Regulation

With the collapse of Lehman Brothers a year in the past and the economy on the road to recovery, many participants in the financial services industry are questioning whether the industry still needs to undergo substantial regulatory change, and what changes, if any, could be beneficial at this point.

Mutual fund advocates are rallying together in preparation for a key Supreme Court battle this fall that could drastically change the way fund companies structure their fees.

Paul Myners, the U.K.’s financial services minister, told the nation’s hedge fund industry to stop opposing transparency reforms that the European Union has proposed through the Alternative Investment Fund Managers directive.

Broadridge and NewRiver have partnered on summary prospectuses to offer clients a complete solution, with Broadridge offering print-on-demand and New River a database of digital mutual fund prospectuses and reports.

Regulators are looking for ways to increase accounting safeguards for investment advisors who have custody of client assets, but an investment advisor's group says some of the proposed changes are too broad and go too far.

Katherine “Kit” Addleman, regional director of the Atlanta office of the Securities and Exchange Commission, will leave the SEC after 20 years of service in late October to become a partner with Haynes and Boone.

Deutsche Bank’s DWS Investments fund unit is planning to offer the DWS Variable NAV Money Fund, a money market fund with a floating net asset value. It will require a minimum $1 million investment.

Securities and Exchange Commission Chairman Mary Schapiro has named James L. Kroeker as the chief accountant in the SEC's Office of Chief Accountant.

Hedge funds may have to change tactics, notably by cutting their leverage, and adapt to regulations that likely will restrict their investment strategies, according to a recent report about the $2 trillion alternative asset management industry published by Standard & Poor’s.

A former UBS banker who cooperated with the U.S. investigation of the Swiss bank was sentenced to over three years in jail for helping a billionaire real estate developer evade $7.2 million in taxes.