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Be Careful What you Post-SEC Continues To Focus on the Use of Social Media by Investment Advisers
July 17, 2018--On July 10, 2018, the Securities and Exchange Commission (the "SEC") reaffirmed the application of the securities laws to social media use. Specifically, the SEC published five settlement orders (the "Settlements") [1] arising from alleged violations of the Investment Advisers Act of 1940, as amended ("Advisers Act"), and Rule 206(4)-1(a)(1) thereunder (the "Testimonial Rule").
Notably, the Settlements involved the publication of client testimonials on social media and other websites by SEC-registered investment advisers ("RIAs"), the investment adviser representatives of RIAs ("IARs"), and/or a marketing consultant hired by the RIA or the IARs.
aken together, the Settlements demonstrate that the SEC and its staff ("Staff") are actively applying the Staff’s 2014 Guidance on the Testimonial Rule (described below) in the enforcement context. The Settlements, which arise from examination referrals conducted by the SEC's Chicago Regional Office, are further evidence of an increased focus by the Staff on social media use by RIAs generally. [2]
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Source: K&L Gates LLP
Coinbase Says It Won Approval for Trio of Acquisitions
July 17, 2018--Coinbase Inc., one of the most popular cryptocurrency platforms, said it got the green light to move forward with a trio of acquisitions that could allow it to become one of the first federally regulated venues for trading digital coins deemed to be securities.
The Financial Industry Regulatory Authority approved Coinbase's purchase of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC,a company spokesman said Monday.
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Source: Bloomberg
BlueStar Israel Equity Review & Outlook-Israel Outperforms MSCI EAFE by 8.9% in 2018 YTD
July 17, 2018--Israel is the best performing Developed Market country YTD; significantly accelerating its lead over EAFE in June by 2%
The BlueStar Israel Global Index(R) (BIGI(R)) pulled back 0.78% in June, but is up 6.5% in 2018 year-to-date, as of July 15
BIGI(R) is outperforming the local TA-125 by nearly seven percentage points, as the TA-125 has missed out on the performance of some of Israel's top foreign-listed technology stocks as well as the rebound in shares of some of Israel's largest companies including Teva Pharmaceuticals
The technical outlook for BIGI(R) indicates positive momentum, as the index probes a critical resistance level
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Source: BlueStar Indexes(R)
Treasury International Capital Data For May
July 17, 2018--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for May 2018. The next release, which will report on data for June 2018, is scheduled for August 15, 2018.
The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $69.9 billion.
Of this, net foreign private inflows were $58.8 billion, and net foreign official inflows were $11.1 billion.
Foreign residents increased their holdings of long-term U.S. securities in May; net purchases were $20.3 billion. Net purchases by private foreign investors were $31.3 billion, while net sales by foreign official institutions were $10.9 billion.
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Source: Treasury.gov
BNY Mellon DR Index Monthly Performance-June 2018
July 17, 2018--The BNY Mellon DR Index Monthly Performance for June 2018 report is now available.
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Source: BNY Mellon
Global X Funds Expands Suite of Dividend ETFs with Quality Dividend Offering
July 17, 2018--QDIV will be the first Quality Dividend ETF based on the S&P 500
Global X Funds, the New York-based provider of exchange-traded funds (ETFs), today announced the listing of the Global X S&P 500(R) Quality Dividend ETF (CBOE: QDIV).
QDIV tracks the S&P 500(R) Quality High Dividend Index. The index portfolio consists of no fewer than 50 stocks from the S&P 500(R), selecting companies that are within the top 200 of the index universe both by a quality score and by indicated annual dividend yield. Each company's quality score is derived from its return-on-equity, accruals ratio, and financial leverage ratio.
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Source: Global X
Global X Funds Expands Suite of Dividend ETFs with Quality Dividend Offering
July 17, 2018--QDIV will be the first Quality Dividend ETF based on the S&P 500
Global X Funds, the New York-based provider of exchange-traded funds (ETFs), today announced the listing of the Global X S&P 500(R) Quality Dividend ETF (CBOE: QDIV).
QDIV tracks the S&P 500(R) Quality High Dividend Index. The index portfolio consists of no fewer than 50 stocks from the S&P 500(R), selecting companies that are within the top 200 of the index universe both by a quality score and by indicated annual dividend yield. Each company's quality score is derived from its return-on-equity, accruals ratio, and financial leverage ratio.
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Source: Global X Funds
IMF Staff Country Reports -Canada: Selected Issues
July 16, 2018--TAXING BUSINESS IN A CHANGING WORLD1
This paper reviews, and suggests possible improvements to, Canada's system of business
taxation-focusing particularly on the implications of wider developments in the global tax
environment.
Section 1 provides an overview of current arrangements,2 and identifies some sources of
concern. Section 2 describes and considers the likely impact on Canada of recent developments in, and
pressures on, the international tax order, including the landmark reform (known as the Tax Cuts and Jobs Act, TCJA) in the United States.
Section 3 sets out some options for reform.
A. Taking Stock
This section reviews core features of the taxation of business income in Canada.
Revenue and Rates
1. Revenue from the corporate income tax (CIT) in Canada3 is relatively high. While fluctuating
quite widely, revenue from the CIT (federal, provincial and in the territories) has consistently accounted
for a larger share of GDP in Canada than in most other G7 countries (Figure 1). It generates around 10
percent of total tax revenue, also above the G7 average. For the provinces, their CIT accounts for about
15 percent of their total own-source revenue.
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Source: IMF
CFTC Issues Customer Advisory on Digital Tokens
July 16, 2018--New Guidance Alerts Customers to Use Caution and Research before Purchasing Virtual Coins or Tokens
The Commodity Futures Trading Commission (CFTC) today issued a Customer Advisory warning customers to use caution and do extensive research before purchasing virtual coins or tokens, including those that are self-described as "utility coins," or "consumption coins."
This is the fourth advisory about virtual currencies the CFTC has issued to give customers a greater understanding of virtual currencies.
"This advisory is part of the CFTC's education and outreach efforts to help educate and inform market participants, who, given the pace of technology-driven change, will increasingly come in contact with new financial products and services," said Erica Elliott Richardson, Director of the Office of Public Affairs and Office of Customer Education and Outreach.
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Source: CFTC.gov
AdvisorShares Active ETF Market Share Update-Week Ending 7/13/2018
July 16, 2018--Assets in actively managed ETFs added $1.10 billion last week to reach $59.83 billion in total net assets.
iShares led new AUM growth with $530 million followed by ARK Investment, which gained $115 million. There were three funds that launched and no closures, which lifted the total of actively managed ETFs currently trading to 235.
At the strategy level, Short Term Bond continued to lead with $77 million, followed by Global Equity with $135 million.
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Source: AlphaBaskets
