Law and regulation

ICI president and CEO Paul Schott Stevens and ICI Global Managing Director Dan Waters today fired back at IOSCO’s report on money market funds that includes a number of regulatory recommendations.

Well, that didn't take long.

A little more than a decade ago, when Deloitte put together its first fair valuation survey, our goal was to help mutual funds benchmark their valuation policies and procedures against others in the industry, as well as to highlight the different approaches we saw. Based on the initial flurry of responses we received, we realized we had hit on something unique.

"To float or not to float? That is the question."

Sure, it slows down decisions. Sure, it's difficult to do.

Well, that didn't take long.

SEC member Dan Gallagher said Thursday “we’re going to see’’ whether there is now a majority of commissioners ready to vote in favor of a floating net asset value for shares of money market mutual funds.

In sharply worded speech to the Exchequer Club last month, the outspoken regulator said some executives "fail to grasp" the public's mistrust in banks.

Exemptions and the chance to opt out have lawyers predicting the $40 million proposed deferred compensation plan settlement will not cease litigation against Merrill Lynch.

Our legal analyst explores commission sharing and FINRA disclosure rules.

A run-down of the stories in this issue, including how shifting demographics can open new markets; the special needs of gay and lesbian couples; a look at dividend stocks; and Merrill Lynch's deferred compensation settlement.

Clear, consistent messages about what makes a fund stand apart and serve a particular investment purpose well is what, in turn, makes a fund manager stand apart in the eyes of present or potential customers.

The Laudus Mondrian Global Equity Inv (LGEQX) fund is liquidating at the end of November.

Goldman Sachs will pay $12 million to settle charges it made undisclosed contributions to a former Massachusetts state treasurer in violation of "pay-to-play" rules.

Treasury Secretary Tim Geithner asked the Financial Stability Oversight Council to take up structural reforms to the $2.6 trillion money market mutual fund industry, citing the Securities and Exchange Commission's failure to act.

London-based ETFGI has added Feargal Dempsey as a partner and Legal Counsel.

A new arbitration decision holds a lesson for financial advisors: Be careful when you leap.

Mutual fund shareholders are paying their managers less today in fees than they were 20 years ago or even last year.

The Securities and Exchange Commission has filed civil and criminal charges against a Pennsylvania man accused of defrauding elderly investors by issuing phony account statements inflating the value of his clients' accounts, and then pilfering funds from another client in a repayment scheme.

Global X Funds, the New York-based provider of exchange-traded funds is liquidating four funds next month.