Forum News Feed

April 22, 2024

The SEC announced that it had settled charges against five registered investment advisers for violations of the Marketing Rule, including hypothetical performance presentations that were inapt and reflected deficient policies and procedures, among other violations. Additionally, on April 18, the SEC Division of Examinations issued a Risk Alert regarding the staff’s observations from its Marketing Rule examinations to date.

April 18, 2024

Among the highlights of the sessions, Chair Gensler offered a historical overview of securities laws and discussed the importance of clearinghouses and best execution duties. Commissioner Peirce offered several suggestions to increase public engagement with the SEC, and Commissioner Uyeda reviewed weaknesses in the SEC’s recent climate rule.

April 17, 2024

In his annual letter to JP Morgan Chase & Co. shareholders, Chairman & CEO Jamie Dimon warned of several issues impacting the asset management industry and JP Morgan itself. Dimon noted that many asset managers have stewardship experts that review proxies, “the reality is that many of these committees default large portions of what they do to proxy advisors and, more troubling, make it harder for actual portfolio managers to override this decision making.”

April 16, 2024

The Securities and Exchange Commission (SEC) announced it would voluntarily stay the implementation of its new climate disclosure rule pending the completion of judicial review by the Court of Appeals for the Eighth Circuit. The Commission stated, however, that it will “continue vigorously defending the Final Rules’ validity in court and looks forward to expeditious resolution of the litigation.”

April 15, 2024

The webinar will highlight the latest from the MPI Annual Survey of Investment Firm Profitability and implications for fund director oversight.

April 11, 2024

In early April, MFDF published an Investment Lawyer article titled, “Artificial Intelligence Oversight: Implications for Mutual Fund Boards,” which provides an overview of artificial intelligence and the current regulatory environment, as well as key oversight considerations for fund directors.

April 10, 2024

The article notes that to fulfill their role, boards need to stay abreast of new developments and continue their intellectual curiosity. Additionally, the article states that “[e]ach person at the table has a duty to contribute to discussions by asking questions and, when necessary, challenging groupthink.”

April 9, 2024

Panelists will discuss the future of SEC regulation of AI and predictive data analytics, congressional initiatives affecting AI in financial services, compliance and risk considerations for generative AI, and best practices for AI governance.

April 8, 2024

The program will highlight recent court decisions, pending litigation, and an overview of CEF activism to date.

April 4, 2024

The Division of Exams highlights the impact the shortened settlement cycle will have on market participants like broker-dealers, clearing agencies, and registered investment advisers. Changes include analyzing current business practices to ensure they conform to new requirements, updating computer systems, and adjusting certain technology features.

April 3, 2024

The paper highlights the advantages of the ETF wrapper including intraday trading, tax efficiencies, and lower fees all of which are leading to increased investor flows and increased mutual fund to ETF conversions. Additionally, the paper covers whether the rise of ETFs means the "death" of mutual funds more generally.

April 2, 2024

Management Practice Inc. (MPI) is currently working on their annual “Survey of Mutual Fund Chief Compliance Officer Compensation and Organizational Practices” and requests participation from the CCO community in gathering data.

April 1, 2024

The event will focus on the growth of private credit, concerns from certain banks about competition, and fears from regulators about the impact on financial stability.

March 28, 2024

After the Commission released its final rule “The Enhancement and Standardization of Climate-Related Disclosures for Investors” nine separate petitions were filed to challenge legal challenges were filed against the Commission’s rule. On March 22, it was announced that the Eighth Circuit Court would hear the case.

March 27, 2024

On March 18, the Securities and Exchange Commission announced an enforcement action against two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., for making false and misleading statements about their use of artificial intelligence (AI).

March 26, 2024

A panel of EY financial services experts weighs in on the latest developments impacting registered funds, including a legislative and regulatory update.

March 25, 2024

The U.S. House of Representatives advanced a package of bills titled “Expanding Access to Capital Act of 2023” (H.R. 2799) by a party line vote, 212-205. In addition to the package of bills, several amendments were offered on the House Floor as part of the package, including the “Increasing Investor Opportunities Act” sponsored by Capital Markets Subcommittee Chairman Ann Wagner (R-MO).

March 20, 2024

Federal Reserve Board Chairman Jerome Powell delivered testimony as part of the “Semi-Annual Monetary Policy Report to Congress” to both the House Financial Services Committee and the Senate Banking Committee. The hearings focused on the independence of the Federal Reserve when examining monetary policy, the Basel III framework, housing issues, interest rates generally, and the impact immigration has on the labor force.

March 19, 2024

Athena Alliance released the “AI Governance Playbook for Boards and Management” that serves to guide boards and management through ethical and strategic decisions to harness AI's potential responsibly.

March 18, 2024

Nasdaq plans to host a webinar titled “Navigating the SEC's Climate-Related Disclosure Ruling.” The program will highlight key takeaways from the Commission’s final rule on corporate disclosure of climate related risk.