Regulation

Fund sponsors have long debated the relative merits of building, buying or outsourcing fund administration technology. As sponsors face more and more data-driven demands from regulators and investors, there is increased pressure to adopt new efficient technologies for fund administration process such as expense payments and budgeting, regulatory reporting and financial reporting. While there is no one-size-fits-all answer to the "build, buy or outsource" question a mix of cost pressures, resources, reporting requirements and technological advances have tipped the balance in favor of "buy" and "outsource."

These are stressful times for the mutual fund industry. An obvious statement, but one authored by a colleague ten years ago. Even more interesting is that the trends cited then are the same concerns that we hear from clients today. So what has changed?

Former U.S. Senate aides Michael Piwowar and Kara M. Stein won confirmation as members of the Securities and Exchange Commission. The current SEC chairman Mary Jo White was also confirmed to a full term that expires June 5, 2019.

A federal judge has dismissed a Texas community bank's case against key parts of the Dodd-Frank Act, arguing the institution, as well as the 11 states and two conservative groups backing it, have no legal ability to challenge the 2010 financial reform law.

U.S. District Judge Ellen Segal Huvelle said the case was "not ripe for review" because the bank and others could not prove financial injury resulting from the new law.

One of the leading contenders to be the next chairman of the Federal Reserve, Lawrence Summers, has been a paid consultant to Citigroup and other financial institutions. Opponents of his nomination are sure to seize upon this.

The government should strip U.S. stock exchanges of the legal status that protects them from most lawsuits, a trade group for brokers said.

Former U.S. Senate aides Michael Piwowar and Kara M. Stein won confirmation as members of the Securities and Exchange Commission. The current SEC chairman Mary Jo White was also confirmed to a full term that expires June 5, 2019.

One of the leading contenders to be the next chairman of the Federal Reserve, Lawrence Summers, has been a paid consultant to Citigroup and other financial institutions. Opponents of his nomination are sure to seize upon this.

Wedbush has brought on the former president of First Washington amid questions over his supervision of a former employee.