Mutual Funds

News & Analysis as of

Federal Court Issues Trial Ruling in Section 36(b) “Manager of Managers” Lawsuit: AXA Advisory and Administrative Fees Held Not to...

The U.S. District Court for the District of New Jersey issued its post-trial ruling on August 25, 2016 in Sivolella v. AXA Equitable Life Insurance Company—the first Section 36(b) trial decision since 2009. The Court...more

Investment Management Update

The Securities and Exchange Commission Adopts Amendments to Form ADV and Investment Adviser Act Rules - The Securities and Exchange Commission (SEC) adopted amendments to Form ADV and Investment Advisers Act of 1940...more

Financial Services Weekly News - September 2016

Editor's Note - The OCC Takes Another Step Toward a Limited Purpose FinTech Charter. On September 13, in a speech at the Marketplace Lending Policy Summit 2016, Comptroller of the Currency Thomas J. Curry discussed the...more

Virtus Investment Partners Asks the Court to Certify for Interlocutory Appeal Its Decision on Loss Causation Concerning Mutual...

Although this blog is focused typically on opportunities for institutional investors to recover losses as class members or plaintiffs, we think this decision in Youngers v. Virtus Investment Partners, Inc., may also be of...more

In Eagerly Awaited Ruling, AXA Beats Excessive Fee Claim

The fund manager was victorious in the first court decision to come from a group of complaints filed over the last several years against manager-of-manager models. Introduction - Following a 25-day bench trial, the...more

U.S. Citizens Retiring Abroad: “Tax Trigger” Situations and Related Disclosure Forms

The following is a bolded checklist of important situations that may “trigger” a tax review by a skilled United States tax professional. Many of these situations also require a simultaneous review by a foreign tax...more

What Can Mutual Fund Boards and Advisers Learn From the AXA Trial Ruling?

In the first trial of a recent wave of cases under Section 36(b) of the Investment Company Act, Judge Peter G. Sheridan of the U.S. District Court for the District of New Jersey ruled in favor of the defendant-adviser,...more

Mutual Funds Should Consider Accelerating Filings in Advance of Substantial Increase in SEC Registration Fee Rate

As a result of upcoming increases in securities registration fee rates applicable to mutual funds, funds with fiscal year ends of July or August and net sales should consider accelerating their annual Rule 24f-2 filings. ...more

Federal Court Issues Trial Ruling in Section 36(b) "Manager of Managers" Lawsuit

AXA Investor Fees Held Not To Constitute a Breach of Fiduciary Duty - The U.S. District Court for the District of New Jersey issued its trial ruling on August 25, 2016 in Sivolella v. AXA Equitable Life Insurance...more

The New DOL Fiduciary Rule: Impact on Mutual Fund Distribution

The Department of Labor (DOL) has issued the final version of its “investment advice” regulation (Final Rule), which is widely expected to impact significantly the financial services industry, including registered investment...more

Are You Prepared for Disruption? New regulations, new challenges and opportunities [Expect Focus – Vol. II, July 2016]

- Fed Takes First Steps Toward Setting Capital Requirements for Some Insurers - New Wave of COI Rate Increase Lawsuits Hits the Industry - STOLI Policies Cancelled, Insurers Retain Premium -...more

Court Rules in Favor of Investment Adviser after Trial in Section 36(b) Excessive Fee Case

In a case closely watched by the mutual fund industry, the federal district court in New Jersey ruled on Thursday in favor of a mutual fund’s investment adviser and against the shareholders who had brought the lawsuit under...more

Cybersecurity, Cyber Insurance: What Fund Directors Need to Know

Cyberattacks are attempts by hackers to damage, destroy and/or steal data from a computer network or system. From 2013 to 2015, more than 153.6 million people had information stolen in cyberattacks involving companies such as...more

It's Time To Loosen The Limitations On BDC Investors

Business development companies, which provide a growing and important alternative source of capital to smaller companies, face challenges raising money due to a quirk in the federal securities laws that limits how much mutual...more

The effect of more 401(k) bundled provider litigation

There is a proliferation of litigation against plan sponsors and against bundled 401(k) plan providers for offering their own proprietary funds in 401(k) plans for their employees as well as the 401(k) plans they administer...more

Section 12(d)(1) and Business Development Companies

Business development companies (BDCs), which provide a growing and important alternative source of capital to smaller companies, face challenges raising money due to a quirk in the federal securities laws that limits how much...more

New District Court Ruling Makes It Easier for Mutual Fund Investors to Bring Securities Fraud Claims in Class Actions

For years, mutual fund shareholders have been limited in their ability to successfully allege securities fraud in class actions under the federal securities laws against mutual fund executives, directors and advisers. These...more

Fidelity Prevails In ERISA Float Litigation

The First Circuit joined the Eighth Circuit in finding that Fidelity’s practice of earning overnight “float” interest on the cash paid out to 401(k) participants redeeming shares in mutual funds did not violate ERISA’s duty...more

This Week In Securities Litigation

The Commission settled another FCPA action centered on the efforts of a Chilean airline to resolve its labor issues. The agency also filed four offering fraud actions: one based on an internet fraud; a second centered on the...more

The Problem With Providers Using Their Own Funds In Their 401(k) Plan

I always say that I come up with many ideas, but most of them are bad. Seriously, there are so many bad ideas out there in the 401(k) space and one of the really bad ideas out there are bundled plan providers using their own,...more

SEC Committee Recommends Investor-Specific Mutual Fund Cost Disclosures

In mid-April, the SEC’s Investor Advisory Committee (IAC) issued a recommendation that the SEC "explore ways to improve mutual fund cost disclosures." As a first step, the IAC urges the SEC to require that periodic...more

The “Fifth Pillar” of AML/BSA Compliance FinCEN Issues Final Rule for New Customer Due Diligence Requirements under the Bank...

For years, financial institutions have operated under the maxim that an effective anti-money laundering and Bank Secrecy Act compliance program (collectively “AML”) rests upon four pillars: (1) written policies and...more

SEC Seeks Fund Responses to Distribution-In-Guise Guidance

Since at least March 2016, SEC examiners have reportedly been checking whether mutual fund firms are complying with the SEC staff’s recent guidance on “distribution-inguise.” The guidance suggests that fund boards,...more

Revenue Sharing Demolition Night

When I was a kid in the 1970’s, disco was the biggest thing. By 1980, disco was dead thanks to a backlash. People didn’t know it at the time, but disco died the night of July 12, 1979, thanks to the riot during a White Sox...more

Your daily dose of financial news - The Brief – 7.8.16

June’s job report  is out today.  The Journal gave us a jump start with 5 Things to Watch [and some thoughts on why May’s rough numbers may not be an outlier]  – WSJ And how the Brexit has made the report way more important –...more

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