Regulation

On June 19, 2012, Fidelity Investments sent a letter to the European Commission on its Green Paper on Shadow Banking detailing the Commission’s use of the term as “confusing” and “misleading”.

Eileen Rominger, Director of the Division of Investment Management at the Securities and Exchange Commission, will be retiring in July.

Additional regulation of money-market mutual funds could increase short-term borrowing costs for state and local governments, leading municipalities to raise taxes or cut spending on infrastructure and other critical projects, according to a paper released Monday by a Georgetown University professor.

On June 19, 2012, additional regulation of money-market mutual funds could increase short-term borrowing costs for state and local governments, leading municipalities to raise taxes or cut spending on infrastructure and other critical projects, according to a paper released Monday by a Georgetown University professor.

On June 18, 2012, Eileen Rominger, Director of the Division of Investment Management at the Securities and Exchange Commission, will be retiring in July.

Daniel J. Trolaro, a former planner and insurance agent from East Hanover, N.J., allegedly defrauded nine clients out of a total of $1.9 million, which he then used to gamble online, according to the New Jersey Office of the Attorney General.

The Northern Light Fund Trust and certain members of its current and former trustees as well as an unnamed chief compliance officer have received a “Wells notice” from the U.S. Securities and Exchange Commission.

Members of the House Financial Services Committee have a chance Tuesday to pose tougher questions about the JPMorgan trading losses than their Senate counterparts did.

The CFP Board disciplined 24 planners in its most recent thrice-yearly review of disciplinary or ethics allegations. In 13 cases, planners lost their rights to use the CFP designation permanently. Six other planners received suspensions for varying lengths of time, and five received letters of admonition.

On June 11, 2012, The Investment Company Institute has hired George Shevlin as its new Political Affairs Officer, responsible for managing the Institute’s political program, including the Political Action Committee.