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SEC Office of Compliance Inspections and Examinations Announces 2019 Examination Priorities
December 20, 2018--The Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) today announced its 2019 examination priorities.
OCIE publishes its exam priorities annually to promote transparency of its examination program and provide insights into the areas it believes present potentially heightened risk to investors or the integrity of the U.S. capital markets.
This year, particular emphasis will be on digital assets, cybersecurity, and matters of importance to retail investors, including fees, expenses, and conflicts of interest.
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Source: SEC.gov
SEC Proposes Rule Changes for Fund of Funds Arrangements
December 19, 2018--The Securities and Exchange Commission today voted to propose a new rule and related amendments designed to streamline and enhance the regulatory framework for fund of funds arrangements. Funds of funds are created when a mutual fund or other type of fund invests in shares of another fund.
"Mutual funds, exchange-traded funds (ETFs) and other types of funds have become increasingly important for Main Street investors to save for retirement and meet their other financial goals," said SEC Chairman Jay Clayton. "These funds invest in other funds for a variety of reasons, including to achieve asset allocation or diversification in an efficient manner, as well as to hedge and otherwise manage risk. However, depending on the size of the investments, funds may be required to seek an exemptive order, causing costs and delays, and resulting in a regulative regime where substantially similar fund of funds arrangements may be subject to different conditions. This proposal would create a consistent, rules-based framework for fund of funds arrangements while providing robust protections for investors."
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Source: SEC.gov
SEC Proposes Risk Mitigation Techniques for Uncleared Security-Based Swaps
December 19, 2018--The Securities and Exchange Commission today voted to propose rules requiring the application of risk mitigation techniques to portfolios of uncleared security-based swaps.
Proposed Rules 15Fi-3 through 15Fi-5 would establish requirements for registered security-based swap dealers and major security-based swap participants (SBS Entities) with respect to:
Reconciling outstanding security-based swaps with applicable counterparties on a periodic basis.
Engaging in certain forms of portfolio compression exercises, as appropriate.
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Source: SEC.gov
SEC Adopts Final Rules to Allow Exchange Act Reporting Companies to Use Regulation A
December 19, 2018--The Securities and Exchange Commission adopted final rules to allow reporting companies to rely on the Regulation A exemption from registration for their securities offerings.
"Regulation A provides an exemption from registration under the Securities Act for offerings of securities up to $50 million in a 12-month period," said Chairman Jay Clayton. "The amended rules will provide reporting companies additional flexibility when raising capital."
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Source: SEC.gov
Schwab cuts fees on US large-cap index funds
December 17, 2018--The firm is lowering the management fee on five index funds, inching closer to Fidelity's zero-fee funds.
Charles Schwab is cutting management fees on five index funds, according to a filing with the Securities and Exchange Commission.
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Source: citywireusa.com
WisdomTree Launches Yield Enhanced Global Aggregate Bond Fund (GLBY)
December 13, 2018--Fund provides investors simple way to access diversified global fixed income
WisdomTree (NASDAQ: WETF), an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor and asset manager, today announced the launch of the WisdomTree Yield Enhanced Global Aggregate Bond Fund (GLBY) on the NYSE Arca Exchange.
GLBY seeks to track the price and yield performance, before fees and expenses, of the Bloomberg Barclays Global Aggregate Enhanced Yield Index (USD Hedged) and has an expense ratio of 0.20%.
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Source: WisdomTree
U.S. Weekly FundFlows Insight Report: Mutual Fund and ETF Investors Remain Risk Averse During the Week
December 13, 2018--For the first week in three, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $21.3 billion for Lipper's fund-flows week ended December 12, 2018.
However, the headline numbers are misleading. Fund investors were net purchasers of money market funds (+$81.2 billion, their largest weekly net inflows on record) while being net redeemers of equity funds (-$46.2 billion, just shy of twice the net redemptions of any other week going back to 1992), taxable fixed income funds (-$13.4 billion), and municipal bond funds (-$317 million). Caveat emptor, several funds went ex-dividend on December 12, paying out capital gains and income distributions for 2018 and possibly causing a temporary one-day decline in total net assets
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Source: Refinitiv
Treasury: U.S. Budget Deficit Widened to $305 Billion in First Two Months of Fiscal 2019
December 13, 2018--Tariff revenue rose 86% in October, November from same period a year ago
The U.S. budget gap widened in the first two months of the fiscal year as tax collections lagged behind federal outlays, which included higher spending for the military and interest on the national debt.
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Source: Wall Street Journal
IndexIQ Launches the IQ 500 International ETF (IQIN)
December 13, 2018--Includes the top 500 international companies based on three fundamental factors: sales, market share and 3-year average operating margin
IndexIQ, a New York Life Investments Company and a leading provider of innovative investment solutions, today announced the launch of the IQ 500 International ETF (NYSE Arca:IQIN).
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Source: IndexIQ
'This could be the one': Is JPM about to drop the first free ETF?
December 11, 2018--JPM has filed for a US equity ETF, which analysts argue will need to charge below 0.04% to gain traction. Could it cost nothing at all? Could JP Morgan be poised to launch the first free ETF?
This seems to be the first question raised by analysts upon hearing that the asset manager is preparing to launch the JPMorgan BetaBuilders US Equity ETF.
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Source: citywireusa.com
