The US Securities and Exchange Commission's recent guidance on proxy voting may have unintentionally raised the issue of whether fund managers are meeting their fiduciary obligations when they vote in one-off voluntary corporate action events.Compliance managers at several US fund management firms tell FinOps Report that following the publication of the SEC's publication of series of … [Read More...]
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SEC: Old Transfer Agent Rules Apply to New Blockchain
The US Securities and Exchange Commission's decision to register blockchain-enabled transfer agents has resurrected the issue of how it can apply securities laws to a nascent unproven technology.San Francisco-based Securitize has laid claim to being the … [Read More]
Rule 606: SEC Redefines Discretionary Trades
The US Securities and Exchange Commission's decision to broadly define what makes a trade execution discretionary will force introducing and executing brokers to walk a thin tightrope when complying with its new Rule 606.They will have to make some tough … [Read More]
IRS Tells Cryptoinvestors: Find Your Data, a Calculator, and Good Lawyer
If you are a cryptocurrency investor, you can forget about enjoying your summer vacation, thanks to the US Internal Revenue Service.By the end of August, you could be one of the 10,000 investors to have received a letter from the US tax agency that you owe … [Read More]
State Street’s US$88M Fine Highlights Deceptive “Pass-Along” Custody Fees
How can a global custodian bank convince clients for almost two decades that a twenty-five cent cost to transmit a message through the SWIFT network transmission is really worth a $5 "pass-along" fee?Easily, when fund managers aren't paying attention and … [Read More]
IHS Markit: Taking the Distress Out of Distressed Loan Settlement
T+66. That's on average how long it takes to settle a trade in a distressed loan. Now technology and data giant IHS Markit is hoping to reduce the timeframe by leveraging its existing platform for par loans.The settlement cycle for distressed loans is even … [Read More]