, the director of the SEC’s Division of Enforcement, Andrew Ceresney, provided a history of SEC enforcement actions against auditors and current areas of focus in enforcement cases....
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SEC Proposes Rule Amendment to Shorten Trade Settlement Cycle from T+3 to T+2
On September 28, 2016, the SEC issued a proposal to shorten the standard settlement cycle for most broker-dealer securities transactions from three business days after the trade date (T+3) to two...
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August Flows Show More Movement from Active to Passive Funds
Morningstar’s report on August fund flows shows continuing movement of investor funds from actively managed funds to passive funds, particularly with respect to domestic equity and international equity...
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SEC Adopts Clearing Agency Standards in Attempt to Address Risk Management;...
On September 28, 2016, the Securities and Exchange Commission adopted rules for securities clearing agencies that have been designated as systemically important by the Financial Stability Oversight...
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BlackRock Publishes Paper on Rise of Digital Advisors; Recommends Policy...
In a white paper published in September 2016, BlackRock analyzed the rapid growth of digital advisors, commonly known as “robo-advisors,” and the implications for the financial services industry....
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CFTC Commissioner Says Agency Has Not Kept Pace with 21st Century Technology
In a recent speech, CFTC Commission J. Christopher Giancarlo stated that regulation by the agency has not kept pace with the technological transformation of the world’s trading markets. In particular,...
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