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Portfolio Oversight
CFTC Agrees with Forum that Directors Should Not be Required to Register as CPOs
February 14, 2012
The Commodity Futures Trading Commission (CFTC) has issued a rule that requires most funds investing in commodity-related instruments to register with the CFTC. As such, these funds will be subject to dual registration requirements by the CFTC and SEC. Because the regulatory regimes of… read more
CFTC Requires Funds to Register as Commodity Pool Operators
February 09, 2012
Today, the CFTC announced that they have adopted a final rule requiring funds that invest more than a de minimus amount in commodities to register as commodity pool operators ("CPOs"). According to CFTC Chairman Gary Gensler, this will "reinstate the regulatory requirements in place… read more
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
Morningstar: Leveraged ETFs Haven’t Caused Increased Market Volatility
January 30, 2012
A recent opinion piece by a Morningstar ETF analyst argues that leveraged ETFs are not the cause of the increased market volatility we've seen over the past few years. The article acknowledges that the number of leveraged and inverse ETFs has increased during this… read more
Former Evergreen Portfolio Manager Charged With Fund Pricing Violations
January 26, 2012
The SEC recently filed charges against Lisa Premo, a former portfolio manager of the Evergreen Ultra Short Opportunities Fund, for her role in the fund's pricing errors. According to the SEC, in early 2008, Ms. Premo learned that a collateralized debt obligation ("CDO")… read more