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Academics Study Mutual Fund Voting Patterns in Proxy Contests
A group of academics studied a comprehensive sample of proxy contests and mutual fund voting records from 2008 and 2015 to analyze the funds’ voting patterns in proxy contests, among other things. The...
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SEC Urges Advisers to Self-Report Share Class Violations; Budget Request Up...
The SEC’s Division of Enforcement recently announced a self-reporting initiative that aims to protect advisory clients from undisclosed conflicts of interest and return money to investors. Under the...
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Some Board Responsibilities Under Liquidity Rule Delayed
The SEC is extending the compliance date for provisions of the Liquidity Rule which require fund boards to initially approve the fund’s liquidity risk management program and to review certain reports...
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MFDF Webinar: 2018 Update on Fund Auditing and Accounting
Matt Giordano, of KPMG LLP, recently the Chief Accountant of the SEC’s Division of Investment Management, will provide insights on the SEC’s priorities, rulemakings, enforcement actions and recent...
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DST Research Finds Firms’ AUM, Margins Surged in 4Q of 2017
DST’s Research, Analytics and Consulting reports that the 15 publicly-traded firms that comprise its Asset Manager Composite showed healthy asset growth coming out of 2017. According to DST, the fourth...
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Commissioner Stein Sounds Warning on Complex Investment Products
SEC Commissioner Kara M. Stein recently spoke about the growth of esoteric investment products and cautioned that not all investment products necessarily ought to be created. She raised concerns on the...
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MFDF Webinar: Evaluated Bond Pricing - A New Paradigm?
Evaluated bond pricing is one of the most widely used methods for mutual funds and other investors to meet their obligations to fair value their portfolios on a regular basis. Typically illiquid and...
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Whistleblower Decision May Hold Mixed Outcomes for Firms
The U.S. Supreme Court’s recent ruling that the Dodd-Frank Act protects whistleblowers from retaliation only if they have brought their claims of securities law violations directly to the SEC may...
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Commissioners, Industry Point to Limits in Latest SEC Cyber Security Guidance
The SEC recently published additional guidance to public companies on preparing policies and procedures and providing disclosures about cybersecurity risks and incidents. The guidance also urges...
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BlackRock Filing Cites Criticism of Index Investing as a Primary Risk
Reuters reported that BlackRock recently disclosed that third-party commentary on the increasing growth of index investing may hurt its business. In its latest 10-K filing, BlackRock in describing the...
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Fed, Treasury to Publish LIBOR Alternatives; Transition Challenges Expected
Reuters is reporting that the Federal Reserve and the Treasury Department’s Office of Financial Research have developed three Treasury repo reference rates to replace the LIBOR rate. The Fed is...
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Legislators Press FINRA, SEC Unit for Data on Sexual Harassment; Investors...
In letters to FINRA and the SEC’s Office of Minority and Women Inclusion, three U.S. Senators requested data on the prevalence of sexual harassment in the financial services industry to “better...
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IM Director Says Division is Updating Valuation Guidance for Boards
Dalia Blass, Director of the SEC’s Division of Investment Management, recently discussed her initiative to reach out to fund boards. She noted that meetings with independent directors, their counsel...
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SEC in Split Vote Pulls Back on Liquidity Rule Reporting Requirements; Peirce...
The SEC proposed amendments to the Liquidity Rule, addressing some industry concerns regarding disclosure of funds’ liquidity classifications. The proposal rescinds the reporting requirement in Form...
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Court Deals Blow to Fiduciary Rule; State Treasurers Urge SEC to Keep Rule’s...
The Fifth Circuit Court of Appeals rejected the DOL’s Fiduciary Rule in a decision that described the rule as “unreasonable” and strongly rejected the DOL’s interpretation of “investment advice...
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Scrutiny on Proxy Advisory Firms as Legislators Question Potential for Conflicts
The Financial Times is reporting that U.S. regulators are seeking more information on proxy advisory firms ISS and Glass Lewis, who critics claim are dominating firms’ corporate governance work as a...
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MFDF Webinar: Asset and Wealth Management Revolution
Change in the Asset and Wealth Management industry is accelerating at an exponential pace. Although the industry looks set for rapid growth, asset and wealth managers must become business...
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Whistleblower Says FINRA, States Allowed Sensitive Data to Remain Accessible
Bloomberg is reporting that a whistleblower has accused market regulators and FINRA of allowing sensitive broker and adviser information, including account numbers, to be exposed. The regulators and...
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Mixed Results for Active Managers as Trend Toward Passive Investing, Lower...
While top asset managers saw their assets under management increase toward the end of 2017, fee compression is still causing some pain in the industry. A study by Casey Quirk found that assets under...
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Structural Shifts and Challenges Seen for Securities Industry Service Providers
A report by McKinsey forecasts industry compression and increasing pressure from Fintech firms for securities industry service providers. The sector has been stable with annual revenue growth of around...
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