Asset Managers as SIFIs? No Way, Trade Groups Say
SIFMA and the IAA called on the Treasury to withdraw its report on asset managers' systemic importance, calling it biased and inaccurate.
Most IRA, 401(k) Balances Reached Precrisis Levels in 2011
The Investment Company Institute released on Thursday a pair of studies that show how far investors have come from the 2008 financial crisis.
GOP to Offer Temporary Debt Ceiling Plan
The plan would also permanently bar Treasury from using extraordinary measures to avoid default.
Obama Refuses to Negotiate ‘Under the Threat of Economic Catastrophe’
Some independent analysts say that the real debt limit deadline is Nov. 1, when the Treasury is scheduled to make nearly $60 billion in payments.
Several notable compliance-related measures have been approved—or tabled—by the Securities and Exchange Commission, Financial Industry Regulatory Authority and state securities regulators over the past couple of months that should be on advisors’ and brokers’ radar.
SEC Lifts Ban on Hedge Fund Advertising
The new rule, approved by a 4-1 vote, was required by the JOBS Act. NASAA and ICI voiced their disappointment in the rule's lack of investor protections.
New Hire Roundup: Aberdeen Adds NYC Office
This week in new hires, MFS Investment Management welcomed Philip Stewart and promoted David Bryant; Leslie Voth was named CEO at Pitcairn; and Michael Millman joined U.S. Bank’s Private Client Reserve in San Francisco.
A Securities Transaction Tax Will Hurt Advisors and Clients
Yes, limiting market volatility and increasing government revenue are worthy goals, but legislation imposing a securities transaction tax is the wrong way to reach those goals.
SEC’s Schapiro: Money-Market Funds’ Stable NAV Is a ‘Fiction’
SEC Chairwoman Mary Schapiro reiterated to senators Thursday that further reforms to money-market funds are necessary, saying the funds still “pose a significant risk” to the nation’s economy.
ICI Opposes SEC’s Attempt to Rein In Money-Market Funds
Paul Schott Stevens, president and CEO of the ICI, pointed out two initiatives the ICI is fighting: the SEC’s further attempts to rein in money-market funds, and the CFTC’s amendments to a commodities rule.