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Report Looks at the Future of Board Composition
A report from Spencer Stuart provides an insightful outlook on trends in corporate board composition, including the move toward more diverse boards, younger directors, and increasing turnover driven by...
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Passive Surpasses Active in 4Q; Brokerage Price Wars Heat Up
A Bloombergreport citing Morningstar data says passive funds, ETFs and smart beta funds held $2.93 trillion in assets as of Dec. 31, 2018 compared with $2.84 trillion in actively managed funds. The...
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MFDF Webinar: Proposed Fund of Funds Rule (Rule 12d1-4): Overview and Key...
On December 19, 2018, the SEC issued a release proposing new Rule 12d1-4 and related amendments under the 1940 Act intended to enhance and streamline the regulation of funds that invest in other funds...
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IM Division Chief to Lead Off MFDF Conference
Dalia Blass, director of the SEC’s Division of Investment Management, will hold an informal conversation with attendees at the MFDF’s Governance and Regulatory Insights Conference on March 4-5, 2019....
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OCIE Risk Alert Highlights Transfer Agent Deficiencies
The SEC’s Office of Compliance Investigations and Examinations released a risk alert covering examinations of fund transfer agents that also serve as paying agents. The sweep was conducted October 2014...
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Commissioner Jackson Calls for Regulatory Oversight of Index Providers
In a New York Times opinion piece, SEC Commissioner Robert Jackson called for a “national conversation” on how to ensure index providers operate with integrity, transparency and accountability. In the...
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IM Division Staff Grants No-Action on In-Person Meetings
The staff of the SEC’s Division of Investment Management granted a no-action request from the Independent Directors Council to allow fund directors to give certain approvals via telephone, video...
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SEC Inquiry Focuses on Algorithm Trades of Adviser Unit
The Wall Street Journal isreportingthat the SEC is reviewing a series of bond trades by three insurance companies tied to Guggenheim Partners. Specifically, the SEC is seeking information on trades...
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M&A Activity in Fund Sector Reaches New Highs, Report Says
The Financial Times based on an industry report by investment bank Sandler O’Neill reports that mergers and acquisitions in the fund industry has reached levels not seen since 2007. “Asset management...
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DOL Investigates Fee Charged to Firms on Fidelity Platforms
According to a Wall Street Journal report, the Department of Labor is looking into an “infrastructure fee” charged by Fidelity to fund firms that sell shares on its platform. The DOL through ERISA has...
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SEC Modifies Timing for Filing Form N-PORT Data
The SEC announced that it has modified the submission deadlines for funds to file non-public monthly reports on Form N-PORT. Rather than filing non-public monthly reports within 30 days after each...
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Peirce Questions Push for Disclosures on Board Makeup, ESG Investing
In a speech to the Council of Institutional Investors SEC Commissioner Hester Peirce lauded recent industry efforts to engage with the SEC on proxy and disclosure reform, among other initiatives....
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MFDF Webinar: Securities Lending: Driving Portfolio Alpha
Securities Lending is an investment tool that is drawing increased interest as a means to generate alpha in your mutual fund portfolio at relatively low levels of risk. Lori Paris, Sr. Vice President,...
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Proposal Calls for Tax on Financial Transactions to Curb High Speed Traders
A bill introduced by Democratic lawmakers and aimed at high frequency trading would impose a 0.1% tax on certain purchases of stocks, derivatives and other financial transactions. “Over the last...
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79 Firms Reach Settlement with SEC in Share Class Initiative
The SEC announced settlements with 79 investment advisers who will return more than $125 million to clients, with a substantial majority of the funds going to retail investors. The advisers did not...
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Report: Large Asset Managers Lobbying for U.S. Adoption of MiFID II Provisions
The Financial Times is reporting that Wells Fargo and Invesco, prompted by the European Union’s MiFID II requirements, have held meetings with the SEC to discuss changing U.S. soft dollar rules, which...
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Clayton Seeks Review of Equity Market Structure Rules
In a recent speech delivered with Division of Trading and Markets director Brett Redfearn, SEC Chairman Jay Clayton marked the completion of equity market structure initiatives adopted in 2018 and...
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Finra Disciplinary Fines Up in 2018
A client alert from law firm Eversheds Sutherland reviewed enforcement trends at Finra over the last year. Finra continues to bring share class cases, specifically targeting firms for failing to...
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IM Division Chief Plans Outreach to Smaller Fund Sponsors, Fund Boards
The SEC’s Division of Investment Management staff recently highlighted the Division’s board outreach initiative and its achievements, including staff no-action letters on affiliated transactions and...
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SIFMA Seeks Permanent Relief on MiFID II Impacts; Blass Notes Industry...
The Securities Industry and Financial Markets Association (“SIFMA”) recently submitted a comment letter to the SEC, urging the Commission to provide permanent relief by rule or exemption allowing...
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