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SEC Releases Staff Study Recommending a Uniform Fiduciary Standard of Conduct for Broker-Dealers and Investment Advisers
January 24, 2011-- The Securities and Exchange Commission submitted to Congress a staff study recommending a uniform fiduciary standard of conduct for broker-dealers and investment advisers -- no less stringent than currently applied to investment advisers under the Advisers Act -- when those financial professionals provide personalized investment advice about securities to retail investors.
The study, provided to Congress last night, which looked into obligations and standards of conduct of financial professionals, was required under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
In the study, the staff notes that investment advisers and broker-dealers are regulated extensively under different regulatory regimes. But, many retail investors do not understand and are confused by the roles played by investment advisers and broker-dealers. The study finds that "many investors are also confused by the standards of care that apply to investment advisers and broker-dealers" when providing personalized investment advice about securities.
The study further states that "retail investors should not have to parse through legal distinctions to determine" the type of advice they are entitled to receive. "Instead, retail customers should be protected uniformly when receiving personalized investment advice about securities regardless of whether they choose to work with an investment adviser or a broker-dealer."
view the Study on Investment Advisers and Broker-Dealers
JP Morgan files with the SEC
January 24, 2011--JP Morgan has filed a Amendment No.2 to FORM S-1 with the SEC for the J.P. Morgan Physical Copper Trust.
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iShares files with the SEC
January 24, 2011---iShares has filed a post-effective amendment, registration statement with the SEC for the iShares High Dividend Equity Fund.
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iShares files with the SEC
January 24, 2011--On January 21, 2011. iShares filed a post-effective amendment, registration statement with the SEC for the iShares MSCI EAFE Minimum Volatility Index Fund.
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WisdomTree files with the SEC
January 24, 2011--WisdomTree has filed a post-effective amendment, registration statement with the SEC for the Asia Bond Fund, Latin America Bond Fund and
EMEA Bond Fund
State Street Global Advisors Issues 2011 ETF Outlook Report
January 24, 2011--State Street Global Advisors (SSgA), the investment management business of State Street Corporation (NYSE: STT), today released a new report titled, SPDR® ETF Outlook?Taking Aim at 2011, which offers insights into recent developments in the exchange traded funds (ETF) industry and the trends expected to shape asset flows in 2011.
According to the report, ETF industry assets in the United States reached a record $995 billion at the end of 2010, as net new inflows exceeded $100 billion for the fourth consecutive year. Exchange traded fund investors distributed their investments across several asset classes including fixed income, international, dividend and commodities during the year.
“As awareness of core benefits of ETFs grows, they are becoming the preferred choice of a growing number of institutional, professional and retail investors,” said Tom Anderson, global head of ETF strategy and research at State Street Global Advisors. “Looking ahead to 2011, we expect to see investors increase their exposure to non-correlated asset classes and high dividend paying stocks using ETFs to implement strategies designed to improve their risk-return profile and generate a steady source of income amid an improving economic backdrop.”
Among the key themes highlighted in SPDR ETF Outlook-Taking Aim at 2011 are:
Continued growth of ETF industry assets;
Insights into how investors are evaluating ETFs;
Implications of the Flash Crash;
Potential growth of non-US exposure in investor’s portfolios; and
Outlook for dividend, actively managed, and “real assets” ETFs in 2011.
For more information on these developments and others emerging in the ETF industry, financial professionals can download a copy of SPDRETF Outlook-Taking Aim at 2011 at SPDR University (www.spdru.com), State Street’s award winning online educational resource for investment professionals.
State Street manages more than $255 billion in SPDR ETF assets worldwide (as of December 31, 2010) and is one of the largest ETF providers in the US and globally.
CFTC.gov Commitments of Traders Reports Update
January 21, 2011---The current reports for the week of January 18, 2011 are now available.
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SPDR Series Trust files with the SEC
January 21, 2011--SPDR Series Trust has filed a post-effective amendment, registration statement with the SEC for the SPDR Barclays Capital Issuer Scored Corporate Bond ETF.
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Georgetown Investment Management LLC files with the SEC
January 21, 2011--Georgetown Investment Management LLC has filed an amended application for exemptive relief with the SEC.
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Colombia, Peru Stock Exchanges to Merge
January 20, 2011--The Lima Stock Exchange, LSE, and the Bolsa de Valores de Colombia, BVC, signed a Memorandum of Understanding to take the first steps to carry out the corporate merger of these two companies.
The merger will become the first international of its kind between two stock exchanges in Latin America, once it is approved by the General Meeting of Shareholders of the LSE and the Shareholders of the BVC, and approved by market supervisors in Peru and Colombia.
With the merger a new player will emerge more competitive to face the challenges of a globalized capital market, which will maintain and strengthen the CSE and LSE brands in Colombia and Peru, respectively.
The transaction will create value for both countries to allow joint development of a larger and more diversified capital market. From the figures for the end of 2010 the market as a whole will have a market capitalization of USD $ 378.000 million, and trading volume of USD $ 33.000 billion in their stock markets, U.S. $ 1,131,000 million in bond markets, USD $ 28.000 million in derivatives markets standardized USD $ 258.000 million in foreign exchange markets. This operation is independent of MILA Market Integration and undoubtedly accelerate that aim, it is clearly complementary to those objectives.
The tie up between the two exchanges will also strengthen commercial ties between both countries, bolster the growth pattern of the securities industry, creating synergies that will translate into shareholder value. The new company, taking into account the cumulative results of the last 12 months to September 2010, would have consolidated revenues of USD $ 45.8 million, EBITDA of $ 22.4 million and assets of USD $ 94.5 million.
AdvisorShares Lowers Expense Cap on the GTAA ETF
January 19, 2011-- AdvisorShares, a sponsor of actively managed Exchange Traded Funds (ETFs), announced that it is lowering the expense cap on the AdvisorShares Cambria Global Tactical ETF (NYSE: GTAA) from 1.35% to 0.99%, effective February 1, 2011. GTAA is sub-advised by Cambria Investment Management, Inc ("Cambria"), a Los Angeles, California-based investment manager.
"AdvisorShares and Cambria made a commitment to lower ETF fees as assets grew and operational efficiencies were achieved," said Noah Hamman, CEO and Founder of AdvisorShares. "In the three months since GTAA launched it has been one of the fastest growing actively managed ETFs, and it has attracted over $72,000,000 in assets as investors have quickly embraced the GTAA investment strategy." Cambria utilizes a quantitative approach with strict risk management to actively manage GTAA's portfolio in an attempt to mitigate downside losses and protect capital.
SEC Approves New Rules Regulating Asset-Backed Securities
January 20, 2011--The Securities and Exchange Commission today voted to adopt two sets of new rules designed to help revitalize the important asset-backed securities (ABS) market by encouraging better disclosure for investors.
The SEC approved one set of rules that requires issuers of asset-backed securities to disclose the history of the requests they received and repurchases they made related to their outstanding asset-backed securities.
The Commission also approved a second set of rules that would require issuers of asset-backed securities to conduct a review of the assets underlying those securities.
"At one time, the securitization market provided trillions of dollars of liquidity to virtually every sector of the economy. However, during the financial crisis, ABS investors suffered significant losses, causing the market for securitization to rapidly decline," said SEC Chairman Mary L. Schapiro. "These rational measures are designed to help revitalize the important asset-backed securities market by encouraging better disclosure for investors."
view the Final Rule: Issuer Review of Assets in Offerings of Asset-Backed Securities
FactorShares files with the SEC
January 20, 2011--FactorShares has filed a pre-effective amendment NO. 4 to Form S-1 with the SEC for FactorShares 2X: Gold Bull/S&P500 Bear.
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FactorShares files with the SEC
January 20, 2011--FactorShares has filed a pre-effective amendment NO. 4 to Form S-1 with the SEC for FactorShares 2X: Oil Bull/S&P500 Bear.
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FactorShares files with the SEC
January 20, 2011--FactorShares has filed a pre-effective amendment NO. 4 to Form S-1 with the SEC for FactorShares 2X: S&P500 Bull/USD Bear.
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