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Fed Bank Presidents Encourage Floating NAV
On September 12, the presidents of the 12 regional Federal Reserve banks submitted a letter to the SEC urging the commission to take a tougher stance on money market reforms, including extending the...
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Forum Files MMF Comment Letter
On September 16, the Forum submitted a letter responding to the SEC’s recent proposal to reform money market funds. While our letter expresses some skepticism that the Commission has adequately...
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SEC Commissioners Split on CEO Pay Vote
On September 18, the SEC voted 3-2 to propose a new rule that would require public companies to disclose the ratio of the compensation of its CEO to the median compensation of its employees. This...
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Shearman & Sterling Releases 2013 Corporate Governance Survey
In its 11th annual corporate governance report, Shearman & Sterling surveyed 100 of the largest US public companies on a wide range of corporate governance practices, including majority voting...
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Deloitte Valuation Report Finds Increased Focus on Fair Value Process
The latest Deloitte survey on fair valuation shows that recent SEC enforcement interest in valuation has mutual funds ramping up their focus on fair value pricing. 96 mutual fund firms, representing...
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Forum Updates Fund Governance Guidance
On October 30, the Forum published Practical Guidance for Fund Boards: Board Governance and Review of Investment Advisory Agreements. The report updates the general board governance items as well as...
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House Bill Delays Agency Rulemakings that Would Extend Fiduciary Standard
On October 29, the House passed a bill that would delay agency rulemakings extending the fiduciary standard to brokers and advisers to retirement account advisers. The bill would require that the...
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CFTC Settles Latest LIBOR Manipulation Case
On October 29, the CFTC issued an order settling charges that the agency brought against Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”). Rabobank settled charges of false reporting...
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Survey Indicates More Corporate Treasurers Are Using Money Market Funds
A recent survey of corporate treasurers indicated that companies investing in money market funds increased by more than 11 percent since 2011. While the number of companies investing in money market...
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SEC Commissioner Gallagher Discusses Agency Priorities
In a recent speech, SEC Commissioner Daniel Gallagher discussed the need for the agency to set priorities in order to fulfill the SEC’s mandate to “facilitate capital formation, maintain fair, order,...
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CFTC Issues Rule for Future Commission Merchants
The CFTC recently issued final rules requiring future commission merchants (“FCM”) to adopt risk management programs that take “into account risks to which the FCM is reasonably subject, including...
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Forum Webinar: CCO Compensation—The MPI Annual Survey
On Tuesday, November 12, the Forum will host a webinar discussion on CCO Compensation. Meyrick Payne and Jay Keeshan of Management Practice will present highlights of the results of their most recent...
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Commenters Critical of OFR Study on Asset Management Industry
As we first told you about last month, the SEC requested that the public comment on a report (“Report”) published by the Office of Financial Research in the Treasury Department (“OFR”) analyzing “how...
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SEC to Host Proxy Advisory Roundtable
The SEC has announced that its staff will hold a roundtable on December 5 “to discuss the use of proxy advisory firm services by institutional investors and investment advisers.” The Roundtable will...
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The New Yorker Profiles SEC Chair White
A profile of SEC Chair Mary Jo White appeared in the November 11, 2013 issue of The New Yorker. Street Cop details the challenges Chair White faces as she heads the SEC in the wake of the financial...
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CFTC Proposes Position Limits For Derivatives
The CFTC recently proposed new regulations to set position limits for derivatives as required by Dodd Frank. The proposed regulations on position limits for derivatives call for CFTC administered...
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MFDF Webinar: The Future of Distribution
On Tuesday, November 19 at 2:00 Eastern, the Forum will host a webinar discussing trends in the distribution landscape. The webinar will focus on critical distribution, marketing, and product issues...
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IM Staff Expresses Concern About Fund Names
The SEC’s Division of Investment Management recently issued guidance expressing the staff’s concern that “when a mutual fund or other investment company (“fund”) uses a name that suggests safety or...
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SEC Commissioner Aguilar Focuses on Enforcement
In a recent speech, SEC Commissioner Aguilar discussed how the SEC has strengthened its enforcement activities. In discussing future enforcement priorities, he stated that “I expect that the...
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SEC Chair Discusses the Value of Trials
In a speech on November 14, SEC Chair Mary Jo White discussed “the importance of trials and their unique place in our system of justice” as well as the SEC’s position on trials. She highlighted two...
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