Regulation

The Securities and Exchange Commission is holding its annual regional CCOutreach seminars between May and July.

The Securities and Exchange Commission is currently investigating 50 cases of credit-default swaps and 150 hedge funds, Chairman Mary Schapiro told the Society of American Business Editors and Writers. The investigations are in line with objectives of the Obama Administration to overhaul financial regulations.

The House Education & Labor Committee last week proposed new rules for 401(k) disclosure that will give investors greater transparency into the fees they are paying, but some 401(k) advocates say the new rules are too aggressive and unnecessary.

Commenting on the House Savings Recovery Act introduced this week, Rep. Ed Royce (R-Calif.) said, “Along with our struggling economy, over the past 16 months, millions of Americans have seen their personal savings and retirement accounts hit hard. Americans should be given every opportunity to help rebuild their savings. “

The “Sixty Minutes” segment on 401(k)s that slammed them as being mediocre offerings with hidden fees is not the only shot being taken at the defined contribution model—not by a long shot.

The House Education & Labor Committee has introduced the Fair Disclosure for Retirement Security Act of 2009, which would require 401(k) plans to clearly state all fees with the aim of helping workers shop around for the best retirement options.

While mutual funds aren't technically required to start using the short-form, summary prospectus until 2011, companies that switch early could see significant savings in printing and mailing costs.

Reserve Management has returned $45.8 billion, or 89% of the assets in the now-defunct Primary Fund, but is holding onto $3.5 billion to defend itself against more than 30 lawsuits.

Although the underlying credit card and auto debt assets in the TALF funds are leveraged as much as 20:1, mutual fund companies anxious to invest in them are telling the Securities and Exchange Commission that they are structured as safe, non-recourse loans, the New York Daily News reports.

The Eighth U.S. Circuit Court of Appeals has just ruled in favor of investors in a case against Ameriprise Financial over the fees of 11 of its RiverSource mutual funds. Coming on the heels of a similar case against Harris Associates that the Supreme Court will hear this fall, it could signal a new era in favor of investors.