Mutual Funds

News & Analysis as of

Fiduciary Rule will clear out the Alphabet Soup of Share Classes

When it comes to mutual funds offered under 401(k) plans, I’ve always believed that the multiple share classes was something out of an alphabet soup. I’m not an advisor, so I don’t know how or why there is so many share...more

Your Daily Dose of Financial News

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

Your Daily Dose of Financial News

The headline a few days ago was the arrest of VW exec Oliver Schmidt during an ill-advised trip to Miami last week. But the DOJ also indicted five other top executives over their role in VW’s emissions cheating scandal. No...more

SEC Adopts Liquidity Risk Programs for Funds

On October 13, the SEC adopted rule reforms designed to improve liquidity risk management by open-end funds. Liquidity Risk Management Programs - Under the reforms, mutual funds (excluding money market funds) and...more

Broker-Dealers Can Hold Customers’ Initial Checks

A recent SEC no-action letter gives broker-dealers more time to perform suitability and other reviews when opening certain customer accounts. The firms requesting the letter were affiliated with three different insurance...more

Broker-Dealers Can Hold Customers’ Initial Checks

A recent SEC no-action letter gives broker-dealers more time to perform suitability and other reviews when opening certain customer accounts. The firms requesting the letter were affiliated with three different insurance...more

FINRA’s 2017 Regulatory & Exam Priorities

On January 4, new President and CEO Richard Cook issued FINRA’s Annual Regulatory and Examination Priorities Letter. This year’s list in summary is: New for 2017: Targeted electronic off-site reviews “on select...more

Some Broker-Dealers aren’t in a panic and there is one reason why

While people are predicting gloom and doom for broker-dealers when the new fiduciary rule goes into effect, there is a certain brand of broker-dealers that aren’t going to be in panic mode....more

SEC Staff Smooths the Way for DOL Fiduciary Rule Compliance

The SEC’s Division of Investment Management released a Guidance Update on December 19, 2016, addressing certain procedural issues that have arisen in connection with the so-called “Fiduciary Rules” adopted by the U.S....more

SEC Staff Issues Guidance on Fund Fee Structure Disclosures

In a Guidance Update published on December 15, 2016, the staff of the U.S. Securities and Exchange Commission’s (SEC) Division of Investment Management (Staff) articulated its views as to certain disclosure issues and...more

Financial Services Weekly News - December 2016 #3

Editor's Note - The End of “Too Big to Fail”? On December 15, the Board of Governors of the Federal Reserve System (Federal Reserve Board) adopted a final rule to strengthen the ability of government authorities to...more

Investment Management Update

IRS Issues Proposed Regulations Providing Guidance On The Tax Qualification Of Mutual Funds - On September 27, 2016, the Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) that provide...more

Bundled providers going unbundled makes sense

Someone I know in the industry advised me again how a low cost index fund company was all of a sudden joining together with a well known third party administrator (TPA) in going after smaller plans because their bundled...more

Tax Truths: Volume 1, No. 2 – December 2016

AN ANALYSIS OF TAX LAW PROPOSALS OF THE PRESIDENT-ELECT AND THE HOUSE - President-elect Trump made tax reform a highlight of his campaign, calling for fewer tax brackets, lower individual rates, and reduced corporate tax...more

U.S. District Court: Fund Trustees Cannot Rely on Attorney-Client Privilege in Section 36(b) Case

A federal district court has ordered mutual fund trustees to produce privileged documents to a plaintiff who sued an investment adviser accused of charging excessive investment advisory fees. The November 21, 2016 order may...more

"Plaintiffs Facing Headwinds in Pending Mutual Fund Fee Litigation"

With the first-filed cases at or near completion, the results are not looking good for the plaintiffs in the latest wave of mutual fund fee litigation. Defendants prevailed after trial in one of those cases and achieved...more

FinCEN’s Beneficial Ownership Rule and Increased AML Burden

Compliance officers at financial institutions have made great strides in improving Know Your Customer (KYC) programs to focus on knowing their customers as a critical function in combating money laundering. As regulators...more

Summary of New SEC Requirements for Open-End Fund Liquidity Risk Management and Amendments to Permit Use of “Swing Pricing”

On October 13, 2016, the U.S. Securities and Exchange Commission (Commission) unanimously adopted regulatory changes that require open-end funds, including traditional mutual funds and exchange-traded funds, to establish...more

A Window into Trump’s SEC?

Insights into an SEC composed of Trump appointees can be gleaned from Financial Services Committee Chairman Jeb Hensarling’s (R-TX) opening statements at a committee hearing on SEC oversight, with testimony by outgoing SEC...more

SEC Adopts Liquidity Risk Management Rules for Mutual Funds and Other Open-End Investment Companies 

On October 13, 2016, the SEC approved new Rule 22e-4 under the Investment Company Act of 1940, as amended (the 1940 Act), which will require certain open-end investment companies other than money market funds, to adopt and...more

SEC Issues Investment Company ‘Reporting Modernization’ Rules

In May 2015, we reported on proposals by the US Securities and Exchange Commission designed to enhance reporting for mutual funds, ETFs and other registered investment companies. On October 13, 2016, the SEC voted to adopt...more

New Liquidity and Swing Pricing Rules for US Mutual Funds

On October 13, 2016, a unanimous US Securities and Exchange Commission adopted far-reaching rules intended to address mutual fund liquidity risks. On the same day and by a divided (two to one) vote, the SEC adopted new mutual...more

"SEC Adopts Liquidity Risk Management Rules for Mutual Funds and Exchange-Traded Funds"

On October 13, 2016, the SEC voted to adopt new and amended rules and forms intended to enhance and standardize liquidity risk management by mutual funds and exchange-traded funds, which will likely have a broad impact on...more

Further Guidance on the HSR Act Investment-Only Exemption for Seemingly “Passive” Investors Engaging with Management

Investors considering engaging with management should take note of a recent informal interpretation received from the FTC’s Premerger Notification Office (PNO) advising that certain seemingly “passive” behavior is...more

Your Daily Dose of Financial News

Merrill Lynch has already staked out the position in response to the DOL’s retirement account fiduciary duty rule that it would no longer offer commission-based IRAs to retirement savers. Yesterday, it effectively doubled...more

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