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Chamber of Commerce Releases Cost Report on Floating NAV in MMF
Last week, the Center for Capital Markets at the US Chamber of Commerce released a report prepared by Treasury Strategies outlining the costs and operational implications of a shift to a floating net...
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MMF Reform Among Highlights at Hearing on Dodd-Frank Implementation
On July 30, Mary Jo White, Chair of the U.S. Securities and Exchange Commission and Gary Gensler, Chairman of the Commodity Futures Trading Commission testified at a Senate Banking Committee hearing...
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Board Service Providers - Are they the Next Generation of Corporate Governance?
In July 2013, the Coase-Sandor Institute for Law and Economics at the University of Chicago Law School released its latest article “Boards-R-Us: Reconceptualizing Corporate Boards.” This article...
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Survey Finds MMF Reform May Shift Short-term Investment Strategies
The Association for Financial Professionals (AFP) has issued its 2013 Liquidity Survey, which appears to show that companies’ short-term investment strategies may shift if the SEC’s proposed money...
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Senate Confirms SEC Commissioners
On August 3, Kara Stein and Michael Piwowar began their terms as SEC Commissioners. Stein, formerly an aide to Sen. Jack Reed (D-RI), succeeded Democratic commissioner Elisse Walter, whose tenure at...
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IRS Proposes De Minimis Exception to SEC MMF Floating NAV Proposal Wash Sale...
The IRS has proposed the adoption of a new Revenue Procedure, which would mitigate some of the tax compliance concerns articulated by the SEC in relation to the application of the wash sale rules to a...
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Deloitte Study Show Risk Management Becoming a Priority for Firms
A Deloitte survey released in July 2013, entitled Global Risk Management Survey, explores the state of risk management in the broader financial services industry. The survey found that financial...
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Lawsuit Against Fidelity Dismissed
An appeals court has affirmed a ruling in a class action case dismissing an excessive-401(k)-fee suit against Fidelity. The suit arose when a participant in a 401(k) plan sued Fidelity, the plan...
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New Online Tool Adds Up Floating NAV Costs
Treasury Strategies, a consulting firm, has recently launched a free online calculator to enable corporate treasurers and others to estimate costs that could result from a floating NAV money market...
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CFTC Adopts Final Harmonization Rules
The Commodity Futures Trading Commission issued a final rule today regarding compliance obligations for investment companies that are now required to register with the CFTC under Regulation 4.5. The...
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PCAOB Proposes Public Comment on New Audit Standards
The Public Company Accounting Oversight Board has released for public comment a new auditing standard and related amendments that are intended to enhance the auditor’s reporting model. The proposed...
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New Commissioners Sworn In to Start SEC Terms
The Securities and Exchange Commission announced that two newly confirmed commissioners have now been sworn in and have begun their tenure. On August 9, Ms. Kara M. Stein was sworn into office as an...
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The Impact of ETFs on Volatility in Underlying Markets
The growth of ETFs in recent years has been nothing short of spectacular, with total assets in US-listed ETFs now totaling approximately $1.5 trillion. Not surprisingly, as ETFs become increasingly...
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SEC Charges North Carolina Investment Adviser with Misleading Fund Board
On August 21, the SEC announced charges against Chariot Advisors LLC and Elliot L. Shifman, former owner of the firm, for misleading a fund’s board of directors about their ability to conduct...
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SEC Chair to Advance Proposal for New Standards on Trading
After yesterday’s Nasdaq trading outage, the SEC Chair Mary Jo White released a statement saying that she plans to move forward on an SEC rule proposal regarding new standards and rules related to...
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CFTC Compliance Following Harmonization - What Directors Should Know
Earlier this month, the CFTC issued a final rule on harmonizing compliance obligations for funds required to register both with the CFTC and SEC. Following the ruling, the SEC issued a guidance update...
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SEC Sues Portfolio Manager for Misleading CCO
The SEC today announced a settled action against a portfolio manager for forging documents and misleading his investment firm’s chief compliance officer to cover his own failure to report personal...
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BlackRock Wins Dismissal of Securities Lending Case
On August 28, BlackRock won the dismissal of a lawsuit that accused the company of collecting “grossly excessive” compensation from the securities-lending returns to iShares. The lawsuit alleged that...
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Survey Shows Lower Market-Based Trigger Levels
Earlier last week, Interactive Data released the results of its 2013 Fair Value Practices Survey, which included responses from 178 market participants, representing 127 firms. The highlights of this...
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SEC Issues Risk Alert on Business Continuity and Disaster Recovery Plans
The SEC’s Office of Compliance Inspections and Examinations has released an risk alert on business continuity and disaster recovery plans (BCPs) for investment advisers. Following market closures last...
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