SEC

SEC Shifts Focus in 2015 OCIE Priorities

+0

This is the first of a series on financial regulators’ 2015 examination priorities.

Share
Category

Vendor Risk Management: Financial Firms under the Gun

+0

Activities can be outsourced, liabilities can’t. Financial firms may understand the legal distinction, but when it comes to managing the risk involved with using external technology providers, they are too often falling asleep at the wheel, warn operations and IT experts. The reason: there are simply too many vendors involved and a chaotic mess of disparate internal guidelines […]

Share
Category

Private Equity Funds: Coming Clean with Expenses, Fees

+0

With the US Securities and Exchange Commission calling private equity fund managers to the carpet for their fees and expenses, managers had better start preparing to be a lot more forthcoming about their practices to investors. Regulatory exams are just around the corner, warn operations and legal experts. At issue is what expenses should absorbed by private equity […]

Share
Category

Options Clearing Corp gets SEC No Action letter for new repo program

+0

The No Action letter is available on the SEC website.

Read More

Share
Category

Valuation Disputes: Process for Everyday Crisis

+0

Internal analysis at a fund management shop sets the price of a non-exchange traded security at $US80 — the last price at which it traded. However, the third party evaluations provider used by the fund manager says it’s worth no more than US$60 based on projected future cash flows and taking into account the illiquid market. What’s the “fair” value? […]

Share
Category

Proxy Ballots: The Quest to Confirm a Vote

+0

An investor receives information about a corporate agenda and casts its votes. It happens every day of the week and most frequently from February through June when most US firms hold their annual meetings. But just because a shareholder votes, doesn’t necessarily mean there’s any way to verify the vote made its way to the issuer, […]

Share
Category

New Criteria for US Accredited Investors: Looming Pain for Alt Funds?

+0

The Securities and Exchange Commission might think it is protecting Americans from risky investments as it considers changing the criteria for defining accredited investors, but middle and back-office executives at hedge fund management shops are worried their livelihoods and client service levels are at risk. The Dodd-Frank Wall Street Reform Act requires the SEC to […]

Share
Category

US SEC: Will It Finally Address CUSIP Fees?

+0

After years of complaining about the fees they are paying for the issuance and use of CUSIP codes, issuers of fixed-income securities and the financial firms which use the securities identifiers may finally have found a friend at the US Securities and Exchange Commission. The US regulatory agency isn’t investigating CUSIP Global Services’ licensing fees […]

Share
Category

Order Execution in the Age of HFT: The Broker Obligation under NMS Rule 611

+0
The Wall Street Journal published an article several months ago that claims, “[i]n an era with no spreads…, high-frequency trading is just a complex system to move the price of a stock in order to get paid… it’s sleazy and maybe even illegal, akin to nanosecond-scale insider trading.”  These harsh words show the animosity towards high frequency trader (“HFT”) firms, particularly since the p
Share
Category

Order Execution in the Age of HFT: The Broker Obligation under NMS Rule 611

+0
The Wall Street Journal published an article several months ago that claims, “[i]n an era with no spreads…, high-frequency trading is just a complex system to move the price of a stock in order to get paid… it’s sleazy and maybe even illegal, akin to nanosecond-scale insider trading.”  These harsh words show the animosity towards high frequency trader (“HFT”) firms, particularly since the p
Share
Category