Top of the Agenda - Regulatory

SEC: Record penalties, fees in FY'24, enforcement actions drop

The Securities and Exchange Commission collected a record $8.2 billion in penalties and fees during its most recent September-ending fiscal year, even as the number of enforcement actions fell by 26% to 583 in total. SEC Chairman Gary Gensler attributed the drop in enforcement actions to the Division of Enforcement's ... >> CONTINUE READING <<<

Fund governance pros surprised, concerned by SEC risk alert

By Hillary Jackson

The Securities and Exchange Commission this week said it found "deficiencies" and "weaknesses" in mutual funds' governance practices during examinations over the past four years. The issues cited in a Nov. 4 risk alert surprised industry members and sparked concern that the SEC and its Division of Examinations may be ... >> CONTINUE READING <<<

SEC's exam priorities are 'roadmap' for fund boards

By Hillary Jackson

The Securities and Exchange Commission has released its examinations priorities for 2025, and industry lawyers told Fund Board Views the 22-page document should serve as a roadmap of sorts for mutual fund boards as they plan out their own priorities for the coming year. "Boards of directors should take the ... >> CONTINUE READING <<<

SEC WisdomTree case reminder to advisers, boards

By Hillary Jackson

The Securities and Exchange Commission this week charged WisdomTree Asset Management with failing to follow its own investment criteria for three actively management ESG-marketed exchange-traded funds that were liquidated earlier this year. The board overseeing the ETFs was not found to be at fault, but governance experts say the case ... >> CONTINUE READING <<<

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 <<<