Law and regulation

WASHINGTON — The Investment Company Institute last Monday urged the Securities and Exchange Commission to expand its proposed credit rating agency rules on structured products to include municipal securities, and to increase the secondary market disclosure requirements for the municipal market.

NEW YORK - A lot of people are wondering when the U.S. will adopt the same international standards for financial reporting that Europe and the rest of the world seem to be moving toward.

U.S. Rep. George Miller of California is probably the best friend 401(k) investors have on Capitol Hill.

The managed account solutions industry needs to adopt communications standards, according to a white paper from the Money Management Institute (MMI).

Pax World Management Corporation has settled charges by the Securities and Exchange Commission that two of its funds, Pax World Growth and Pax World High Yield, purchased securities that violated their fund policies.

The Securities and Exchange Commission’s Office of Compliance Inspections and Examination released a new ComplianceAlert recognizing common flaws and weaknesses among mutual fund companies.

Nearly 80% of fund administrators are concerned with the manual process in current use for reporting and documenting fund information, according to a survey recently released by data management firm Confluence.

BOSTON - Excessive fees in some 401(k) plans are hurting the reputation of all 401(k) plans and shaking investor confidence in what most financial experts agree is a great way for the majority of Americans to save for retirement.

BOSTON - Workers love pension plans, but providing 20 to 30 years of benefits to a huge retired workforce can cripple most companies' profits.

GAMCO Investors announced today its appointment of Jeffrey M. Farber as executive vice president of finance/corporate development and chief financial officer.

In his last public appearance as a member of the Securities and Exchange Commission, Commissioner Paul Atkins said that, with regards to shareholder rights, the agency “would be wise to continue to respect the principles of federalism and avoid the temptation to exceed the limitations on its authority delegated by the Congress.”

The Royal Bank of Canada (RBC) recently announced its acquisition of 10% interest in the O’Shaughnessy Asset Management (OSAM) firm.

Federal regulators are cracking down on the potential spread of false and misleading rumors that could potentially affect market conditions.

Citigroup posted a huge second-quarter loss Friday, battered by a big write-down in its investment banking business, but the overall results weren’t as bad as feared and the shares moved sharply higher.

Wells Fargo & Co., while bruised by California's slumping housing market, increased revenue by capitalizing on recent acquisitions in its insurance business and growing demand in the agriculture sector to beat analysts' second-quarter earnings expectations.

The biggest mutual funds in the nation have lost more than an estimated $4 billion in the past week alone on their investments in Fannie Mae and Freddie Mac and related mortgage stocks, Reuters reports, based on analysts’ assessment of fund companies’ latest reports. In the past week, Fannie and Freddie declined 45.4% and 46.5%, respectively.

How serious are liquidity problems with money market mutual funds?

The ongoing credit crisis saga has taken a tremendous toll on hedge funds due to their exposure to structured mortgage-backed assets-and for those heading or parsing trades overseas to avoid U.S. taxes: Beware.

According to a study released by the Investment Company Institute, mutual funds voted overwhelmingly in support for management proposals in 2007, yet a mere 38% of shareholder proposals were backed.

The Asian Development Bank has launched a new environmentally based mutual fund.The Future Carbon Fund is tied to environmental initiatives from the Kyoto Protocol, which is set to expire at the end of 2012.