SEC Approves New Rules to Address Run Risks in Money Market Funds
In a surprising change, the SEC heeded the cacophony of opposition to swing pricing, but instead threw the industry a curveball by requiring mandatory liquidity fees for institutional prime and institutional tax-exempt money...more
On July 12, 2023, in a closely-watched meeting, the Securities and Exchange Commission approved new requirements on the $5.8 trillion money market fund (MMF) industry, a popular class of mutual funds that balance high...more
On July 26, 2022, William Birdthistle, the Director of the Division of Investment Management of the US Securities & Exchange Commission (“SEC”), gave remarks at the Practising Law Institute’s annual Investment Management...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. 28 February - The Financial Conduct Authority (“FCA”) published Handbook Notice...more
Liquidity management in UK open-ended funds: BoE and FCA report - The Bank of England (BoE) and the Financial Conduct Authority (FCA) have published a report on liquidity management in UK open-ended funds. The report...more
Selected regulatory updates of interest to the funds and asset management sector. This edition reports on UCITS liquidity risk management and the EU MMF Regulation. ...more
The President’s Working Group on Financial Markets (PWG) on December 22, 2020 released a report on potential reform options for money market funds (Report). The Report states that the significant outflows experienced by prime...more
ESMA guidelines on liquidity stress testing in UCITS and AIFs: FCA comment - Among other things covered in its latest Regulation round-up, the UK Financial Conduct Authority (FCA) comments on the European Securities and...more
Role of investment managers in post-COVID-19 recovery: FCA speech - The UK Financial Conduct Authority (FCA) has published a speech by Christopher Woolard, FCA Interim Chief Executive, on the role of investment managers in...more
Prior to the open of markets in the U.S. on March 25th, the Federal Reserve announced that it is committed to using its full range of tools to address the coronavirus pandemic. The steps announced by the Federal Reserve...more
The three US federal banking agencies have taken additional steps to enable the financial system to continue functioning during the pandemic. The three US federal banking agencies — the Board of Governors of the Federal...more
Late in the evening March 18, 2020, the Federal Reserve announced the establishment of a new Money Market Mutual Fund Liquidity Facility (MMLF2020) to enhance the liquidity and functioning of prime money markets. The...more
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
OCIE released its 2017 exam priorities on January 12. The priorities list was most notable for being shorter than prior years. But that likely means only more focus, rather than less vigor....more
Financial Industry Developments - CFTC Division of Market Oversight Reminds Market Participants of the Upcoming Expiration of Certain No-Action Relief From the Ownership and Control Final Rule - On November 16,...more
As foreshadowed a few weeks ago, the Bank of England has cut its main interest rate to an historically low .25 percent in an effort to address the impact of June’s Brexit vote. The BOE will start bond buying in September....more
The SEC’s opened an investigation into Elon Musk’s Tesla Motors over whether the electric automaker breached securities laws by failing to disclose to investors the fatal crash involving one of its cars in self-driving mode...more
Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. SEC, FINRA...more
On September 16, the Securities and Exchange Commission adopted amendments to remove credit rating references in Rule 2a-7 and the form that money market funds use to report to the SEC. The SEC also adopted amendments that...more
The latest edition of Financial Services Europe and International Update from Dechert’s Financial Services Practice covers the most recent regulatory developments. In This Issue: - Part A – Regulation of Financial...more