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May 17, 2010

 Past Issues

Mutual Funds

Week In Review

FINRA Eyes Action Against Firms Selling Municipal Bonds, Roth IRA Conversions Surge, Keep Derivatives: McNabb, T. Rowe Price in Push for Advisers and Overseas Market, NY A.G. Cuomo Sues Ivy For Lying About Madoff, Investors Keeping Tabs on Employment and Interest Rates, and ETF Assets Rise 2.9%.

Regulation & Compliance

New 401(k) Advice Rule to Focus on Fiduciaries

The Department of Labor is revising its guidance on investment advice in 401(k) plans by expanding its focus from independent advice to redefining fiduciary duty. Advice remains the most controversial issue in the Pension Protection Act, said Phyllis Borzi, assistant secretary of labor at the Employee Benefits Security Administration, and the issue of how to best offer advice has been debated by two or three Congresses. 'We have received 70 comment letters and have promised Congress we will be faithful to the intent of the original statute,' Borzi said.

Ops & Tech

'Flash Crash' Concerns Fund Leaders

Top industry leaders and regulators are still trying to figure out what happened during the mysterious "flash crash" of May 6, when the Dow dropped 1,000 points and exchanges briefly fell off a cliff. While most or all of the erroneous trades in stocks and exchange-traded funds that took place between 2:40 p.m. and 3 p.m. that day have been canceled, more than 100 ETFs fell to mere pennies and then rebounded. If the crash had occurred at the end of the trading day, not only could it have wiped out investors' holdings, it could also have been a pricing nightmare for mutual funds.

First-Place Honors in Ops Awards Go to ICI, Franklin, Putnam

Money Management Executive has announced the winners of the 2010 Fund Operations Awards. Donald J. Boteler, vice president of Operations and Continuing Education at the Investment Company Institute, won first place for visionary leadership; David M. McSpadden, senior vice president of Global Client Marketing at Franklin Templeton Investments, won first place for innovation and customer service; and Putnam Investments won first place in the back office efficiencies and streamlining category.

Executive Moves

Executive Moves

Fidelity Promotes Johnson to Oversee All Distribution, BNY Mellon Adds Two to L.A. Team, Wilmington Trust Names Gore as Wealth Advisor, and kasina Selects Daugherty as Firm's Third Principal.