Thomson Reuters Session 2: Investment Management, Hedge Funds and Registered Mutual Funds: What's Happening Now?
Cole-Frieman & Mallon partner/co-founder Bart Mallon Discusses CFTC Regulation 4.5, the Volcker Rule & Other Compliance Issues
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
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
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
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
Prior to 2013, the door to the People’s Republic of China’s domestic mutual fund market was closed to outsiders. Foreign fund managers had only one choice: to team up with local Chinese managers in joint ventures, controlled...more
When my wife and I bought our house, there were quite a few things that the previous owner forgot to tell us such as the fact they never bothered to pull the pipes from the dental office run by a previous owner 20 years...more
On December 12, 2013, the Supreme Court of Canada (SCC) released its fourth major class action decision in two months: AIC Limited et al v Dennis Fischer et al (Fischer). This case concerns whether a class action is the...more
Planning an estate around specific assets is risky and, in most cases, should be avoided. If specific assets — such as homes, cars or stock — are left to specific people, they may end up being disinherited. This article...more
Many a US taxpayer who holds shares in a Canco may be subject to the onerous US passive foreign investment company (PFIC) tax regime. Although the PFIC rules are designed to eliminate the benefit of a US tax deferral on...more
The U.S. Court of Appeals for the Second Circuit affirmed the dismissal on a motion for summary judgment of a derivative suit against the independent trustees of a mutual fund group in which the plaintiff shareholder alleged...more
The Mutual Fund Directors Forum updated its best practices recommendations for mutual fund directors. The October 13 report, Practical Guidance for Mutual Fund Directors – Board Governance and Review of Investment Advisory...more
Thomas P. Vartanian, Chair of Dechert’s Financial Institutions practice, responded to the U.S. Securities and Exchange Commission's (SEC) request for comments, on behalf of certain clients, by comprehensively criticizing the...more
A federal court of appeals recently held out the possibility that insider trading prohibitions — at least under the classic theory — do not apply to mutual fund redemptions.
The U.S. Court of Appeals for the Seventh...more
On remand from the Seventh Circuit, a federal district court in Illinois granted class certification in a case where participants in a Boeing 401(k) plan alleged that Boeing breached its fiduciary duties under ERISA by: (i)...more
The Securities and Exchange Commission sanctioned an investment adviser and its owner for failing to seek best execution and breaching their fiduciary duty in selecting mutual fund share classes for three advisory...more
The Hong Kong Government has been keen to demonstrate its willingness to evolve and focus its efforts on the overall growth of the Hong Kong financial services industry. Recent proposals to make fund-friendly changes to Hong...more
- SEC to Monitor Fund Performance Claims
- Suit Against Exchange Traded Funds’ Investment Adviser Dismissed
- Counterparty Risk Management Practices for Mutual...more
The Department of Labor (the “DOL”) recently issued Advisory Opinion 2013-04A clarifying mutual fund prospectus delivery requirements under section II(d) of Prohibited Transaction Class Exemption 77-4 (“PTE 77-4”). PTE 77-4...more
The debt markets have outperformed themselves during 2013, harkening back to the boom years of 2005 through 2007. That is, if you measure performance by the amount of liquidity in the market.
In the context of an...more
This November, in Lawson v. FMR LLC, the United States Supreme Court will hear argument on whether “whistleblowers” employed by a privately held contractor or subcontractor of a publicly traded company are protected from...more
The Appellants, Sanji Sawh and Vlad Trkulja, who were both mutual fund dealers and exempt market dealers, founded Investment House of Canada (“IHOC”) in 2003....more
The Commodity Futures Trading Commission (CFTC) caused quite a stir in 2012 when it changed its rules to require investment advisers to mutual funds that invest to any significant degree in derivatives, to...more
It has been a busy summer for securities regulators in Hong Kong and on the Mainland. Recent press coverage indicates that the regulators are closer now to making the Mutual Fund Recognition Scheme (the “Scheme”) a reality,...more
A federal court of appeals held out the possibility that insider trading prohibitions – at least under the classic theory – do not apply to mutual fund redemptions.
The U.S. Court of Appeals for the Seventh Circuit...more
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