News & Analysis as of

Money Market Funds

EMMI Report on Outcome of EURIBOR Pre-Live Verification Program

On May 5, 2017, the European Money Markets Institute (“EMMI“) published a report on the outcome of the Euro Interbank Offered Rate (“EURIBOR“) pre-live verification (“PLV“) program. The PLV program has given EMMI an...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Adopts Jobs Act Amendments - On April 5, the Securities and Exchange Commission ("SEC") announced that it has adopted amendments to increase the amount of money companies can...more

Money Market Funds Regulation Adopted by the European Parliament

On April 5, 2017, it was announced that the European Parliament voted to adopt the Money Market Funds Regulation (“MMFR“). The MMFR focuses on increasing regulation on shadow banking and investment funds and creates new rules...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - OCC Provides Additional Details to Evaluate Charter Applications From Fintech Companies - On March 15, 2017, the Office of the Comptroller of the Currency ("OCC") issued a "Draft...more

Asset Managers: Are You Ready for Your Exam? Steps You Should Take Now

by Sullivan & Worcester on

Last week we told you about the five biggest pet peeves of the SEC’s Office of Compliance Inspections and Examinations (OCIE) when examining investment advisers. This week, we want to get you ready for your exam. Here are the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Judge John Bates of the US District Court for DC has blocked a proposed $37 billion mega-health-care-merger between Aetna and Humana, one of 2 major deals before the courts opposed by the Obama-era DOJ over antitrust...more

OCIE 2017 Exam Priorities: Focus on Retail, Elderly and Retirement Investors; Market Risks

by Morrison & Foerster LLP on

The SEC’s National Examination Program (NEA) of the Office of Compliance Inspections and Examinations (OCIE) announced that its examination priorities in 2017 will focus on three general areas: retail investors, risks...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The emissions cheating scandal that recently cost VW $4.3 billion and a mess of criminal indictments isn’t, it seems, confined to the Germans. We heard months ago about a similar probe into Mitsubishi, and yesterday we...more

SEC’s 2017 Exam Priorities

by Burr & Forman on

OCIE released its 2017 exam priorities on January 12. The priorities list was most notable for being shorter than prior years. But that likely means only more focus, rather than less vigor....more

U.S. Treasury’s Benchmark TIC SHC Survey and Implications for Investment Managers

by Dechert LLP on

TIC SHC is a mandatory benchmark study commissioned by the Treasury and administered by the FRBNY every five years.3 The survey reviews holdings of foreign portfolio securities – including short- and long-term securities and...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFTC Division of Market Oversight Reminds Market Participants of the Upcoming Expiration of Certain No-Action Relief From the Ownership and Control Final Rule - On November 16,...more

SEC Adopts New Rules and Rule Amendments to Require Registered Open-End Investment Companies to Establish Liquidity Risk...

by Dechert LLP on

The U.S. Securities and Exchange Commission (SEC or Commission) has unanimously adopted new rules and rule amendments to require registered open-end investment companies (including exchange traded funds and exchange-traded...more

Corporate and Financial Weekly Digest - Volume XI, Issue 41

by Katten Muchin Rosenman LLP on

SEC/CORPORATE – SEC Division of Corporation Finance Issues Five Additional C&DIs Relating to Pay Ratio Disclosure Rule – On October 18, the Securities and Exchange Commission’s Division of Corporation Finance...more

Bridging the Week - October 2016 #3

by Katten Muchin Rosenman LLP on

Registration Based on Quantitative Test Likely to Be Part of Supplemental Regulation AT, Suggests CFTC Chairman - Timothy Massad, Chairman of the Commodity Futures Trading Commission, indicated last week that he...more

CFTC Guidance on FCM and DCO Investments in Money Market Funds

by Dechert LLP on

Divisions of the U.S. Commodity Futures Trading Commission (CFTC) on August 8, 2016 issued letters restricting futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) from investing in money market...more

District Court Dismisses 401(k) Plan Investment Claims Against Chevron Fiduciaries

A federal district court in California granted defendants’ motion to dismiss claims asserted by Chevron 401(k) plan participants that the plan fiduciaries breached their ERISA fiduciary duties by selecting underperforming...more

Final Rules Issued for Certain Money Market Funds - Election of New Methods May Be Beneficial - Tax Update Volume 2016, Issue 3

by Pepper Hamilton LLP on

The rules generally give helpful and timely guidance for dealing with the new reality of floating rate money market funds. There is a new reality for dealing with floating rate money market shares. On July 8, 2016, the...more

MoFo Tax Talk - Volume 9, No. 2

by Morrison & Foerster LLP on

Editor's Note - Welcome to Tax Talk 9.02. By this fall, we may look back on Q2 2016 with some nostalgia. Of course, there is the U.S. presidential election on November 8th, but U.S. tax advisors right now are more...more

Your daily dose of financial news - The Brief – 8.4.16

by Robins Kaplan LLP on

As foreshadowed a few weeks ago, the Bank of England has cut its main interest rate to an historically low .25 percent in an effort to address the impact of June’s Brexit vote. The BOE will start bond buying in September....more

"Continental Drift? Brexit’s Potential Impact on International Investment Managers"

The U.K. referendum vote to leave the European Union has focused attention on Brexit’s potential impact on the U.K.’s financial services industry. The U.K. is home to a wide array of asset managers, banks, insurers,...more

Final US Treasury Regulations Provide Additional Flexibility in Determining the Tax Implications of Money Market Fund Share...

by Dechert LLP on

Final U.S. Treasury regulations under Section 446 of the Internal Revenue Code of 1986, as amended (the “Code’), providing for the use of the net asset value (“NAV”) accounting method for transactions in money market fund...more

Your daily dose of financial news - The Brief – 7.21.16

by Robins Kaplan LLP on

The Treasury Dept’s Office of Financial Research has found that money-market funds are increasingly entering into direct repurchase loans with large investors and insurers—another sign that “participants in short-term lending...more

Your daily dose of financial news - The Brief – 7.12.16

by Robins Kaplan LLP on

The SEC’s opened an investigation into Elon Musk’s Tesla Motors over whether the electric automaker breached securities laws by failing to disclose to investors the fatal crash involving one of its cars in self-driving mode...more

Council Agrees its Negotiating Stance on the Money Market Funds

On June 15, the Council of the EU released a press release stating that the Permanent Representatives Committee had agreed, on behalf of the Council, a negotiating stance on a draft regulation on money market funds, aimed at...more

Orrick's Financial Industry Week in Review

FHFA Releases 2015 Report to Congress - On June 15, 2016, the Federal Housing Finance Agency's "Report to Congress" for 2015 was released. The document, required under federal law, analyzes Fannie Mae, Freddie Mac and...more

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