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A Consequence of Money Fund Regulations Poses Systemic Risk, Report Says
A report by a Federal Reserve Bank of Boston markets specialist explores the impact of money market fund regulations on the money fund sector and related systemic risk. According to the report, in the...
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SEC, CFTC Report Fewer Enforcement Actions for FY 2017
The SEC recently released enforcement data for fiscal year 2017 showing a decrease in the number of enforcement actions brought compared to 2016. Steven Peikin, Co-Director of the SEC’s Enforcement...
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ISS Policy Targets Excessive Director Compensation
ISS recently introduced a change to its U.S. policy to respond to concerns over excessive director pay. Under the policy, ISS will recommend a negative vote on the re-election of board members...
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BlackRock Paper Explores Market Perceptions, Academic Theories Around Index...
A recent paper by BlackRock staff examines the themes explaining the dominance of index investing and challenges common perceptions around the sector’s significant growth and market impact. The key...
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Board Priorities for 2018: Governing Amid Disruption, Increased Regulation
As 2018 looms, mutual fund boards can expect to see increased engagement with the SEC, regulatory responsibilities including oversight of fund liquidity risk management programs, and decision-making...
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Senate Confirms SEC Commissioner Nominees
The U.S. Senate has confirmed Hester Peirce and Robert Jackson as SEC commissioners by unanimous consent. The confirmations were temporarily blocked by Democratic Senator Tammy Baldwin of Wisconsin who...
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Clayton Appoints New Board to PCAOB
The SEC appointed five new members to the board of the PCAOB, which oversees the audits of public companies and broker-dealers -- a move that media reports say puts SEC Chairman Jay Clayton’s imprint...
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Article Explores Extent of D&O Insurance Coverage, Recent Legal, Regulatory...
Understanding insurance policy language remains particularly important for directors and officers in the financial services industry as policy terms continue to evolve in meaning and application, write...
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ETFs on SEC’s Regulatory Agenda; Business Continuity Withdrawn; Derivatives...
The SEC recently released its fall 2017 regulatory flexibility agenda with some expected line items and noticeable omissions. As widely expected, the Division of Investment Management may seek...
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Forum Releases Paper on D&O Insurance for Fund Directors
The Mutual Fund Directors Forum released an extensive new paper titled Practical Guidance on Director and Officer Insurance for Fund Independent Directors. The paper is designed to be a resource for...
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High Fees Put Mutual Fund Manager in Spotlight
A New York Times article criticizes a fund manager who it says charges high fees without regard to fund performance. The manager and certain of the funds appear to be industry outliers in some ways....
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Lawyers Explore Possible Impacts of Tax Reform on Industry
Lawyers at K&L Gates and Dechert have begun to examine the implications for the industry resulting from the Tax Cuts and Jobs Act signed into law on December 22, 2017. Some of the more significant...
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Broadridge Completes Acquisition of Morningstar 15(c) Data Unit
Broadridge announced that it has completed its acquisition of Morningstar’s 15(c) board consulting services business. In a release, Broadridge said the acquisition strengthens its ability to offer...
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Positive Outlook for Performance Fees as Adviser Interest Grows
A recent survey of about 200 financial professionals conducted by AB found that many fund advisers are interested in flexible fee structures. Most financial professionals (77%) would consider an...
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Jackson, Peirce Sworn in as SEC Commissioners
Robert Jackson and Hester Peirce were sworn into office as Commissioners by SEC Chairman Jay Clayton, according to an SEC release. “I’m honored to join Chairman Clayton and Commissioners Stein,...
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SEC Expected to Propose Wide-Ranging Fiduciary Standard in Spring 2018
The Wall Street Journal is reporting that the SEC may propose its version of a fiduciary rule by the spring of 2018. According to the report, the proposal would affect retirement funds as well as other...
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IM Division Releases FAQs on Liquidity Rule
The SEC’s Division of Investment Management released a group of questions and answers on Liquidity Risk Management Program (LRMP) requirements that were adopted in October 2016. The document mainly...
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Considerations for Fund Directors on Emerging Use of Blockchain,...
An article by lawyers from Drinker Biddle discussed recent developments in blockchain technology and cryptocurrencies and the implications for the fund industry as well as fund directors. These...
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IM Chief Warns Against Cryptocurrency-Related Funds; FINRA Adds to Exam...
In letters to industry groups SIFMA and the ICI, the Director of the SEC’s Investment Management Division posed several questions on 1940 Act requirements and the implications for funds intending to...
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Lawmakers Advance Proposals on Closed-End Funds; 36(b) Litigation; Money...
The House Financial Services Committee approved 15 bills on a wide range of topics, including regulatory relief for financial institutions and increased investment opportunities. Some of these bills...
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