Best Execution

MFSs Pozen: No Unbundling, Please

Instead of requiring advisers to “guesstimate” the value of research, the SEC should require advisers to disclose average commissions per share. So said MFS Investment Management chairman Robert Pozen, speaking at last weeks SIA Mutual Fund Reform Update conference. Pozen said his views represented a majority of people on the NASDs soft dollar task force, […]

Whats in the Pipeline?

If you like Liquidnet and Posit, youre going to love Pipeline. At least thats what the founders of Pipeline, a new alternative trading system that went live last month, are hoping. Pipeline offers continuous trade matching (rather than at periodic intervals) and is open to the buy-side, sell-side, as well as hedge funds. Trading, however, […]

Market Structure 101

Have a vague sense that something important is going on regarding market structure, but havent had time to get up to speed? For a good overview of the basics, take a look at a September 28 speech delivered by SEC Commissioner Cynthia Glassman. She walks through the market structure debate, beginning with Congress 1975 decision […]

NYSE Hybrid Market Debated at ICI’s Equity Markets Conference

Not surprisingly, the NYSEs August 2004 announcement that it plans to develop into a “hybrid” market, offering full-fledged electronic as well as floor-based trading, was a key topic of conversation at the ICIs recent Equity Markets Conference. Several conference participants noted that although the buy-side had been asking the NYSE to provide greater automation for […]

Best Ex in the Wrap Context

Heads up to advisers that participate in a wrap fee program as a money manager: During his presentation at the ICIs Equity Markets Conference, SEC associate director Gene Gohlke suggested that money managers that see that their non-wrap clients receive better executions than their wrap clients have an obligation to information the wrap clients of […]

Unbundling the SECs Soft Dollar Task Force

Research: 3.1 cents.Execution: 2.4 cents.Knowing what the SECs soft dollar task force is up to: Priceless.Lets not keep you waiting: The SECs soft dollar task force delivered its written recommendations to SEC Chairman William Donaldson last week (forget that “end of the year” stuff). And yes, Virginia, the task force wants advisers to unbundle their […]

SEC to Brokers: If You Make a Mess, Clean it Up

If you lead small advisers into temptation, youve got a responsibility to deliver them from evil (particularly if you have a written procedure to that effect).That was the sermon delivered in the SECs settled enforcement proceeding against TD Waterhouse Investor Services, announced last week. The SEC alleged that Waterhouse, in an effort to entice advisers […]

Careful Where You Step-Out

The new rule for step-outs on mutual fund trades: step-outs can still be done, they just cant be done for fund distribution purposes. Following the new ban on fund brokerage for distribution, “the buy-side really has to know why the step-out is occurring,” said Goldman Sachs Susan Sidd, speaking at the ICI Equity Markets Conference. […]

SEC To Adopt Portfolio Manager Disclosure Rules and Directed Brokerage Ban

On August 18, the SEC plans to adopt changes to the way funds disclose information about their portfolio managers and the way they use brokerage to compensate broker-dealers for selling their shares. As proposed, the portfolio manager rulemaking would require that open- and closed-end funds provide new SAI disclosure about:other accounts managed by the funds […]

Mutual Fund Advisers Urged to Abandon Soft Dollars

Yet another group has added its voice to the call for soft dollar reform. Last week, the Mutual Fund Directors Forum officially recommended that mutual fund independent directors prohibit their funds advisers from participating in soft dollar arrangements in trades for the funds. The position was announced in the groups “Best Practices and Practical Guidance […]

Audio Interviews

How to Read an SEC Enforcement Action

Stern Tannenbaum law firm partner Aegis Frumento on how to get the most from reading an SEC administrative order or court complaint.

Most Important Supreme Court Decisions for Advisers and Funds

Find out the high court decisions from recent years that are likely to affect how advisers and investment companies work from Debevoise partner Robert Kaplan. 

Top 10 Cybersecurity Steps to Take Now

Sutherland law firm partner Brian Rubin shares the most urgent cybersecurity steps for investment advisers.

Top Marketing Problems … and Solutions

Get solutions for the top marketing challenges that advisers face from ACA Compliance Group managing director Kimberly Daly

Watch Out for 5 Cybersecurity Myths

ACA Aponix Director Pascal Busnel on the most common cybersecurity myths that may cause firms to spend resources where they may not be needed.

The Hidden Costs of Non-Compliance

Proskauer law firm partner and former SEC Division of Investment Management deputy director Robert Plaze on why the costs of non-compliance go way beyond an SEC penalty.

CCO Liability: How to Protect Yourself

Find out from Blue Edge Capital CCO Margaret Fretz what chief compliance officers may be liable for and best practices to make sure you are protected.

Ethics or Compliance: Making the Choice

Find out the difference an ethics, rather than a compliance, perspective makes at an advisory firm from former Ethics and Compliance Officer Association COO Timothy Mazur.