The Investment Company Institute of Washington, D.C., has suggested changes in an SEC rule proposal governing how mutual funds oversee their securities held in foreign countries. The ICI said it was troubled by language in the proposed amendment to rule 17f-5 of the Investment Company Act and a proposed new rule 17f-7. Together, the rule proposals, which require a fund's global custodian to monitor the risk of using sub-custodians in foreign countries under certain circumstances, could effectively prohibit funds from investing in some countries, the ICI said. The SEC should adopt language in the rule making it clear that funds could use a foreign sub-custodian, despite risks associated with the firm, the ICI said in a letter dated July 15 to the SEC.
-
A clear division is emerging between smaller independent RIAs and their larger billion-dollar competitors, as some firms aggressively pursue a "one-stop shop" model for their clientele.
9h ago -
As geopolitical and other uncertainty remains, gold is seen as a useful hedge. But experts warn gold's rise won't last forever.
10h ago -
Janney also adds teams from Morgan Stanley and UBS, while LPL Financial picks up advisors from Janney for its direct employee channel.
October 17 -
New research from the National Council on Aging found that wealth plays a major role in longevity, a factor financial advisors say can dramatically alter retirement plans.
October 16 -
Advisors cited better liquidity, lower expenses and higher tax efficiency as among the reasons they like ETFs, the market for which has topped $11 trillion.
October 16 -
JPMorgan Chase's absorption of First Republic after the 2023 regional banking crisis has finally dealt its last blow to the giant custodian's asset flows.
October 16