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.
-
Investor advocates think the money should instead go to clients who haven't been paid outstanding arbitration awards.
3h ago -
Following similar glitches at Lloyds and the London Metal Exchange, a tech outage at UBS has renewed scrutiny on modern banking platforms.
4h ago -
Not all tech integrations are created equally. Industry experts discussed what advisors should focus on when evaluating potential additions to their tech stacks.
5h ago -
The Biden Administration rule for a fiduciary standard on one-time retirement-related advice died in two separate court decisions.
7h ago -
Considered a report card on client satisfaction across both advised and DIY customers, the latest JD Power survey points to the growing power of technology to capture new business.
March 18 -
A new annual compensation report by consulting firm Succession Resource Group explains how pay plans can boost — or detract from — the value of an RIA.
March 17









