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Director of Division of Investment Management Eileen Rominger to Retire
June 15, 2012--The Securities and Exchange Commission today announced that Eileen Rominger, Director of the Division of Investment Management, will be retiring in July.
The SEC’s Division of Investment Management protects investors and promotes capital formation through oversight and regulation of the nation’s multi-trillion dollar investment management industry. During Ms. Rominger’s tenure, the Division has been instrumental in implementing the Dodd-Frank Act’s mandates regarding advisers to hedge funds and other private funds.
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Source: SEC.gov
CFTC Certifies Dow Jones Industrial Average Futures Contract Submitted by Osaka Securities Exchange
Contract may be Offered to U.S. Persons Through Direct Access Effective June 15, 2012
June 15, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Market Oversight today certified a Dow Jones Industrial Average Futures contract submitted by the Osaka Securities Exchange (OSE) on April 30, 2012.
The contract satisfies the requirements of the Commodity Exchange Act and the Commission’s Regulations and may be offered or sold to persons in the U.S. through OSE’s direct access terminals located in the U.S.
Source: CFTC.gov
BNY Mellon ADR Index Monthly Performance Review is Now Available-June 2012
June 15, 2012--The BNY Mellon ADR Index Monthly Performance Review May 2012 is now available.
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Source: BNY Mellon
High ETF growth to depend on pensions
June 15, 2012--A recent report that Apple planned to shift its entire retirement savings portfolio into exchange traded funds produced a shiver of excitement across the ETF industry.
The news was seen as a signal that ETFs were about to make a real breakthrough into pension plans, where their adoption has been painfully slow.
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Source: FT.com
CFTC to Hold Open Meeting to Consider Proposed Interpretive Guidance on Cross--Border Application of Certain Swaps Provisions of the Commodity Exchange Act and a Proposal Regarding Phased Compliance for Foreign Swap Dealers
June 14, 2012--The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Thursday, June 21, 2012, at 1:00 p.m., to consider Proposed Interpretive Guidance on Cross-Border Application of Certain Swaps Provisions of the Commodity Exchange Act (CEA)
and Regulations thereunder, and a Proposal Regarding Phased Compliance for Foreign Swap Dealers.
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Source: CFTC.gov
Canadian securities regulators propose enhanced disclosure requirements on investment costs and performance
June 14, 2012--The Canadian Securities Administrators (CSA) are publishing for a second comment period, proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, which would require registered dealers and advisers to provide investors with clear and meaningful information on the costs and performance of their investments.
This Proposal includes, among other things, requirements for registered dealers and advisers to provide their clients with annual reports that show them:
in dollars, what the dealer or adviser was paid for the products and services it provided, and
in dollars and percentages, how the client's investments performed during that year and over longer periods
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Source: Canadian Securities Administrators
JPMorgan Chase & Co. Announces a Cap to the Issuances of the Alerian MLP Index ETNs (NYSE Arca: AMJ)
June 14, 2012--JPMorgan Chase & Co. (JPM) announced today that the maximum number of Alerian MLP Index ETNs (NYSE Arca: AMJ) authorized for issuance will be 129 million ETNs.
This size limitation does not affect the weekly repurchase rights at the option of note holders described in the reopening pricing supplement and the product supplement relating to the ETNs. Other exchange traded notes, structured notes and debt securities issued by JPMorgan Chase & Co. are not affected by this maximum issuance authorization.
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Source: JPMorgan Chase & Co.
Private equity firms target ETF portfolio managers
June 13, 2012-Private equity investors have found another way to get into the growing U.S. exchange traded fund (ETF) market: investing in firms that manage ETF portfolios.
Seven years ago, venture capitalists clamored to invest in start-up ETFs - investment funds that are traded much like stocks. But with over 1,460 ETFs now available in the U.S., the landscape is crowded. That has led to a growing interest in ETF model portfolio firms - the companies that manage a portfolio made up solely of ETFs.
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Source: Reuters
U.S. seen delaying swaps rules for overseas banks
June 13, 2012--The United States is considering giving U.S. and foreign banks more time to comply with costly new reforms related to their overseas swaps operations, according to three people briefed on the matter.
The Commodity Futures Trading Commission has drafted a proposed exemptive order that would delay for these players certain "entity level" swaps rules, including one that will mandate they hold a certain amount of capital to back their trades, these people said.
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Source: Chicago Tribune
'Lipstick effect' taking hold of US consumer, says leading manager
June 13, 2012--Consumer demand for affordable luxury goods in the US is beginning to mirror that of the emerging retail market, said Grant Bowers, manager of the Franklin US Opportunities fund.
‘The lipstick effect is definitely taking effect in the US,’ said Bowers, who co-manages just under €3 billion with Conrad Herrman through the fund and is overweight the consumer discretionary sector.
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Source: City Wire
