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Regulation & Compliance

Wary Investors Demanding CRM from Hedge Funds

August 2, 2010 - Bernie Madoff and financiers of his ilk have changed the landscape for hedge fund managers forever.

At Deadline

August 2, 2010 - SEC Weighs Different Advice Rules For Brokers, Advisors

New Financial Regulations to CreateUnprecedented 'Sea Change' at SEC

January 25, 2010 - Executives Warn: The Enforcers Are Coming

Repo Men

July 26, 2010 - The SEC, turns out, had the tools it needed to see that Lehman's repurchase agreements were improperly booked as assets on its balance sheet. Too bad for the worldwide financial crisis the U.S. housing and credit markets led.

Fund Managers: Ask More When it Comes to MiFID

July 26, 2010 - Different lit and dark venues can take advantage of different trade reporting rules under MiFID.

At Deadline

July 26, 2010 -

SEC Votes to Propose Revamp of 12b-1 Fees

July 26, 2010 - Long-contested issue finally meets the SEC impasse. But industry insiders say they're ready to fight.

Bulked-Up SEC to Take On Asset Managers

May 31, 2010 - BOSTON -- The Securities and Exchange Commission is about to get a lot bigger and tougher, once Congress approves significant funding increases in its financial reform legislation. The soon-to-be-bulked-up agency is also planning to restructure its resources to place heavy emphasis on inspections, examinations and prosecuting high-profile cases. "The SEC wants to bring groundbreaking, publicity-generating cases in order to shore up the deterrent value that enforcement cases provide," said Lori Richards, principal, PricewaterhouseCoopers LLP, during NICSA's General Membership Meeting here.

UCITS Embraced as New, International Trading Tool

May 24, 2010 - BOSTON -- The staggering growth of UCITS (Undertakings for Collective Investment in Transferable Securities) throughout Europe, Asia and Latin America has led to a proliferation of new investment products and trading opportunities, but restrictive investment mandates and tax requirements in the U.S. are causing some U.S. investors to feel left out of the game. "The folks in Washington don't seem to realize there is business outside our borders," said Alan Reid, CEO of Forward Funds, speaking at the 21st Annual Conference on the Globalisation of Investment Funds, held this year at the Boston Harbor Hotel. "We are seeing growing demand from offshore companies, and the demand for UCITS is staggering."

International Regulators Strive to Cooperate on Structured Products

May 24, 2010 - BOSTON -- In their efforts to harmonize international regulations and allow the trade of structured products between continents, regulators in the U.S. and abroad acknowledge that cooperation with financial industry leaders is key to creating successful, transparent products. "If the industry cannot comply with new regulations, despite its best efforts, it is a waste of everyone's time," said Alexa Lam, executive director and deputy CEO of Policy, China and Investment Products at the Hong Kong Securities and Futures Commission, speaking at the 21st Annual Conference on the Globalisation of Investment Funds, held this year at the Boston Harbor Hotel.

New 401(k) Advice Rule to Focus on Fiduciaries

May 17, 2010 - 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.

May 3, 2010 -

Raising the Bar: Three Steps to Improving Retirement Security

May 3, 2010 - The more things change, the more they remain the same. In the early 1980s, the nation faced a serious retirement challenge, with Social Security estimated to have unfunded liabilities of about $6 trillion and worries about whether the Greatest Generation would be able to afford its retirement. Flash-forward almost 30 years. Today's headlines talk about a $5 trillion shortfall in Social Security and concerns about how the Baby Boomers will be able to pay for their retirement.

Large Traders Worry New Rules Will Compromise Info

April 26, 2010 - WASHINGTON -- Industry leaders are worried that newly proposed regulations-such as the financial reforms being debated by the Senate and the Securities and Exchange Commission's large trader reporting system-would seriously hinder market activity. But officials argue that such changes are necessary to bring markets out of the dark. "To better oversee the U.S. securities markets, the Commission must be able to readily identify large traders operating in the U.S. securities markets and obtain basic identifying information on each large trader, its accounts and its affiliates," said SEC Chairman Mary Schapiro. "In addition, to support its regulatory and enforcement activities, the Commission should have a mechanism to efficiently track and promptly obtain trading records concerning large traders."

Regulators Crack Down on Risky Strategies

April 19, 2010 - As mutual fund companies turn out derivatives- and leveraged-laden offerings, regulators are becoming increasingly concerned that funds, and the financial industry at large, are forgetting the lessons of the Great Recession by returning to complicated, high-risk products. With the Dow crossing 11,000 last week and the economy on the mend, fund managers are beginning to look for creative ways to spike performance and meet demand for non-correlated securities-but regulators are wary about letting them make the same mistakes.