News & Analysis as of

Fee Disclosure

Plan Administrators’ 2017 Year-End Checklist

by Williams Mullen on

Plan administrators should review the following actions to be taken before the end of 2017 and focus on what to expect for 2018. The attached checklist addresses plan amendments, notices and other considerations for qualified...more

The profound change in the end was good

by Ary Rosenbaum on

If you go and read through the marketplace news on 401khelpcenter.com, you see something recurring that was unfathomable 10-15 years ago,. You have an insurance company offering an open architecture platform....more

It’s a mistake to only focus on fees

by Ary Rosenbaum on

I remember as a kid that there was move to use margarine because of the cholesterol that was in butter. Who can forget those talking Parkay carton commercials? Of course, we later learn that many margarines had high amounts...more

Advisors Advantage - April 2017

by Ary Rosenbaum on

Thinking Outside The Box For Plan Providers. It's a way to get ahead. The retirement plan business is one of the most competitive businesses out there because there is so many competing plan providers out there...more

California Law Requires Enhanced Fee Disclosure for Public Pension and Retirement Systems Investing in Private Funds

by Morrison & Foerster LLP on

Assembly Bill 2833 passed by the California legislature and signed into law by Governor Jerry Brown went into effect January 1, 2017, as California Government Code Section 7514.7 (“Section 7514.7”). It received wide support...more

SEC Speaks: 2017 Enforcement and Exam Trends for Private Funds

At the recent SEC Speaks program, sponsored by PLI, senior SEC staff members provided valuable insight into the SEC’s 2017 priorities for private funds. While the tenor of this year’s discussion seemed to focus more on...more

SEC Staff Issues Guidance on Fund Fee Structure Disclosures

by Dechert LLP on

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

Dear Plan Sponsors, it’s about Reasonableness

by Ary Rosenbaum on

Thanks to fee disclosure regulation and litigation against plan sponsors, plan sponsors are focusing on the costs of administering their plan. That’s great, but there’s a problem because of the focus. A study recently shows...more

Jamming Out Costs New York Auto Dealerships Millions

by Reed Smith on

New York Attorney General Eric T. Schneiderman recently announced a $1.6 million settlement with two auto dealerships, SG Hylan Motors and Best Auto Outlet, Inc., who were found to have engaged in jamming schemes between 2010...more

Blog: Corp. Fin. Posts New Guidance on Banker Fee Disclosure of Alternative Fees for Tender Offers

by Cooley LLP on

On November 18, 2016, the Staff of the Division of Corporation Finance issued two new C&DIs that address banker fee disclosures for tender offers on Schedule 14D-9. The new C&DIs clarify that disclosure is required of “all”...more

Furnish those documents to Plan Participants or Pay Through The Nose

by Ary Rosenbaum on

Plan sponsors should understand that under ERISA, plan participants are entitled to certain disclosures and documents. We should all know that a participant is entitled to the summary plan description, summary annual report,...more

The CFPB’s Final Prepaid Account Rule

by Davis Wright Tremaine LLP on

On October 13, the DWT Payments team briefed the Consumer Working Group of the Financial Services Roundtable (FSR) on the CFPB’s final prepaid account rule. The presentation focused on the following topics: - Scope of...more

AB2833: New California Law Opens Lid on Private Fund Fees

by Reed Smith on

On September 14, 2016, California Governor Jerry Brown signed Assembly Bill No. 2833. The new law obligates every California public investment fund to require alternative investment vehicles (“AIVs”) to make annual...more

Will California Public Pension Systems Go Underground In Implementing New Disclosure Law?

by Allen Matkins on

Writing in the Harvard Law School Forum on Corporate Governance and Financial Regulation, Catherine Skulan and Raj Marphatia provide an interesting overview of California’s recently enacted alternative investment vehicle fee...more

New Law Mandates Disclosure of Alternative Fund Fees By California Public Pensions

To increase the transparency of fees and expenses paid to alternative funds, every California public pension plan must require each alternative fund in which they invest to make various disclosures, and California public...more

California’s New Fee Disclosure Law For Public Pension Plans Investing In Alternative Investment Vehicles

by Ropes & Gray LLP on

On September 14, 2016, California Governor Jerry Brown signed into law a bill intended to provide transparency with respect to fees and expenses paid by California public pension or retirement systems (“PPPs”) to private...more

International Consultation on Good Practices for Fees and Expenses Collective for Investment Schemes 

by Shearman & Sterling LLP on

The International Organization of Securities Commissions published a final report outlining good practices on fees and expenses for collective investment schemes. The report is aimed only at CISs whose shares or units are...more

Will ERISA litigators live long enough to become the villains?

by Ary Rosenbaum on

Everyone knows I love movies and the memorable lines that come from them. I’ma a big fan of The Dark Knight and the line uttered by Aaron Eckhart as Harvey Dent: You either die a hero or you live long enough to see yourself...more

Bridging the Week - August 2016 #4

Nonmember Banned From Trading All CME Group Products for 60 Days Without a Hearing for Alleged Suspicious Trading Activities: Andrey Sakharov, a nonmember, was summarily barred from trading any CME Group product for 60 days...more

Proposed Changes to Form 5500 Reporting Requirements May Have Significant Impact on Retirement Plan Sponsors

by McDermott Will & Emery on

On July 11, 2016, the Department of Labor (DOL), Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC) announced a proposal to implement sweeping changes to the forms and regulations that govern...more

Barred Securities Professional Charged By SEC

by Dorsey & Whitney LLP on

The Commission brought an action against a hedge fund operator who had previously been barred from the securities business and his son. The case centers on undisclosed conflicts and preferential withdrawal rights for the two...more

401(k) Litigation Overkill?

by Ary Rosenbaum on

The landscape for the retirement plan business has radically changed since when I first started in 1998. Normal courses of business such as revenue sharing and non-transparency of fees were the order of the day. No one cared...more

Advisors Advantage - July 2016

by Ary Rosenbaum on

How Retirement Plan Providers Can Deal With The Fiduciary Rule Change. Adapt to this change. At its prime, Blockbuster Video had 9,000 stores and was actually bought by Viacom in 1994 for $8.4 billion. Then some...more

You’re Always Going Against The Tide

by Ary Rosenbaum on

I always get the call from my third party administrator (TPA) and financial advisory clients concerning the same topic. The topic is how it’s still difficult to get across with potential plan sponsor clients on the urgency to...more

The Rosenbaum Law Firm Review - June 2016

by Ary Rosenbaum on

The New Fiduciary Rule: What It Means To Plan Sponsors - Bottom line: what does it mean? More than a dozen years ago, there was a medical report that dental plaque could cause heart disease. I thought it was some...more

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