Clik here to view.
Illinois Court Rejects Motion for Exception to Attorney-Client Privilege in...
An alert by law firm Ropes & Gray details the latest ruling in Section 36(b) litigation after an Illinois court’s rejection of a motion by plaintiffs to compel an adviser and its trustees to...
View ArticleClik here to view.
State Banking Group Sues over OCC’s Plan to Grant Special Charter to FinTech...
A group representing banking regulators from 50 states has sued the Office of the Comptroller of the Currency, opposing a plan to grant special purpose banking charters to FinTech firms. Late last...
View ArticleClik here to view.
Paper Tracks Increase in Mutual Funds Investing in Private Firms
An academic paper investigates the dramatic increase over the past twenty years in the number of mutual funds participating in the private markets and the effects and nature of this trend. The authors...
View ArticleClik here to view.
MFDF Webinar: Fund Director Compensation: The MPI Annual Survey (2017)
Management Practice has conducted an annual survey of mutual fund director compensation for over 20 years. Each spring MPI releases its "Survey of Mutual Fund Director/Trustee Compensation and...
View ArticleClik here to view.
Consulting Firm Sees Record M&A Activity for Registered Advisers in First...
According to research conducted by DeVoe & Company, 44 merger and acquisition transactions were executed among registered investment advisers in the first quarter of 2017, a record high. The report...
View ArticleClik here to view.
CFTC Acting Chair Sees “Heightened Market Liquidity Risk”; Urges Review of...
In remarks before the International Swaps and Derivatives Association 32nd Annual Meeting, CFTC Acting Chairman J. Christopher Giancarlo spoke about the changing nature of the global swaps market....
View ArticleClik here to view.
OCIE Issues Risk Alert on Global Cyberattack; Insurer Requirements Push Firms...
The SEC’s Office of Compliance Inspections and Examinations issued a risk alert last week, urging financial firms to review the Department of Homeland Security’s alert and to consider previous SEC...
View ArticleClik here to view.
Academics Cast Doubt on the Financial Research Tracking Stock Market Anomalies
An academic paper tested many well-known stock market anomalies that have beaten the market in the past and dismissed many as either wrong or insignificant. The authors acknowledged the steady growth...
View ArticleClik here to view.
Senator Seeks Bipartisan Support on Financial Regulation; Investor Group...
Republican Senator Mike Crapo, Chairman of the Senate Banking Committee, recently delivered the keynote address at FINRA’s annual conference. Crapo spoke on the efforts to overhaul financial regulation...
View ArticleClik here to view.
SEC Targets Barclays Capital With Due Diligence, Disclosure and Other Charges
The SEC recently reached a settlement agreement with Barclays Capital, a registered investment adviser and broker-dealer, in which Barclays Capital agreed to pay a total of $97 million, including a $30...
View ArticleClik here to view.
More Firms Adopt Broker-Dealer Fee Disclosure Template
Fidelity Investments and Prudential Financial are among financial firms that have adopted and are in the process of implementing a model fee disclosure template and guidelines to help retail investors...
View ArticleClik here to view.
MFDF Webinar: Board Oversight of Third Party Contracts - Building a Practical...
Much of the day-to-day work of managing the funds that Boards oversee is dependent on a wide variety of third-party vendors—from significant vendors, such as pricing services, to printers and software...
View ArticleClik here to view.
Labor Secretary Says No Further Delay of Fiduciary Rule; DOL Releases FAQs on...
In an opinion piece for the Wall Street Journal, Department of Labor Secretary Alexander Acosta wrote that the agency sees no legal basis for further delaying the June 9, 2017 effective date of the...
View ArticleClik here to view.
White House Budget Targets CFPB and SEC’s Reserve Fund; CFTC Seeks Increase...
The Trump Administration’s 2018 budget proposal seeks to restructure the CFPB and proposes to eliminate the SEC’s $50 million reserve fund, which was created by the Dodd-Frank Act. According to the...
View ArticleClik here to view.
SEC Notice Calls for Public Input to Inform Analysis, Future Action on...
A statement issued by SEC Chairman Jay Clayton acknowledged the U.S. Labor Secretary’s desire that the SEC “engage constructively” on the rulemaking process around conduct standards for advisers and...
View ArticleClik here to view.
Morningstar Fee Study Finds “Expensive” Active Funds Hardest Hit in Migration...
A recent Morningstar study sheds additional light on the industry shift toward investing in passively managed funds. In its 2016 U.S. Fund Fee Study Morningstar found that average fund fees paid by...
View ArticleClik here to view.
Treasury Secretary Testifies on Banking Bill; Says Bank Breakups Would Pose...
Lawmakers continue to support a bill that would, among other things, re-impose Glass-Steagall Act restrictions on financial institutions and repeal provisions of the Gramm-Leach-Bliley Act that permit...
View ArticleClik here to view.
Amendments Broaden Eligibility Standards, Revamp Review Process for CFTC...
The CFTC recently amended its regulations and forms to enhance the process for reviewing whistleblower claims. Among the amendments are provisions that: prohibit companies from using confidentiality...
View ArticleClik here to view.
Dalia Blass to lead SEC’s Investment Management Division
According to a Wall Street Journal report, a former SEC staffer now a law firm partner has been appointed to lead the agency’s Investment Management division. Dalia Blass, before becoming a partner at...
View ArticleClik here to view.
U.S. Supreme Court Rules 5-Year Limit Applies to Disgorgement Claims in SEC...
An adviser charged with violating various securities laws by concealing the misappropriation of $34.9 million from four business development companies from 1995 to 2009 won a victory in the U.S....
View Article