Top of the Agenda - Regulatory

SEC official suggests swing pricing is dead for open-end funds

By Hillary Jackson

A senior member of the Securities and Exchange Commission's Division of Investment Management on Monday indicated to mutual fund industry professionals that the Commission will not move forward with swing pricing for open-end funds. Sarah ten Siethoff, deputy director and associate director for rulemaking at the IM Division, sent "strong ... >> CONTINUE READING <<<

Birdthistle to depart SEC, replaced by Examinations deputy

By Hillary Jackson

William Birdthistle is leaving the Securities and Exchange Commission after just over two years as director of the Division of Investment Management, the agency said on Wednesday. He will depart, effective March 8, and his successor, Natasha Vij Greiner, a 22-year veteran of the SEC and currently deputy director of the ... >> CONTINUE READING <<<

Van Eck settlement: Board in dark about funky fee structure, Barstool Sports involvement

By Hillary Jackson

In a recent announcement, the Securities and Exchange Commission said investment adviser Van Eck Associates has agreed to settle claims that involved a novel exchange-traded fund, a controversial social media influencer, a unique sliding scale fee structure, and the 15(c) process. That's a lot to unpack.

Let's start here: The Van ... >> CONTINUE READING <<<

'Cop on the beat' SEC tops enforcement action record in FY'23

The Securities and Exchange Commission—the industry's "cop on the beat," according to Chairman Gary Gensler—filed 784 enforcement actions in its September-ending fiscal year 2023, representing a 3% year-on-year increase. The number of original, or stand-alone, enforcement actions increased to 501, an 8% increase over FY'22, the SEC said. Despite those ... >> CONTINUE READING <<<

MMF reforms add work, duties to boards, even absent swing pricing

By Hillary Jackson

The Securities and Exchange Commission's move away from swing pricing in the money market fund rule finalized last week was welcomed by the fund board community, though this new regulation still will add new responsibilities to already-busy directors, lawyers told Fund Board Views. Money market fund boards will spend the ... >> CONTINUE READING <<<

Fund's adviser, officers, directors face 'aiding, abetting' charges related to liquidity rule

By Hillary Jackson

The Securities and Exchange Commission on Friday said it has charged an investment adviser, its CCO, its fund's president, and two independent fund directors with "aiding and abetting liquidity rule violations." The charges are the first ever brought by the regulator related to enforcement of the liquidity risk management rule ... >> CONTINUE READING <<<