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Report says Piwowar Requested Examination of Staff Powers to Initiate...
A Bloomberg report citing conversations with unnamed sources said Acting SEC Chairman Michael Piwowar has asked to examine an SEC practice that permits senior staff attorneys to begin inspections and...
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Morgan Stanley Brokerage Arm Sanctioned for Compliance Failures in Sale of...
Brokerage firm Morgan Stanley Smith Barney recently agreed to pay an $8 million penalty and admit wrongdoing to settle charges related to single inverse ETF investments it recommended to advisory...
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FINRA Proposes Amendment to Advertising Rule to Allow Certain Performance...
FINRA recently proposed an amendment to its advertising rule that would permit firms to distribute investment projections of an asset allocation or other investment strategy (but not a single security)...
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Piwowar in Address Assails Fiduciary Rule; Focuses on the “Forgotten...
At a recent conference, Acting SEC Chairman Michael Piwowar described the DOL Fiduciary Rule as “highly political” and said the rule will enable trial lawyers to increase their profits. Piwowar,...
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The Hartford Wins Excessive Fee Suit; Russell Lawsuit is Terminated, Among...
A U.S. District Court for the District of New Jersey delivered a victory to the Hartford Investment Financial Services Group and Hartford Funds Management in a lawsuit filed by shareholders in six...
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SEC to Vacate Certain Industry Bars Tied to Offenses Occurring Before Dodd-Frank
A recent ruling in the United States Court of Appeals for the D.C. Circuitheld that the SEC’s imposition of a collateral bar on a defendant whose violations pre-dated the Dodd-Frank Act’s July 22, 2010...
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Regulation Targets Sections of Gramm-Leach-Blilely; Global Organization Urges...
A bill introduced in Congress by Democratic Congresswoman Marcy Kaptur aims to “revive the separation between commercial banking and the securities business, in the manner provided” by the...
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SEC Releases Guidance on Robo-Advisers
The SEC recently released guidance on digital advisors, specifically robo-advisers that provide services directly to clients over the internet. However the document noted that the guidance may be...
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Blockchain Gains Favor but May Still Lack In-house Experts; Fidelity Team...
Distributed ledger technology, or blockchain, continues to find favor in the financial services industry, and according to recent reports is expected to go mainstream in five years. The technology is...
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MFDF Webinar: T Shares and the Evolution of Share Class Types
Morningstar will discuss implications for assessing performance history of new shares, making apples-to-apples expense comparisons, and more. This webinar will review what Morningstar knows from...
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Hearings Scheduled for SEC Chair Nominee; Possible Conflicts Seen in Personal...
A U.S. Senate panel has set March 23, 2017 for confirmation hearings for SEC Chairman Nominee Jay Clayton, a partner at a New York law firm. Based on Clayton’s financial disclosures as reported on by...
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Report Says SEC’s Enforcement Division Limiting Expenditures, Preparing for...
A Bloomberg report says that the Enforcement Division of the SEC is reining in spending by banning non-essential travel, imposing a hiring freeze and limiting use of outside contractors who assist SEC...
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Firms Slow Early Efforts to Comply with Fiduciary Rule; Comments on Proposed...
Financial firms are curtailing their early efforts to comply for the DOL Fiduciary Rule, set to become effective April 10, as the rule faces a possible regulatory delay. The Wall Street Journal...
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SEC Chair Nominee Says He Could Moderate Size of Financial Penalties; Make...
In his confirmation hearing before the U.S. Senate Banking Committee, the nominee for SEC Chairman answered lawmakers’ questions regarding potential conflicts of interests and policy priorities. Jay...
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Law Firm to Host Event on Global Alternative Funds
Dechert will host an annual symposium on March 28, 2017 in New York focusing on what investment managers must know about the evolving laws, opportunities, trends and risks in the current global...
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CFTC Chairman Nominee Outlines Plan for Agency
Acting CFTC Chairman J. Christopher Giancarlo, who was nominated to become permanent chairman by President Trump, delivered a speech to the derivatives industry recently in which he detailed his vision...
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Growing Pains for Booming ETF Sector; Regulators Sharpening Focus
As exchange-traded funds grow in popularity, regulators appear to be recognizing the need for targeted oversight of the industry. Recent technological glitches also are highlighting the risks...
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Coalition of Asset Management Firms Launches Governance Framework for...
The Investor Stewardship Group, comprising some of the largest U.S.-based institutional investors and global asset managers, recently launched a framework for U.S. Stewardship and Governance to...
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Sober Outlook on Industry Shift from Active to Passive; Small Funds Pinched;...
Recent research findings from Oliver Wyman and Morgan Stanley delivered a sober outlook on the asset management industry, observing that sustained fee pressure is contributing to decreased revenues, a...
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MFDF Webinar: Trends and Overview of the CEF and BDC Universe: Impact of...
This webinar will discuss historical discount levels, IPOs, mergers and deaths of closed-end funds and BDCs. The webinar will also touch upon the make-up of current institutional and activist investors...
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