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Senate Hearing on Tax Treatment of Funds Investing Indirectly in Commodities
January 31, 2012
Last Thursday, the Senate Permanent Subcommittee on Investigations held a hearing on the tax treatment of mutual funds investing indirectly in commodities. Subcommittee Chairman Carl Levin (D-MI) has argued that the IRS should stop issuing private letter rulings that allow funds to invest in commodities… read more
Upcoming Senate Hearing on Tax Treatment of Funds Investing Indirectly in Commodities
January 25, 2012
Tomorrow at 10 a.m., the Senate Permanent Subcommittee on Investigations will hold a hearing titled: "Taxation of Mutual Fund Commodity Investments." The hearing notice states that the hearing will examine "the issuance of over 70 private letter rulings by the Internal Revenue Service allowing mutual… read more
CFTC May Adopt New Rules for Mutual Funds in the Coming Days
January 24, 2012
According to a Bloomberg article, the CFTC may vote in the next few days to require mutual funds to abide by new marketing and registration rules when they use derivatives tied to commodities. According to the article, multiple sources have said that the proposed… read more
Oppenheimer Proposes European Approach to Mitigating Derivative Risk
December 20, 2011
In a comment letter responding to the SEC's concept release on derivatives, Oppenheimer proposed that funds use a comprehensive approach to derivative risk currently used by European UCITS. This approach uses value at risk (VaR) models to measure a fund portfolio's total risk, rather… read more
SEC Staff Focuses on Derivatives Disclosure in Prospectuses
November 28, 2011
A recent Financial Times article reports that the SEC appears to have increased its focus on derivatives disclosure in fund prospectuses. Last summer, SEC staff sent a letter to the industry urging funds to be more specific in their derivatives disclosure. However, it hasn't… read more