As part of its review of the use of derivatives by mutual funds, exchange-traded funds, and other investment companies, the Securities and Exchange Commission announced March 25 that its staff is putting a hold on exemptive requests seeking relief “to permit ETFs that would make significant investments in derivatives.”
A unanimous U.S. Supreme Court concluded March 30 that “Gartenberg,” a 1982 appeals court decision, supplies the proper standard for determining whether investment advisory fees are excessive within the meaning of 1940 Investment Company Act Section 36(b) (Jones v. Harris Associates L.P., U.S., No. 08-586, 3/30/10).
Competent authorities for the United States and the Netherlands have amended a 2007 mutual agreement procedure (MAP) to eliminate the “qualification” procedure used for claiming benefits under the U.S.-Netherlands tax treaty, according to an agreement released March 30 by the Internal Revenue Service.
President Obama completed the second and final installment of legislation to overhaul the health insurance system March 30 by signing into law a series of changes to the first bill, including a new Medicare tax on unearned income.
WASHINGTON, D.C.—Two petroleum industry associations sued the Environmental Protection Agency March 29 over provisions in a final rule requiring motor fuel producers to include certain percentages of renewable fuels in their products.
WASHINGTON, D.C.—Through a new category of brownfields grants that address broader areas rather than individual sites, the Environmental Protection Agency’s Office of Solid Waste and Emergency Response (OSWER) is promoting renewable energy development on formerly contaminated sites, EPA Assistant Administrator Mathy Stanislaus said March 30.
The Securities and Exchange Commission’s recently announced initiative to review the use of derivatives by investment companies, including mutual and exchange-traded funds, is a significant move that was “long overdue,” Andrew Donohue, director of the SEC’s Division of Investment Management, said March 26.
House Financial Services Chairman Barney Frank (D-Mass.) and Senate Banking Chairman Christopher Dodd (D-Conn.) told reporters March 24 that they have been working with the Obama administration to “harmonize” their financial regulatory reform proposals and predicted that a final bill will be enacted this year.
Treasury Secretary Tim Geithner March 25 voiced optimism that Democrats and Republicans will soon agree to pass legislation that overhauls U.S. financial services regulation and establishes a new level of consumer protection.
U.S. Advance Pricing Agreements Completed in 2009 Drop to 63; Longer Times for Bilaterals, Report Shows
The Internal Revenue Service’s 11th annual statutory report on advance pricing agreements, released March 29 in Announcement 2010-21, showed fewer APAs completed in 2009 than in 2008 and also showed the APA Program is taking longer to complete cases, particularly bilateral agreements.