Americas ETP News
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Stepped up SEC Enforcement Targets Fund Industry
March 31, 2011--The mutual fund industry will be one of the targets of more-aggressive enforcement by the Securities and Exchange Commission, according to experts who spoke today at an Investment Company Institute conference in Palm Desert, Calif.
As part of its efforts to reorganize and strengthen its Division of Enforcement, the SEC has established groups that concentrate on specific parts of the market. The largest of these is the assets under management unit.
Source: SEC.gov
SIFMA and DTCC White Paper: Money Market Instruments Blue Sky Task Force Report
March 31, 2011--SIFMA and the The Depository Trust & Clearing Corporation (DTCC) release a task force report that proposes several short- and long-term solutions to mitigate systemic and credit risks in the processing of money market instruments (MMI).
The report’s short-term recommendations focus on addressing the credit risk exposure that Issuing and Paying Agent (IPA) banks face because of a lack of transparency around the amount an issuer must fund to cover its maturities.
view the SIFMA and DTCC White Paper: Money Market Instruments Blue Sky Task Force Report
Source: SIFMA
Agencies Seek Public Comment on Risk Retention Proposal
March 31, 2011--Six federal agencies are seeking public comment on a proposed rule that would require sponsors of asset-backed securities (ABS) to retain at least 5 percent of the credit risk of the assets underlying the securities and would not permit sponsors to transfer or hedge that credit risk. In crafting the proposed rule, the agencies sought to ensure that the amount of credit risk retained is meaningful, while reducing the potential for the rule to negatively affect the availability and cost of credit to consumers and businesses.
The rule is proposed by the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the Federal Housing Finance Agency, and the Department of Housing and Urban Development. It would provide sponsors with various options for meeting the risk-retention requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other things, the options include:
Retention of risk by holding at least 5 percent of each class of ABS issued in a securitization transaction (also known as vertical retention).
Retention of a first-loss residual interest in an amount equal to at least 5 percent of the par value of all ABS interests issued in a securitization transaction (horizontal retention).
view the SEC proposal-Credit Risk Retention
Source: SEC.gov
Van Eck files with the SEC
March 31, 2011--Van Eck has filed a post-effective amendment, registration statement with the SEC for the Market Vectors Colombia ETF.
view filing
Source: SEC.gov
ProShares files with the SEC
March 31, 2011--ProShares has filed a registration statement with the SEC for the ProShares Short 7-10 Year Treasury Fund.
view filing
Source: SEC.gov
New York markets cancel ETF trades
March 31, 2011--Nasdaq OMX and NYSE cancelled trades in 10 exchange-traded funds after their prices plummeted in early trading on Thursday, raising questions about measures implemented to safeguard investors against sharp market swings after last year’s “flash crash”.
The exchanges cancelled certain trades that occurred in 10 of 15 Focus Morningstar ETFs that launched on Wednesday, said a spokesperson for Scottrade Financial Services, the ETFs’ sponsor.
read more
Source: FT.com
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
March 31, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Thursday, March 31, 2011:
D-Box Technologies Inc. (TSXVN:DBO.A) will be removed from the index.
The company will graduate to trade on TSX under the ticker symbol "DBO".
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poors
FQF files with the SEC
March 30, 2011--FQF has filed a registration statement with the SEC for 7 ETFs>
QuantShares U.S. Market Neutral Momentum Factor Fund – (MOM)
QuantShares U.S. Market Neutral Value Factor Fund – (CHEP)
QuantShares U.S. Market Neutral Beta Factor Fund – (BTAH)
QuantShares U.S. Market Neutral Small Size Factor Fund – (SIZ)
QuantShares U.S. Market Neutral Quality Factor Fund – (QLT)
QuantShares U.S. Market Neutral Anti-Momentum Factor Fund – (NOMO)
QuantShares U.S. Market Neutral Anti-Beta Factor Fund – (BTAL)
view filing
Source: SEC.gov
Hedge funds, private equity funds demand confidentiality
March 30, 2011-According to Forbes, recent rules proposed by the Securities and Exchange Commission (SEC) in connection with the Dodd Frank reforms have received strong attention and criticism from hedge funds and private equity funds.
Sponsors and managers of these funds are now required to register with the SEC, and they are requesting that steps be taken by the regulator to protect the confidentiality of the information that is provided. The generous “private adviser” exemption, which permitted many fund managers to remain outside the SEC’s reach regardless of the size of their funds, has now been repealed.
Source: Forbes
Direxion files with the SEC
March 30, 2011--Direxion has filed a post-effective amendment, registration statement with the SEC.
view filing
Source: SEC.gov
