Mutual Funds

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The Financial Report - Volume 3, No. 16 • August 21, 2014 (Global)

Discussion and Analysis - Recently, we’ve been thinking a lot about crowds. Most sources define the term “crowds” as a large group of people gathered closely together or with something in common. The Merriam-Webster...more

FinCEN Customer Due Diligence Rule Proposal

On July 30, 2014, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued proposed rules (the “Proposed Rules”) to clarify and strengthen customer due diligence requirements for banks, securities...more

Financial Regulatory Developments Focus - August 2014 #2

In this issue: - Derivatives - Bank Structure - Recovery & Resolution - Bank Prudential Regulation & Regulatory Capital - Financial Services - Consumer Protection - Funds...more

Summary of New Money Market Fund Rules Adopted by the SEC

On July 23, 2014, the Securities and Exchange Commission (the SEC) adopted final rules governing the structure and operation of money market funds, in a release adopting amendments to Rule 2a-7 under the Investment Company...more

Former Chief Operating Officer Settles SEC Fraud Claims

The Securities and Exchange Commission recently announced that Peter Jenson, the former chief operating officer of Harbinger Capital Partners LLC, agreed to pay a $200,000 civil penalty to resolve charges that he aided the...more

Advisors Advantage - August 2014

Dealing with adversity. It's about how you deal with it. I'm a huge Aerosmith fan since high school and it's because the music resonates with me because it reminds me of the experiences that I have gone through...more

Fair Valuation and Mutual Fund Directors: The Great Valuation Divide and Its Implications

The 1940 Act’s requirements for valuing portfolio securities may be summarized as follows: the board of directors must determine, in good faith, the fair value of every portfolio security for which a market quotation is not...more

Director of SEC’s Division of Investment Management Discusses Alternative Mutual Funds

In a speech presented to the Practicing Law Institute’s Private Equity Forum on June 30, 2014, Norm Champ, Director of the SEC’s Division of Investment Management (the “Division”), discussed the rise of open-end mutual funds...more

Mutual Funds Get Congressional Help Against FSOC

Some members of Congress have come to the aid of the investment management industry in its battle to avoid determinations by the Financial Stability Oversight Council (FSOC) that any mutual funds or investment advisers...more

Director of SEC’s Division of Investment Management Provides Insights into Agency’s View of Alternative Mutual Funds and Focus of...

On June 30, 2014, in remarks to the Practising Law Institute’s Private Equity Forum, Norm Champ, Director of the SEC’s Division of Investment Management, addressed the increase in the number of mutual funds that use...more

Beer Distribution and the Bundled Provider TPA

In England, many of the top pubs are owned by British breweries because watering holes are an effective means of beer distribution. If a business can control the method of distribution of their own products, they can expand...more

Investment Management Update

In July 2014, the SEC settled the previously reported proceeding involving Chariot Advisors, and its former owner, Elliott Shifman, concerning charges of violating and aiding and abetting the violation of Section 15(c) of the...more

SEC Staff Provides Guidance on Summary Section of Mutual Fund Prospectuses

The staff of the SEC’s Division of Investment Management issued IM Guidance Update No. 2014-8 (the “Guidance Update”) to provide guidance based on comments the Division has provided on the information required to be presented...more

Cœur Défense: the Chronicle of a Foretold Reform of the French Safeguard Proceedings

The end of a legal saga - On April 7, 2014, the Commercial Court of Paris put an end to the Coeur Défense’s legal saga by acknowledging the implementation of the two safeguard plans adopted for Heart La Défense (HoLD),...more

SEC Issues Guidance Regarding Enhanced Mutual Fund Disclosure

On June 26, 2014, the staff of the SEC’s Division of Investment Management issued guidance related to mutual fund disclosure enhancements adopted in 2009. The guidance is based on comments the staff has provided to a number...more

Banking Regulators: Exit Fees for Bond Mutual Funds?

Should federal regulators impose exit fees on bond funds? Officials at the Board of Governors of the Federal Reserve may think so....more

Fair Valuation and Mutual Fund Directors: Alternative Approaches to Valuation

Directors’ legal responsibilities for valuing portfolio securities is a logical place to start an examination of why misvalued securities pose a risk to independent directors. This Client Alert therefore considers the...more

Will the IPO Market Keep Its Momentum?

We’ve had a very active IPO market during the past year. A couple of reasons explain this phenomenon. First, institutional investors pulled back from the more risky initial public offerings after the crash of 2008. As the...more

A Compilation of Enforcement and Non-Enforcement Actions

Concerns Noted During Private Equity Adviser Exams - Routine examinations by the SEC at advisory firms who manage the assets of private equity funds have uncovered some serious concerns about the way such advisers...more

OSFI Issues Guidance on When a Limited Partnership Meets Definition of “Pooled Fund” or “Mutual Fund”

The Office of the Superintendent of Financial Institutions has posted guidance (the Guideline) on the question of whether a fund established as a limited partnership by a corporation meets the definition of “pooled fund” or...more

Final Volcker Regulations Ease Mutual Fund Concerns

Adopted in December 2013, the final interagency rulemaking to implement the Volcker Rule resolves a number of concerns raised by the mutual fund industry. Under the Volcker Rule, banking entities are generally prohibited from...more

Closed End Funds

The Financial Industry Regulatory Authority (“FINRA”) has, in recent months, increased its regulatory focus on investor awareness regarding closed-end funds (“CEFs”). In October of last year, FINRA issued an Investor Alert...more

Thomson Reuters Session 2: Investment Management, Hedge Funds and Registered Mutual Funds: What's Happening Now?  [Video]

Pepper partner Gregory J. Nowak has regularly hosted a roundtable in Pepper’s New York office for private funds and their managers to discuss issues in the investment management world. He has recently started to give a...more

Mutual Fund Directors Forum Issues Report on Director Oversight of Mutual Funds Focused on Non-Traditional Assets and Strategies

The Mutual Fund Directors Forum issued a report designed to provide practical guidance to mutual fund directors about overseeing “alternative funds.” The report treats as an “alternative fund” any registered open-end fund...more

Future Threats That a 401(k) Plan Sponsor Should Be Aware Of

What was good yesterday might not be a good today. Asbestos was a great fireproof building material until it was found to cause asbestosis and malignant mesothelioma Thalidomide was a great drug for morning sickness until it...more

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