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Federal Reserve Staff Paper Says Volcker Rule Contributed to Market Illiquidity
A staff working paper from the Federal Reserve discussed the implementation of the Volcker Rule and its impact on bond market liquidity, particularly in times of market stress. The Volcker Rule was...
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Possible Six-Month Delay for Fiduciary Rule; DOL Makes Concessions for...
The effective date of the DOL Fiduciary Rule may be delayed for six months, the Wall Street Journal reported. The rule is among several Obama Administration priorities that are being targeted as...
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SEC Announces 2017 Examination Priorities
The SEC’s Office of Compliance Inspections and Examinations recently released its 2017 examination priorities. Top areas of focus include electronic investment advice, or robo-advising, as well as wrap...
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SEC Sanctions BlackRock for Use of Agreements that Barred Employees from...
BlackRock Inc. has agreed to pay a $340,000 penalty to settle SEC charges that it improperly used separation agreements in which exiting employees were forced to waive their ability to obtain...
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SEC Permits Stripped-Down Share Class Arrangements Prompted by Fiduciary Rule
The SEC recently released a no-action letter in which it allowed Capital Group’s American Funds to launch “clean shares,” an arrangement under which brokers, and not the fund itself, would set the...
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MFDF Webinar: SEC Decisions on Revenue Sharing Disclosure - Possible...
Recent decisions by the SEC, on appeal from decisions of their administrative law judges, raise troubling issues for disclosure draftsmen. These decisions concerned allegations that advisers failed...
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FSB Makes Policy Recommendations on Structural Vulnerabilities in Global...
The Financial Stability Board recently published recommendations for addressing structural vulnerabilities in the global asset management industry. The recommendations address certain industry...
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White in Speech Outlines Priorities for Successor; Trump Order Puts Reins on...
In a recent speech, former SEC Chairwoman Mary Jo White looked to the future of the agency and possible priorities for the incoming leadership. She highlighted initiatives that she hoped would...
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MFDF Webinar: Current Developments in Investment Company Litigation
This webinar will explore recent mutual fund litigation. On February 7, Steve Topetzes will provide an overview of recent developments in Section 36(b) litigation, as well as an update on other...
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Piwowar Named Acting SEC Chairman; OCIE Director Leaves for Private Sector
The SEC announced that Commissioner Michael Piwowar has been designated acting chairman by President Donald J. Trump. Wall Street lawyer Jay Clayton, who was nominated to be the next chairman, is...
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White House Orders Call For Examination of Fiduciary Rule and Dodd-Frank...
An executive order targeting the DOL Fiduciary Rule asked the Department of Labor to undertake an examination to determine whether the rule may adversely affect the ability of Americans to gain access...
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Asset Managers Bulk up Governance Staff as Regulators Focus on Shareholder...
Asset managers are expanding their corporate governance teams in response to increased regulatory and political scrutiny of the relationship between companies and their shareholders, according to a...
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Citigroup Settles with SEC Over Client Billing Inaccuracies, Recordkeeping...
Citigroup Global Markets recently reached an agreement to pay $18.3 million, among other undertakings, to settle SEC charges that it overbilled investment advisory clients and misplaced client...
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Upcoming Events to Focus on Trustee-Counsel Communications, ETF Industry...
The Investment Management Group of law firm Schiff Hardin LLP will present a webinar on February 15, 2017 from 12-1 p.m. examining the question of whether communications between independent trustees...
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FinTech Firms Create Group; Seek Protections for Right to Access Customer...
A group of financial firms, including digital financial advisers, recently collaborated to form the Consumer Financial Data Rights, or CFDR, which the group said aimed to support consumers’ rights to...
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2016 Enforcement Summary Highlights SEC Targets and Trends
A report tallying SEC enforcement actions in 2016 shows the top trends and areas targeted by the agency. The report highlighted the year’s multi-million dollar whistle blower awards and noted that the...
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Forum Releases Paper on Risk Management Oversight for Fund Directors
The Mutual Fund Directors Forum released an extensive new paper titled Role of the Mutual Fund Director in the Oversight of the Risk Management Function. The paper is designed to provide fund directors...
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Firms Join to Urge Mexico to Change Governance Practices They Say Harm Investors
Top asset management firms, including Aberdeen and Franklin Templeton, are supporting an effort to require Mexican corporations to give at least one month’s notice of shareholder meetings and remove...
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OCIE Risk Alert Highlights Advisers’ Frequent Compliance Shortcomings
The SEC’s Office of Compliance Inspections and Examinations recently issued a Risk Alert on five compliance topics most frequently identified in deficiency letters sent to investment advisers. OCIE...
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Lawmakers Approve Oversight Plan to Monitor Financial Agencies’ Spending and...
An oversight plan recently approved by lawmakers pledges to “continually and vigilantly scrutinize how [financial] agencies spend precious taxpayer dollars,” according to House Financial Services...
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