The Managed Funds Association ("MFA") submitted a comment letter to the Financial Stability Board ("FSB") and IOSCO in response to the FSB-IOSCO consultation paper on assessment methodologies for nonbank and non-insurer globally and systemically important financial institutions ("SIFIs"). In the letter, MFA encouraged the FSB and national systemic risk regulators to analyze hedge fund information using a quantitative-based metric, which MFA believes will demonstrate that hedge funds do not pose systemic risk. Additionally, MFA responded to specific proposals in the consultation paper

FINRA published an immediately effective proposed rule change to update cross-references and make other non-substantive changes within FINRA rules, primarily as a result of the approval of new consolidated FINRA rules in the Federal Register. Comments must be submitted by May 1, 2014. See: 79 FR 19954. Related news: FINRA Proposes Rule Change Updating Cross-References and Making Non-Substantive Technical Changes (March 31, 2014).

In Goldman Sachs Co. v. City of Reno, the United States Court of Appeals for the Ninth Circuit held that the forum selection clauses in the parties' contracts superseded any obligation to submit to FINRA arbitration . The Court noted that other courts had split on the issue of whether a broker-dealer could contract out of FINRA arbitration. Lofchie Comment : The FINRA rules should be expressly amended so that arbitration is not mandated, unless agreed by the parties, in a situation where a broker-dealer is acting as an underwriter. The purpose of imposing a mandatory arbitration requirement on

At the 5th Annual DCIIA Public Policy Forum, SEC Deputy Director David Grim delivered remarks on the initiatives of the Division of Investment Management ("IM") regarding target date funds, money market fund reform, the variable annuity summary prospectus, the investment adviser and broker-dealer initiative, and the rollover of retirement plan assets. Director Grim stated that target date funds are a "prime example of industry innovation developed to meet the incredibly important and shifting challenge of retirement stability to American investors." In 2010, the SEC proposed rules regarding

The SEC announced the reopening of a comment period on a rule amendment that it proposed in 2010 regarding Investment Company Advertising. The "Investment Company Advertising: Target Date Retirement Fund Names and Marketing" proposed rule would require marketing materials for target date retirement funds ("target date funds") to include a table, chart or graph depicting the fund’s asset allocation over time; i.e., an illustration of the fund's so-called "asset allocation glide path." Comments must be received by June 9, 2014. See: 79 FR 19564. Related news: Proposed Rule: Investment Company