Jack Murphy

Jack Murphy

Dechert LLP

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FSB Issues Proposed Activities-Based Financial Stability Recommendations for the Global Asset Management Industry

The Financial Stability Board (FSB), an international body established by the G-20 in response to the 2008 financial crisis, on June 22, 2016 released its third Consultative Document relating to the regulation and oversight...more

7/8/2016 - Asset Management Comment Period Financial Crisis FSB G-SIFI Global Market Proposed Regulation

Financial Stability Board Issues Proposed Recommendations to Address Perceived Structural Vulnerabilities in the Asset Management...

The Financial Stability Board (FSB), which was established by the G-20 in response to the 2008 financial crisis, on June 22, 2016 issued proposed specific recommendations to address certain perceived threats that the asset...more

6/24/2016 - Asset Management Comment Period Financial Crisis FSB Proposed Regulation

Déjà Vu All Over Again – FINRA Takes Another Look at Mutual Fund Sales Charge Waivers

The Financial Industry Regulatory Authority is once again taking a close look at member firm mutual fund sales practices and sales charge waivers (Mutual Fund Waiver Sweep) in the U.S. FINRA’s target exam letter seeks...more

6/10/2016 - FINRA Mutual Funds Retirement Plan Securities Waivers

The Brave New Fiduciary World Has Arrived – The DOL Tries to Find a More Ideal Balance in the Final “Investment Advice” Rules

The U.S. Department of Labor (the “DOL”) on April 6, 2016 released the final version of its “investment advice” regulation and accompanying prohibited transaction exemptions, a highly-anticipated milestone that is the...more

5/27/2016 - Benefit Plan Sponsors Best Interest Contract Exemptions Brokers Conflicts of Interest DOL ERISA Fiduciary Duty Final Rules Investment Adviser IRA Retirement Plan

U.S. Money Market Fund Reform: Diversification, Stress Testing and Disclosure Compliance Deadline Quickly Approaching; SEC Staff...

The April 14, 2016 compliance date for certain new money market fund (money funds) requirements adopted by the U.S. Securities and Exchange Commission (SEC) is quickly approaching. In particular, money funds will be required...more

2/17/2016 - Asset Diversification Investment Company Act of 1940 Money Market Funds SEC Stress Tests

SEC Staff Publishes its Views on Oversight of Certain Payments to Financial Intermediaries

The staff of the U.S. Securities and Exchange Commission (SEC) Division of Investment Management (Staff) published a Guidance Update on January 6, 2016 related to mutual fund distribution and sub-accounting fees. In the...more

2/15/2016 - Federal Rule 12(b)(1) Fees Investment Company Act of 1940 Investment Management Mutual Funds Regulatory Oversight SEC

SEC Amends Rule 2a-7 to Eliminate References to NRSRO Ratings and to Revise Issuer Diversification Requirements

The U.S. Securities and Exchange Commission (SEC) recently adopted amendments (Amendments) to remove references to credit ratings in Rule 2a-7 under the Investment Company Act of 1940, as amended (1940 Act), the primary rule...more

11/10/2015 - ABS Asset Diversification Bonds Diversification Requirements Dodd-Frank Investment Company Act of 1940 Money Market Funds Municipal Securities Issuers NRSRO Repurchases Rule 2a-7 SEC

SEC Issues Settled Enforcement Action Against Investment Adviser, its President and Senior Officers for Compliance Program...

The U.S. Securities and Exchange Commission (SEC or Commission) issued a cease and desist order (Order) on June 23, 2015, against Pekin Singer Strauss Asset Management Inc. (Adviser), an investment adviser registered under...more

8/6/2015 - Asset Management CCO Cease and Desist Orders Chief Compliance Officers Compliance Corporate Officers Enforcement Actions Ethics Fraud Investment Adviser Investment Advisers Act of 1940 Investment Funds Policy Violations Portfolio Managers SEC Shareholders Tone At The Top

SEC Staff Issues Money Market Fund Reform Frequently Asked Questions

The Staff of the Division of Investment Management (Staff) of the U.S. Securities and Exchange Commission (SEC or Commission) has published responses to frequently asked questions (FAQs) regarding the SEC’s 2014 amendments...more

6/17/2015 - Amortization Capital Contributions Disclosure Requirements Division of Investment Management Floating NAV Fund Managers Investment Companies Liquidity Fees Money Market Funds NAV New Amendments Redemption Gates Reorganizations SEC Securities Act of 1933 Seed Financing Websites

U.S. Money Market Fund Reform: Form N-CR and Related Website Disclosure Compliance Deadline Quickly Approaching

The July 14, 2015 compliance date for certain new money market fund reporting and disclosure requirements adopted by the U.S. Securities and Exchange Commission (SEC) is quickly approaching. In particular, money market funds...more

5/22/2015 - Compliance Disclosure Requirements EDGAR Investment Adviser Investment Funds Money Market Funds NAV SEC

The U.S. Securities and Exchange Commission Approves Amendments to Rules Governing Money Market Funds: Implications for Boards

The U.S. Securities and Exchange Commission (SEC) has approved sweeping amendments to Rule 2a-7 under the Investment Company Act of 1940 and other rules governing the operations of money market funds (money funds)...more

10/15/2014 - Disclosure Requirements Floating NAV Investment Company Act of 1940 Liquidity Fees Money Market Funds New Amendments Redemption Gates SEC Stress Tests

Money Market Funds - Focus Shifts to Europe

Following the adoption by the U.S. Securities and Exchange Commission (“SEC”) of amendments to the rules governing U.S. money market funds (“MMFs”), the focus is shifting to Europe. In fact, the prospects for sensible MMF...more

10/14/2014 - EU European Commission Floating NAV Liquidity Fees Money Market Funds Redemption Gates SEC

U.S. SEC Approves Sweeping Amendments to Rules Governing Money Market Funds

The U.S. Securities and Exchange Commission (SEC or Commission) on July 23, 2014 approved, by a vote of 3- 2, sweeping amendments to Rule 2a - 7 and other rules that govern money market funds (money funds) under the...more

8/14/2014 - Investment Company Act of 1940 Money Market Funds NAV SEC

SEC Approves Amendments to Rules Governing Money Market Funds

Yesterday, the U.S. Securities and Exchange Commission (“SEC”), by a vote of 3 to 2, approved amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (the “Amendments”)....more

7/24/2014 - Liquidity Fees Mary Jo White Money Market Funds NAV New Amendments Redemption Gates SEC

The U.S. Supreme Court Extends Sarbanes-Oxley Whistleblower Protections to Employees of Mutual Fund Investment Advisers and Other...

The Supreme Court of the United States on March 4, 2014 held that employees of a privately-held mutual fund investment adviser are protected under a whistleblower provision enacted as part of the Sarbanes-Oxley Act of 2002...more

3/27/2014 - Contractors FMR LLC Lawson v FMR Sarbanes-Oxley SCOTUS Subcontractors Whistleblower Protection Policies Whistleblowers

SEC’s Division of Investment Management Issues Recommendations for Funds and Fund Advisers in Light of Reduced Market-Making...

The Division of Investment Management (“Division”) of the U.S. Securities and Exchange Commission (“SEC”) recently published guidance (“Guidance”) addressing steps that funds and fund advisers should consider in light of...more

2/14/2014 - Banking Sector Broker-Dealer Federal Reserve Fixed Income Investments Internal Revenue Code (IRC) Investment Adviser Investment Funds Investment Management Market Making Market Risk Capital Rule SEC Volcker Rule

FSB and IOSCO to Consider Standards for Treating Investment Funds and Asset Managers as Global Systemically Important Financial...

The Financial Stability Board (FSB), in consultation with the International Organization of Securities Commissions (IOSCO), issued “Assessment Methodologies for Identifying Non-Bank Non-Insurer Global Systemically Important...more

1/17/2014 - Banking Sector Broker-Dealer Financial Institutions FSB Global Economy Hedge Funds Investment Funds IOSCO Nonbank Firms Securities

SEC Charges an Investment Adviser and a Portfolio Manager with Fraud and Causing a Money Market Fund to Violate Rule 2a-7

This OnPoint describes the role of the SEC’s Division of Investment Management (Division) in uncovering the alleged fraud through an analytical review of the Fund’s performance data and portfolio information. It then...more

12/19/2013 - Enforcement Enforcement Actions Fraud Fund Managers Investment Fraud Investor Protection OCIE Portfolio Managers Risk Assessment Risk Management SEC Securities Fraud

Financial Services Quarterly Report - Third Quarter 2013: U.S. SEC’s Proposal to Amend Rules Governing Money Market Funds:...

The U.S. Securities and Exchange Commission (“SEC”) has proposed sweeping amendments to Rule 2a-7 under the Investment Company Act of 1940 (“1940 Act”) and other rules relating to money market funds (“money funds”).1 The...more

10/10/2013 - Disclosure Requirements Investment Company Act of 1940 Liquidity Fees Money Market Funds NAV Redemption Gates SEC Stress Tests

IRS Proposes De Minimis Exception to Wash Sale Rules in Connection with SEC Money Market Fund Floating NAV Proposal

The U.S. Internal Revenue Service (IRS) has proposed a new Revenue Procedure (Proposed Revenue Procedure) regarding the application of the wash sale rules under Section 1091 of the U.S. Internal Revenue Code (Code) to...more

8/1/2013 - Investment Company Act of 1940 IRS Money Market Funds NAV SEC Wash Sale Rules

Is the Pendulum Swinging? – SEC Commissioner Gallagher Expresses Concerns About Reliance on Proxy Advisors

The role of proxy advisors has continued to attract attention from U.S. regulators and on Capitol Hill. Earlier this month, Commissioner Daniel M. Gallagher of the Securities and Exchange Commission (“SEC”) generated...more

7/24/2013 - Daniel Gallagher No-Action Letters Proxy Advisors SEC SEC Commissioner

SEC Proposes Sweeping Amendments to Rules Governing Money Market Funds

The U.S. Securities and Exchange Commission (SEC or Commission) on June 5, 2013 proposed for public comment sweeping amendments to Rule 2a-7 under the Investment Company Act of 1940 and other rules relating to money market...more

6/19/2013 - Amended Regulation Asset Diversification Disclosure Requirements Exemptions Fees FSOC Investment Company Act of 1940 Money Market Funds Redemption Gates SEC

SEC Proposes Amendments to Rules Governing Money Market Funds

On June 5, 2013, the U.S. Securities and Exchange Commission (SEC) unanimously proposed for public comment two alternatives for amending Rule 2a-7 and other rules that govern money market funds under the Investment Company...more

6/7/2013 - Great Recession Investment Company Act of 1940 Money Market Funds NAV SEC

2013 Examination Priorities of the U.S. SEC’s Office of Compliance Inspections and Examinations

The Office of Compliance Inspections and Examinations (“OCIE”) of the Securities Exchange Commission (“SEC”) on February 21, 2013 announced its examination priorities for this year. These highlight market-wide issues such as...more

3/14/2013 - Broker-Dealer Clearing Agents Conflicts of Interest Fraud Investment Adviser NEP OCIE SEC Transfer Agents

The Debate Continues – U.S. Money Market Fund Update

Since the U.S. Financial Stability Oversight Council (“FSOC”) issued proposed recommendations to the U.S. Securities and Exchange Commission (“SEC”) regarding additional reforms to money market fund (“money fund”) regulation...more

3/5/2013 - FSOC Money Market Funds SEC

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