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Study Predicts Revenue Decline, Shift in Industry Assets in Wake of DOL...
A recent study by consulting firm A.T. Kearney predicts a $20 billion revenue impact for the financial industry through 2020 along with a significant shift in assets as a result of the DOL fiduciary...
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High Demand for Fed’s Repurchase Agreement Program as Money Market Fund...
The U.S. short-term financing markets experienced a tumultuous end to the third quarter as the industry prepared for the October 14, 2016 compliance date of the SEC’s money market fund reforms....
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IRS Proposes Regulations Related to Income and Asset-Diversification...
The IRS and Treasury Department recently proposed regulations regarding the treatment of a regulated investment company’s (RIC) income inclusions with respect to controlled foreign corporations (CFCs)...
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SEC Adopts Rules on Fund Liquidity Risk Management and Reporting Data...
SEC Commissioners voted on October 13, 2016 to adopt proposals to reform oversight and regulation of liquidity management by mutual funds and exchange-traded funds and to modernize reporting for mutual...
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SEC Announces Increase in Enforcement Actions for Fiscal Year 2016
The SEC reported an increase in enforcement actions for the fiscal year ended September 30, 2016. The agency reported 868 total actions brought, up from 807 in 2015 and 755 in 2014, and judgments and...
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Events to Focus on Regulatory, Legal Environment and Trends for Funds and...
The Financial Services Group of Dechert LLP will hold its annual investment management symposium in San Francisco on November 9, 2016. Panelists will discuss the evolving legal and regulatory...
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Popular Stock Market Valuation Tool’s Indication of Pending Gloom is Challenged
The Wall Street Journal reported that the market valuation metric developed by the economist who predicted the housing bubble and the stock market collapse of the early 2000s is now at a high not seen...
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Federal Appeals Court Rules Structure of CFPB is Unconstitutional
A federal appeals-court panel dealt a setback to the Consumer Financial Protection Bureau, ruling that the financial agency’s structure is unconstitutional. According to the October 11, 2016 decision,...
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Adviser Settles with SEC for Fair Valuation and Disclosure Failures
Calvert Investment Management, Inc. recently settled charges with the SEC regarding the valuation of securities in funds it advised. The SEC charged that it improperly fair valued certain fund...
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OCIE Director Describes Plans for Increased Adviser and Broker-Dealer...
On October 17, 2016 Marc Wyatt, Director of the SEC’s Office of Compliance Inspections and Examinations, delivered a speech summarizing OCIE’s recent activities and future priorities. In the speech,...
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Banking Agencies Issue Advanced Notice of Proposed Rulemaking on Cyber Security
The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency recently released an advance notice of proposed rulemaking (ANPR) on potential...
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Report Says ETF Industry May See Large-Scale SEC Review
According to a Financial Times report, the SEC is laying the groundwork to examine the exchange-traded funds industry and the consequences of its rapid growth. The expected areas of review range from...
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Nasdaq Upgrade May Give High-Speed Traders an Edge over IEX Speedbump
On October 24, 2016, Nasdaq Inc. will launch an upgraded system that could lessen the protections from high-speed traders offered by IEX Group Inc., the stock exchange whose founders were the...
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Annual Fair Valuation Survey Shows Majority of Boards Revised Policies in 2016
Deloitte recently reported the results of its fourteenth annual Fair Valuation Pricing Survey of 96 mutual fund firms. The findings indicate that a majority of survey participants changed or revised...
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Senator Warren Calls for Dismissal of SEC Chair White in Letter to Obama
Democratic Senator Elizabeth Warren recently called for the dismissal of SEC Chairwoman Mary Jo White in a letter to President Obama. Senator Warren has pressed the SEC to develop rules requiring...
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Lower Fees a Key Driver for Investors Shifting Assets to Passively Managed...
In a recent series of reports, the Wall Street Journal chronicled the large shift of assets to passively-managed investments, calling it one of the “largest migrations of money in history.” The...
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ISS Requests Comments on Proposed 2017 Proxy Voting Policies
ISS recently released draft proxy voting policy changes for the 2017 proxy season and is seeking comments on the proposals by November 10, 2016. Among the proposed changes is a provision related to...
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MFDF Webinar: CCO Compensation: The MPI Annual Survey 2016
Management Practice has conducted an annual survey of mutual fund Chief Compliance Officer compensation for the past 11 years. Each summer MPI releases its "Survey of Mutual Fund Chief Compliance...
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Morningstar Launches Visual Research Framework for Alternative Investment Funds
Morningstar is launching a style box for alternative investment funds to provide better insight into the volatility and diversification benefits of such funds. The “alternatives style box,” similar to...
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Law Firms Release Memos on Liquidity, Swing Pricing and Reporting...
The SEC’s recent rulemaking activity is spurring discussion as the industry digests the 1940 Act regulations adopted in the last month. Law firms are beginning to publish in-depth summaries of the...
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