It’s always useful to look at what your competition is doing. The same is true in drafting your code of conduct (or code of...
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Investment Company Act
Private Fund Investment Advisers Registration Act Status
OpenCongress allows you to create custom widgets for the status of bills in Congress. I decided to play around and create one for the House version of the Private Fund Investment Advisers Registration Act.
oc_host_url = "http://www.opencongress.org/";
oc_bill_id = "111-h3818";
oc_frame_height = "205";
oc_bgcolor = "ffffff";
oc_textcolor = "3153e7";
oc_bordercolor = "153e7e";
I’ll create one for the Senate version once they...
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Will the Supreme Court Affect Mutual Fund Fees?
On Monday, the Supreme Court heard the arguments on a case involving mutual fund fees. The case is trying to reconcile the standard for when mutual fund fees are too high.
Under §36(b) of the Investment Company Act of 1940 the “the investment adviser of a registered investment company shall be deemed to have a...
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IDC Task Force Report Identifies Key Characteristics for Strong Compliance Programs
Independent Directors Council published a new task force report on the characteristics of a strong mutual fund compliance program. These include an ethical, compliance-focused “tone at the top;” a collaborative approach by the fund’s chief compliance officer; a risk-based program tailored to the fund and the adviser’s business; transparency and candor among the CCO,...
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A Flurry of Stories on Mutual Fund Fees
Over the last few days there has been renewed interest in the upcoming Supreme Court case that will should rule on the fees charged by mutual funds. Back in May, I published Supreme Court to Decide on Investment Company Act Case after they agreed to hear Jones v. Harris Associates, L.P. I didn’t expect...
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Supreme Court to Decide on Investment Company Act Case
There has been a lot of focus on the Supreme Court’s acceptance of the PCAOB case: Free Enterprise Fund v. PCAOB (08-861). It squarely addresses an interesting administrative law question. I also find it interesting that this case originates from the last bout of financial fraud in the press (the collapse of Enron) and...
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Compliance Building is published by Doug Cornelius. Read more in About. Feel free to say to him at his speaking engagements. Upcoming Conferences:
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