1/11/2010
California always has to be first. A federal judge there Dec. 28 issued an opinion in a lawsuit that claimed a mutual fund violated its fiduciary duty by paying advisory fees that weren't proportional to the market - as the larger issue sits before the nation's highest court (IA Watch, Nov. 9, 2009) ...
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12/7/2009
Congress and the SEC must move ahead to harmonize investment adviser and broker-dealer regimes, extend a "meaningful" fiduciary duty standard to all and install "an effective oversight" program, SEC Chairman Mary Schapiro said last week.Speaking before a conference of the Consumer Federation of Amer ...
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11/9/2009
The question before the U.S. Supreme Court, which heard oral arguments last week in a case involving investment advisory fees (Harris v. Jones), boils down to "should the market discipline fees or is it up to the courts," says Charles Elson, director of the Weinberg Center for Corporate Governance a ...
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11/3/2008
Citing the "current economic climate," the SEC and NASAA have agreed to extend the current waiver of initial and annual fees for posting to the Investment Adviser Registration Depository (IARD) system. The waiver had been set to expire Nov. 1.This extension runs through next July.Got a comment about ...
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08/04/2006
It is likely that the Oct. 16 compliance date for revising intermediary agreements for the SEC's mutual fund redemption fee rulewill be extended by at least a few months, but experts urge funds, investment advisers and broker-dealers not to count on SEC relief, and instead to shore up agreements wit ...
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06/23/2006
Starting on July 31, investment companies will be able to invest more freely in other funds without having to seek SEC staff review beforehand.The final fund-of-funds ruleallows funds and their advisers to invest in certain other funds without having to file routine applications for exemption. The r ...
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04/21/2006
The Investment Company Institute wants an additional six months for its members, most of whom are mutual funds, to comply with the redemption fee rule, as well as a technical revision to ensure that the "financial intermediary" definition includes people that submit orders directly to a fund on beha ...
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04/10/2006
SECURITIES AND EXCHANGE COMMISSION17 CFR PART 270[RELEASE NOS. IC-27255; File No. S7-06-06; File No. 4-512]RIN 3235-AJ51Mutual Fund Redemption FeesAGENCY:Securities and Exchange Commission.ACTION:Proposed RuleSUMMARY:The Securities and Exchange Commission (“Commission” or “SEC”) is proposing amendme ...
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04/07/2006
A growing number of asset management companies are merging in the wake of increasing pressure on mutual fund fees and a growing regulatory burden, according to Barry Barbash, a former director of the SEC's Division of Investment Management and now a partner at Willkie Farr & Gallagher.The high-profi ...
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03/03/2006
Bowing to industry concern over unintended costs, the SEC has proposed several amendments to the mutual fund redemption fee rule that would loosen requirements. The SEC also is looking for additional data on how the rule will affect the use of redemption fees in general and how much it will cost the ...
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