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SEC Proposes Improvements to Governance of Market Data Access
The SEC is seeking comment on a proposal to modernize the governance of National Market System (NMS) plans that produce public stock market data and disseminate trade and quote data from trading...
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N.Y. Fed Warns Cyber Attack Could Pose Serious Threat to Financial Stability
A recent paper from the New York Federal Reserve Bank examines how a cyberattack could spread through the U.S. financial system, particularly the wholesale payments network. The paper estimates that...
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Survey Finds Audit Fees on Rise
The Wall Street Journal is reporting that audit fees are rising as a result of new regulations and accounting rules. Citing a report from the Financial Education & Research Foundation, the WSJ...
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Paper Examines Stagnation in ETF Fees
A recent paper titled The Dynamics of ETF Fees highlighted by the CFA Institute examines how ETF fees have evolved -- or remained the same -- over the past 15 years. ETFs continue to hold broad...
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Morningstar: Asset Managers Need These 4 Traits for Success
Morningstar’s Greggory Warren writes that asset managers that adopt certain important traits can thrive in this challenging environment. “We believe that asset managers with a level of differentiation...
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Academics Find Mutual Fund Borrowing Can Lead to Underperformance
A paper from academics at Syracuse University and University of Southern California law schools raises the question: is mutual fund borrowing within regulatory limits irrelevant, beneficial, or harmful...
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MFDF Webinar: Benchmark(s): A Necessity, a Standard, or an Absolute?
Benchmarks, like world records, are made to be beaten, and yet approximately half of all assets flow to funds that seek to match, rather than exceed a benchmark? JoinPaul Ellenbogen, Vice President, US...
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OCIE Report Highlights Top Industry Practices on Cyber Oversight
The SEC’s Office of Compliance Inspections and Examinations issued examination observations related to cybersecurity to help market participants consider how to enhance their cybersecurity preparedness...
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SEC May Permit Board to Approve Subadviser Change in Non-In Person Meetings
A recent SEC order could allow a fund board to approve new and material amendments to subadviser contracts without complying with the 1940 Act’s in-person meeting requirements. The public may request a...
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Compliance Role, CCO Liability in Spotlight
Growing regulations and digital transformation are among the challenges facing the financial services industry and by extension chief compliance officers, according to a report from consultancy Russell...
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Goodwin Lawyers See “Hardening” D&O Insurance Market
D&O insurance is becoming increasingly challenging to purchase and maintain, write lawyers from Goodwin in a recent client memorandum. Public companies are facing higher costs for insurance...
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MFDF Webinar: The SEC's Derivatives Rule: What Fund Directors Should Know
The SEC proposed rule regulating investment company use of derivatives, if adopted, will be transformative for fund directors. While the rule is not yet final, conventional wisdom is that the final...
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SEC Charges PM and Advisory Firm with Misrepresenting Risk in Mutual Fund
The SEC recently charged Catalyst Capital Advisors and its CEO for misleading investors about the management of risk in a mutual fund. The adviser and the CEO agreed to pay a combined $10.5 million to...
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White House Budget Proposes to Merge PCAOB into SEC
The proposed budget released by the Trump Administration proposes to consolidate the PCAOB’s authorities, responsibilities, and funding streams into the SEC beginning in 2022. The White House estimates...
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In Memoriam: David Ruder, MFDF Founding Chairman and Former SEC Chairman
The MFDF wishes to honor the memory of its founding Chairman David S. Ruder who passed away in Chicago on February 15, 2020 at age 90. David served as the Forum’s chairman from 2002-2010 and was...
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Vanguard Steps into Private Equity
Vanguard recently announced a strategic partnership with adviser HarbourVest to provide qualified investors with access to private equity. “We are entering the private equity market the Vanguard...
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Finra Exam Priorities: Best Execution, Cyber, Tech Governance
Finra recently published its annual examination priorities letter describing the areas of focus for its risk monitoring, surveillance and examination programs in the coming year. Finra oversees...
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Franklin to Acquire Legg Mason in $4.5B Deal
Franklin Templeton announced it will acquire Legg Mason, Inc. for $4.5 billion, a combination that would put Franklin among the industry’s top asset managers with $1.5 trillion in assets under...
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SEC Meets with Audit Firms to Discuss China, Emerging Markets Risk
The SEC released a statement on its continued dialogue with large U.S. audit firms regarding audit quality in China and other emerging markets. The SEC said its latest meetings addressed various...
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Moving Toward Better Board Assessments
Board effectiveness strategies continue to be a challenge for directors of corporations as well as mutual funds. At the MFDF’s upcoming Fund Governance and Regulatory Insights Conference, panelists...
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