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SEC No-Action Letter: Chicago Mercantile Exchange March 24, 2011 The SEC Division of Investment Management granted no-action relief under § 17(f) of the Investment Company Act to the Chicago Mercantile Exchange to allow registered investment companies or their custodians to maintain assets in the custody of CME or a CME clearing member that is a futures commission merchant (FCM) registered with the CFTC, for purposes of meeting margin requirements for certain interest rate swaps cleared by CME. The letter grants relief that is substantially similar to that given in a no-action letter to LCH

Financial Stability Board April 12, 2010 The Financial Stability Board (" FSB ") has published a note on potential financial stability issues arising from recent trends in exchange-traded funds. The FSB has published this note as part of its role of monitoring market developments relevant to financial stability and advising on their implications for regulatory policy. The FSB seeks to identify potential vulnerabilities and consequent solutions which may be needed. The FSB solicits feedback from the public on this note. Feedback on this note should be submitted to the FSB by 16 May 2011 by e

July 22, 2011 ESMA has published a discussion paper setting out policy orientations on guidelines for UCITS Exchange-Traded Funds and structured UCITS. ESMA has reviewed the current regulatory regime applicable to such funds and considers that the existing requirements are not sufficient to take account of the specific features and risks associated with these types of fund. In the discussion paper, ESMA examines the possible measures that could be introduced to mitigate the risk that particularly complex products, which may be difficult to understand and evaluate, are made available to retail

August 26, 2011 ESMA has reviewed the issue of European Money Market Funds and has published a series of questions and answers in order to encourage common supervisory approaches and practices in applying the guidelines developed by CESR. The Q&A document will be continually edited and updated to reflect any further issues which may arise. Questions for consideration may be sent to [email protected].

76 FR 55237 (SEC Release No. IC-29776) September 7, 2011 The SEC issued a concept release to consider the use of derivatives by registered investment companies. Among other things, the release requests public comment on the use of derivatives in relation to the Investment Company Act's provisions on (i) leverage limitations, (ii) issuance of "senior securities"; (iii) diversification; and (iv) concentration. In addition, the SEC requested public comment on any other issues not directly addressed in the concept release relating to the use of derivatives by investment companies. Comments are due