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Banking Regulator to Allow FinTech Firms to Apply for Special Purpose Charters
In a recent speech, Thomas Curry, chief of the Office of the Comptroller of the Currency, said that the OCC willmove forward with chartering financial technology companies that offer bank products and...
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Morningstar Study Finds Percentage of Women Fund Managers in U.S. Lags Global...
A Morningstar study reported that there has been no improvement in women’s participation rates in the fund management sector since 2008. The study found that about one in five funds has at least one...
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MFDF Webinar: Mutual Fund Valuation - Latest Emerging, and Maturing Trends...
During this webinar, Paul Kraft, a partner and US Mutual Fund & Investment Management Practice Leader at Deloitte, will discuss the observations from the 14th Annual Deloitte Fair Valuation Survey...
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SEC Chair Calls on Lawmakers to Allow Agency to Proceed with Rulemaking Agenda
In a letter responding to a request from Republican Senators Richard Shelby and Mike Crapo that the SEC not pursue any additional rulemakings until the new Congress has an opportunity to review the...
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Reports Say SEC Examiners Looking into Funds’ Valuation of Private Companies
According to reports, the SEC has sent examination letters or interviewed people at mutual funds, including T. Rowe Price and Fidelity Investments, regarding valuations of private companies held in...
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Major Clearinghouses Pass CFTC Stress Test; Post-Brexit Volatility Spurs Call...
The CFTC recently reported the results of a supervisory stress test conducted in April 2016 aimed at assessing the impact of hypothetical market scenarios across multiple clearinghouses and their...
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ETFs’ Rapid Growth Spurs Calls for Policymakers to Review “ETF Eco-System,”...
Vanguard Group founder Jack Bogle recently wrote an opinion piece in the Financial Times on the dominance of exchange-traded funds. Bogle wrote that ETFs have revolutionized stock market trading and...
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Federal Reserve Releases Paper on Blockchain; Consortium Runs Up Against...
The Federal Reserve recently published a paper on distributive ledger technology, citing the agency’s public policy interest in understanding and monitoring innovations that could affect the structural...
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CFTC Announces Enforcement Results for 2016
The CFTC released enforcement results for the fiscal year ended September 2016. Over the period, the CFTC filed 68 enforcement actions and obtained orders totaling approximately $1.29 billion in...
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SEC Issues Guidance for Funds on Fiduciary Rule-Related Prospectus...
The SEC recently released guidance for mutual funds in response to issues raised by the DOL Fiduciary Rule. The SEC observed that many funds are considering changes to fund fee structures, streamlined...
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FINRA Sanctions 12 Firms for Failing to Protect Records from Alteration
FINRA announced on December 21, 2016 that it had fined 12 firms a total of $14.4 million for significant deficiencies relating to the preservation of broker-dealer and customer records in a format that...
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M&A Lawyer with Strong Wall Street Background Nominated to Lead SEC
Jay Clayton, a partner with New York law firm Sullivan & Cromwell LLP, has been nominated by President-elect Trump to succeed Mary Jo White as chairman of the SEC. Clayton, whose practice is based...
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Appeals Court Rules SEC Administrative Law Judge Hiring Process Violates...
The U.S. Court of Appeals for the 10th Circuit in Denver ruled that the SEC’s process for hiring administrative law judges for its in-house courts violates a clause of the U.S. Constitution that...
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Annual Survey of S&P 500 Boards Notes Trends in Retirement, Governance,...
The recently released Spencer Stuart Board Index presents data on board composition, board practices and director compensation among S&P 500 companies. The 2016 study, among other things,...
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Financial Services Agency Revises New York Cybersecurity Regulation, Delays...
The New York Department of Financial Services released an updated version of its cybersecurity law slated to take effect March 1, 2017; the original version was to become effective on January 1, 2017....
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CFTC Chairman Timothy Massad Announces Resignation; Says Swaps Reforms “Made...
Timothy G. Massad said he will step down as chairman of the CFTC, effective January 20, 2017. A statement issued by the CFTC noted Massad’s accomplishments at the agency, which he has led since June...
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Piwowar Says Dodd-Frank Measures on Back Burner; Lawmakers Introduce Bills...
SEC Commissioner Michael Piwowar, who is expected to become the agency’s acting chairman after Chair Mary Jo White steps down, said the SEC will not prioritize any rules required by the Dodd-Frank Act,...
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SEC Launches Exam Initiative Targeting Advisers with Multiple Branches
The SEC’s Office of Compliance Inspections and Examinations issued a Risk Alert announcing an initiative to examine investment advisers operating out of multiple branch offices. OCIE noted that the...
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ETFs See Record Inflows in 2016
According to a Reuters report, shareholders invested $375 billion into exchange-traded funds in 2016, a global record. The total, which is preliminary, compares with $348 billion in 2015 and includes a...
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FINRA Releases Exam Priorities Letter for 2017
FINRA recently released its annual letter highlighting the issues and concerns it will focus on through its regulatory programs in 2017. FINRA also announced plans to initiate electronic, off-site...
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