Money Market Funds

SEC Office of Compliance Inspections and Examinations Issues 2013 Exam Priorities

by Terrence Davis | Baker, Donelson, Bearman, Caldwell &... on 3/12/2013

On February 23, 2013, through the National Exam Program (NEP), the staff of the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) published the program's examination...more

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

by Stephen Cohen, Jack Murphy, Aline Smith, Justin Tait | Dechert LLP on 3/5/2013

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

SEC Announces 2013 Examination Priorities for the Investment Management Industry

by Ropes & Gray LLP on 3/1/2013

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) has published its list and discussion of examination priorities for the investment management industry in 2013, which includes both market-wide initiatives...more

Head of SEC Investment Management Division Announces Top Regulatory Priorities

by Kathleen H. Moriarty, Peter J. Shea, Gregory E. Xethalis | Katten Muchin Rosenman LLP on 2/26/2013

At the Practicing Law Institute’s conference, “The SEC Speaks in 2013,” held on February 22 in Washington, DC, Norm Champ, Director of the Division of Investment Management at the Securities and Exchange Commission (SEC),...more

Tax Talk -- Volume 5, No. 4 -- January 2013

by David de Ruig, Stephen Feldman, David Goett, Thomas Humphreys, Meimay Law, Anna T. Pinedo, Remmelt Reigersman | Morrison & Foerster LLP on 1/28/2013

In This Issue: Fiscal Cliff Diving a.k.a. American Taxpayer Relief Act; CoCo Developments; Tax Effect of Money Market Fund Proposals; IRS Issues Final Regulations on Publicly Traded Property; Assessment of Income from...more

MMF Independent Trustees in Crisis: MMF Executives Sue Independent Trustees for Fraud and Waste of Corporate Assets

by Jay G. Baris, Kelley A. Howes, Oliver I. Ireland | Morrison & Foerster LLP on 1/24/2013

In a bizarre twist to the case of the money market fund that broke the buck, the investment adviser to the Reserve Primary Fund (Reserve Fund) and its principals sued the fund’s independent trustees, laying the blame for the...more

IOSCO and FSB Recommend Additional Money Market Fund Reform, Putting International Pressure on the SEC to Take Action

by Stephen Cohen, Robert Helm, Robert Rhatigan | Dechert LLP on 1/4/2013

Introduction - The International Organization of Securities Commissions (IOSCO), an international organization of securities regulators, recently published its “Policy Recommendations for Money Market Funds” (Final...more

Out of the Shadows and Into the Light

by Peter J. Green, Jeremy C. Jennings-Mares, Lewis Gavin Lee | Morrison & Foerster LLP on 12/28/2012

For the last four years, regulators and law makers have been focusing extraordinary efforts on ensuring that financial regulation is adequate to protect the financial system from risks emanating from the banking sector....more

Investment Management Legal + Regulatory Update -- December 2012

by Luke T. Bagley, Jay G. Baris, Steven J. Bleiberg, Thomas M. Devaney, Kelley A. Howes, Robert E. Putney, III, Isabelle Sajous | Morrison & Foerster LLP on 12/18/2012

In This Issue: Regulatory Updates - FSOC, FSB Turn Up Heat on SEC on Money Market Fund Reforms; SEC Staff: Beware of BDC Joint Transactions; SEC Reports 3,000 Whistles Blown in FYI 2012; Over 1500 Private Fund Advisers...more

SEC Brings Enforcement Action Against Mutual Fund Directors For Alleged Failures in Oversight of Valuation Committee

by Ropes & Gray LLP on 12/14/2012

On December 10, 2012, the SEC filed an order instituting enforcement proceedings (the “OIP”) against both the interested and the independent directors of five registered investment companies advised by Morgan Asset...more

ESMA’s Final Guidelines on Repurchase and Reverse Repurchase Agreements for UCITS Funds

by Declan O’Sullivan | Dechert LLP on 12/14/2012

The European Securities and Markets Authority (“ESMA”) published final guidelines on repurchase (repo) and reverse repurchase agreements for UCITS funds on 4 December 2012. This is a follow-up to ESMA’s publication in July...more

U.S. Financial Stability Oversight Council Proposes Recommendations for Money Market Fund Reform

by Dechert LLP on 12/11/2012

Introduction - On November 13, 2012, the U.S. Financial Stability Oversight Council (FSOC) voted to issue proposed recommendations (Proposed Recommendations) to the U.S. Securities and Exchange Commission (SEC) regarding...more

Post-Election Changes and Their Impact on the Financial Services Industry: The Seven Deadly Sins

by Daniel F. C. Crowley, Akilah Green, Bruce J. Heiman | K&L Gates LLP on 12/4/2012

During his first term, President Obama began an ambitious path of reforming the U.S. financial system with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). Over two years...more

FSOC Publishes Money Market Mutual Fund Reform Recommendations

by George P. Attisano, Daniel F. C. Crowley, Andrés Gil | K&L Gates LLP on 11/27/2012

On November 13, 2012, the Financial Stability Oversight Council (the “FSOC”) unanimously approved the publication of several proposed recommendations for money market mutual fund (“MMMF”) reform (the “Proposed...more

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