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.
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As judges have shown in other recent cases involving UBS and Stifel, firms have a high bar to clear if they want an arbitration award vacated.
May 1 -
In an unusual development, LPL saw its advisor total decline slightly in the first quarter. And client assets brought in through advisor recruiting were down 55% year over year.
May 1 -
Still, the number of widows who leave advisors is three times higher than the industry average. It doesn't have to be that bad.
May 1 -
The new money will be used primarily to pay off investors who provided capital when Reverence first bought a majority stake in the former Advisor Group in 2019.
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When the same buzzwords — "fiduciary," "holistic," "goals-based," "client-driven" — appear on most wealth firms' websites, they do little to help firms stand out in a crowded market, experts say. There are, however, tactics that work.
April 30 -
The influential planning entrepreneur and the FPA are leading an effort to change a tiered fee structure for continuing education providers that started three years ago.
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