SEC Issues Guidance on Shortcomings in Mutual Funds’ Derivatives Disclosures

Securities and Exchange Commission staff July 30 issued guidance to the Investment Company Institute highlighting various shortcomings…

SEC Proposes Framework for Fund Fees; Approves Adviser Disclosure Form Changes

The Securities and Exchange Commission July 21 unanimously proposed extensive changes to the framework for mutual fund distribution fees that would cap…

SEC Proposes Framework for Fund Fees; Approves Adviser Disclosure Form Changes

The Securities and Exchange Commission July 21 unanimously proposed extensive changes to the framework for mutual fund distribution fees that would cap…

Investors Laud Passage of Senate Bill but Fear Loss of Governance Terms in Merged Measure

Institutional investors and shareholder advocates lauded passage of the Senate financial regulatory reform legislation (S. 3217), saying the bill’s corporate governance provisions bring…

BNA INSIGHTS: Jones v. Harris Associates L.P.—Mutual Fund Fees and the Supreme Court: What Next?

U.S. mutual funds represent 90 million investors who have entrusted the funds with $10 trillion in assets. That scale makes mutual funds one of the dominant vehicles for long-term savings in…

BNA INSIGHTS: The Market Meltdown and Mutual Fund Investors: Likely Claims and Several Potential Defenses

According to the Financial Industry Regulatory Authority (FINRA), 2009 witnessed a significant increase in arbitration filings and complaints by mutual fund investors. Contrary to past experience, mutual funds now…

Supreme Court Adopts ‘Gartenberg’ Standard for Deciding Whether Fund Fees Are Excessive

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)

SEC Staff Freeze Bids for Exemptive Relief By Some Exchange-Traded Funds That Rely on Derivatives

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.”

Supreme Court Adopts ‘Gartenberg’ Standard for Deciding Whether Fund Fees Excessive

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).

SEC Review of Investment Company Use of Derivatives ‘Long Overdue,’ Official Says

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.

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