Cornerstone Research Experts in Focus: Jules van Binsbergen
NOWOTNY KNOWS SQUAT! Helping Financial Advisors Build a Clientele and Assets Under Management (AUM)!
NOWOTNY KNOWS SQUAT! Helping Financial Advisors Build a Clientele and Asset Under Management (AUM)!
Podcast: Federal Court Rejects Mutual Fund Fee Claims and Recognizes Market Realities
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
Asset management vehicles, especially those regulated under the Investment Company Act of 1940 (the 1940 Act), are frequently painted with a broad brush and described as having the same or virtually indistinguishable...more
Who may be interested: Registered Investment Companies; Directors of Registered Investment Companies; Investment Advisers - Quick Take: The SEC’s Division of Investment Management has granted preliminary approval to 30...more
The Israel Securities Authority published a new staff position recently on the regulation of advertising in digital space (including on social networks), focusing on advertising relating to mutual funds. The staff position...more
On November 17, 2025, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission (the “SEC”) published its annual 2026 Examination Priorities (the “Exam Priorities”). The Exam Priorities are...more
On October 21, the Financial Industry Regulatory Authority (FINRA) filed a settled enforcement action involving allegedly improper gifts and entertainment in connection with sales of mutual fund shares. The $10 million fine...more
Who may be interested: Investment Companies; Investment Advisers; Boards of Directors - Quick Take: Following the notice of intent to grant relief in September, and having received no request for a public hearing into the...more
On September 29, 2025, the SEC issued a notice of an amended application for an exemptive order to permit the applicant open-end management investment companies registered under the Investment Company Act of 1940 to offer a...more
As the government shutdown concludes, it is expected the SEC will promptly issue an exemptive order for Dimensional Fund Advisors LP to offer open-end funds with one class of exchange-traded fund shares and one or more...more
The Securities and Exchange Commission recently issued a notice regarding intended exemptive relief (the “Notice”) that would permit an open-end management investment company (referred to herein as an “open-end fund”)...more
After nearly a decade of development, the California Franchise Tax Board promulgated changes to its market-based sourcing regulation for sales of other than tangible personal property. The amended regulation is particularly...more
Introduction - On 29 September 2025, the US Securities and Exchange Commission (SEC) issued notice of an exemptive application filed by Dimensional Fund Advisors LP, et al. (Dimensional) seeking relief (Relief) to offer...more
Who may be interested: Registered Investment Companies; Investment Advisers, Closed-End Funds - Quick Take: As of 12:01 a.m. on October 1, 2025, Congress was unable to pass a continuing resolution to fund U.S. federal...more
In August 2025, a broker-dealer settled an enforcement proceeding brought by FINRA regarding the broker-dealer firm’s alleged failure to apply mutual fund sales charge waivers and fee rebates. According to the letter of...more
Class Action Lawsuits Claim That Funds’ Undistributed Income and Gains Are Effectively Liabilities - In recent months, shareholders of several equity mutual funds have filed class action lawsuits in New York and Delaware...more
The Investment Company Institute (ICI) just confirmed what many of us have seen on the ground: 401(k) mutual fund fees keep dropping, and that’s great news for plan participants....more
On June 30, 2025, the SEC announced it had obtained final judgments in federal district court in a lawsuit brought against two affiliated investment advisers and their two portfolio managers for breaches of fiduciary duty and...more
On July 11, 2025, the SEC announced the filing of a joint stipulation in the U.S. District Court for the Northern District of New York, agreeing to dismiss, with prejudice, its first-ever enforcement action under Rule 22e-4...more
On June 30, 2025, the Supreme Court granted certiorari in FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd., agreeing to resolve a circuit split over whether private parties have an implied right of action to...more
Here’s that in Ary Rosenbaum’s voice — clear, direct, with a personal anecdote to drive the point home: I’ve talked a lot about institutional share classes, revenue sharing, and the alphabet soup of fund share classes....more
One of the most talked about topics in asset management is the possibility of offering Mutual Fund and ETF Classes in the same Fund. For fund sponsors and service providers looking to offer this service, there are significant...more
One of the most talked about topics in asset management is the possibility of offering Mutual Fund and ETF Classes in the same Fund. It appears that Funds may obtain the Relief necessary to offer these Share Classes in the...more
Introduction - On March 17, 2025, Ropes & Gray published a white paper describing the much-anticipated Share Class Relief 1 and outlining matters we believed Advisers and Boards may want to consider in connection with...more
The Central Bank of Ireland (CBI) and the Securities and Futures Commission of Hong Kong (SFC) entered into a Memorandum of Understanding on 14 May 2025 establishing a framework for the mutual recognition of funds (MRF)...more
Our investment funds team outline the latest developments within the investment funds market in the Cayman Islands, including the further changes to the Beneficial Ownership Regime, recent regulatory publications, CIMA annual...more
The Canadian Investment Regulatory Organization (“CIRO”) has published for comment Phase 5 of its rule consolidation project (the “Rule Consolidation Project”). Phase 5 involves rules relating to outsourcing and service...more