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SEC Investor Advisory Committee Forms Subcommittees to Tackle Ambitious Agenda on Behalf of Investors
September 15. 2009 — The Securities and Exchange Commission's newly-formed Investor Advisory Committee today announced that three subcommittees have been formed to address specific categories of regulatory issues as the Committee tackles its wide-ranging agenda. The subcommittees will focus on investor education, investor protection, and shareholder voting and corporate governance.
The SEC's Investor Advisory Committee was formed by SEC Chairman Mary L. Schapiro to give investors a greater voice in the Commission's work. Richard Hisey from AARP Financial and Hye-Won Choi from TIAA-CREF co-chair the Committee in consultation with SEC Commissioner Luis A. Aguilar, who serves as the Committee's sponsor and chief liaison to the Commission.
"The Committee has identified three important and timely broad subject areas to delve into, and the Commission looks forward to receiving its perspectives," said Chairman Schapiro. "Investor views are integral to the SEC's mission, and the work of these subcommittees will greatly inform the SEC's regulatory agenda."
Commissioner Aguilar added, "The Investor Advisory Committee has decided to form three subcommittees focused on key issues of concern to investors. Investors are engaged in the capital markets in many ways, including as purchasers and shareholders, and these subcommittees will assist the Committee to examine and make recommendations on issues across this spectrum. This is critical work and I look forward to seeing the subcommittees in action."
The three subcommittees are:
An Investor Education Subcommittee
chaired by Dallas Salisbury (President and CEO, Employee Benefit Research Institute) plans to focus on matters related to financial literacy, the efficacy of layered educational resources that may permit investors to access information at varying levels of detail reflecting their needs, the ways that issuers and boards of directors communicate with investors, and the types of technology that can be utilized for education.
An Investor as Purchaser Subcommittee
chaired by Mercer Bullard (Founder and President of Fund Democracy, Inc. and Associate Professor of Law, University of Mississippi School of Law) expects to examine the needs of investors when they purchase specific products (mutual funds, hedge funds, money market funds) and services (brokerage, investment advisory, and financial planning). This subcommittee also will consider the fiduciary duty owed to investors by those who provide investment advice, as well as issues related to pre-sale and other disclosure, intermediary fees and compensation practices, arbitration, and technology.
An Investor as Shareholder
Subcommittee chaired by Stephen Davis (Executive Director of Yale School for Management's Millstein Center for Corporate Governance, and board member of Hermes Equity Ownership Service) intends to review proxy solicitation and disclosure issues, proxy voting and process (including the role of proxy advisory firms), majority voting, Regulation FD, executive compensation practices, the responsibilities of shareholders, international issues, and technology related to shareholder communications and voting.
The SEC's Investor Advisory Committee plans to hold its next meeting in early October.
A new Web page with more information about the work of the SEC's Investor Advisory Committee is available at http://www.sec.gov/spotlight/
investoradvisorycommittee.shtml.
Lehman creditors challenge transfer to BarCap
September 15, 2009--Representatives of the defunct Lehman Brothers estate asked a US judge to re-open the contract that transferred the bank’s North American assets to Barclays Capital a year ago, claiming that up to $8bn in cash and securities was transferred to BarCap without the court’s knowledge.
Attorneys for Alvarez & Marsal, the turnround firm hired by Lehman’s creditors to maximise the amount of recoverable assets, claimed that in the frenzied week during which Lehman’s US assets were sold to Barclays last year – for $1.75bn – the bankruptcy court was kept in the dark read full story
“Moment of Inertia”
Speech of Commissioner Bart Chilton before the Institutional Investors Carbon Forum, the Metropolitan Club, New York, New York
September 15, 2009--Introduction Thank you for the introduction. This is such an exciting time and I really do appreciate the opportunity to be with you today. The topic of this conference is one of the most important things that can be discussed. In fact, I have said that passage and implementation of a green cap and trade legislation—Green CAT—is “the most important thing we have never done.” Needless to say, I’m a big supporter of passage of a thoughtful piece of legislation in this regard. I have also estimated that carbon markets have the potential of being the leading commodity markets traded in the world. Specifically, I have said that within five years of trading, I think they could represent a $2 trillion market. That is good for the futures industry, good for markets, and good for the economic engine of our democracy.
Oh yeah, and it has the benefit of possibly saving the planet. There is always that. You know, avoiding things like rising sea levels that threaten coastlines, resulting in the displacement of hundreds of millions of people; storms and hurricanes that become increasingly powerful—and deadly; serious droughts affecting inland wetlands, causing the loss of massive breeding grounds and filtration systems; and the accompanying increase and spreading of disease. In short, global warming will disrupt ecosystems all over the world, not just those that are in the direct line of fire, so to speak. Those are kind of big bonuses. It is sort of like the pinball machine where the player doesn’t only get the score for one ball, but perhaps triple bonus points. With Green CAT legislation we will see multiple benefits.
Natural Gas ETF UNG To Issue New Shares
September 15, 2009--UNG’s management has now determined to re-commence offerings of Creation Baskets on September 28, 2009, although such offerings will be limited and subject to the terms and conditions set forth in its September 11, 2009 SEC filing.
UNG’s management suspended the issuance of its units because it determined that at that time UNG could not invest the proceeds from such offerings in investments that, in the opinion of UNG’s management, would permit it appropriately to meet its investment objective due to current and anticipated new regulatory restrictions and limitations that have been and may be imposed by the Commodity Futures Trading Commission, the New York Mercantile Exchange (“NYMEX”) and the IntercontinentalExchange, Inc. Currently, UNG’s management believes that UNG will have the ability, under limited circumstances, to offer Creation Baskets as of the above-referenced date and meet its investment objective. If UNG’s management determines prior to the above referenced date that new circumstances have arisen that will prevent UNG from offering Creation Baskets, it will announce through a Form 8-K such changes in circumstances as soon as practicable.
Accordingly, UNG will resume offering Creation Baskets under the following conditions. First, UNG may, at its sole discretion, condition its acceptance of an Authorized Purchaser’s offer to purchase a Creation Basket on the Authorized Purchaser agreeing to sell to UNG specified investments that meet UNG’s investment objective. These specified investments will include, among other potential investment transactions, the arrangement of an over-the-counter swap contract between UNG and the Authorized Purchaser, an affiliate of the Authorized Purchaser or a third party. These over-the-counter swaps would be on terms acceptable to UNG’s management including that exposure on such swaps be fully collateralized, the swap counterparty meets UNG management’s creditworthiness and diversification standards, the swap be of a certain size and duration and such other terms as UNG determines are appropriate, in its sole discretion. Second, UNG’s management may decide to limit the issuance of Creation Baskets to an Authorized Purchaser to a specified minimum or maximum number of baskets.
U.S. Commodity Futures Trading Commission and U.K. Financial Services Authority sign new memorandum of understanding (MOU) to enhance supervision of cross border clearing organizations
September 15, 2009--Leaders of the U.S. Commodity Futures Trading Commission (CFTC) and U.K. Financial Services Authority (FSA) yesterday met and signed a new Memorandum of Understanding (MOU) to enhance cooperation and the exchange of information relating to the supervision of cross-border clearing organizations.
The MOU is an important step in ensuring the sound oversight of clearing houses providing services in both the United States and the United Kingdom and will help promote market integrity and appropriate customer protection in the global derivatives markets.
The MOU was signed by CFTC Chairman Gary Gensler and FSA Chief Executive Hector Sants at a meeting in Washington yesterday and took effect immediately.
Semi-annual Changes to the NASDAQ Clean Edge
September 14, 2009--he NASDAQ OMX Group, Inc.
(Nasdaq:NDAQ) and Clean Edge, Inc. announced today the results of the
semi-annual evaluation of the NASDAQ(R) Clean Edge(R) Green Energy
Index (Nasdaq:CELS), which will become effective with the market open
on Monday, September 21, 2009.
The following five securities will be added to the Index: Broadwind
Energy, Inc. (Nasdaq:BWEN), Comverge, Inc. (Nasdaq:COMV), Capstone
Turbine Corporation (Nasdaq:CPST), ESCO Technologies Inc. (NYSE:ESE),
and National Semiconductor Corporation (NYSE:NSM).
The Index is designed to track the performance of clean-energy companies that are publicly traded in the U.S. The Index includes companies engaged in the manufacturing, development, distribution, and installation of emerging clean-energy technologies such as solar photovoltaics, biofuels and advanced batteries. The five major sub-sectors that the index covers are Renewable Electricity Generation, Renewable Fuels, Energy Storage & Conversion, Energy Intelligence and Advanced Energy-Related Materials. The securities must also meet other eligibility criteria which include minimum requirements for market value, average daily share volume, and price. The Index is evaluated on a semi-annual basis in March and September. For more information about the NASDAQ Clean Edge Green Energy Index, including detailed eligibility criteria, visit https://indexes.nasdaqomx.com/.
The NASDAQ Clean Edge Green Energy Index is the basis for the First Trust NASDAQ Clean Edge Green Energy Index Fund (Nasdaq:QCLN), which seeks investment results that correspond generally to the price and yield of the NASDAQ Clean Edge Green Energy Index before fees and expenses.
As a result of the evaluation Orion Energy Systems, Inc. (Nasdaq:OESX)
and GrafTech International Ltd. (NYSE:GTI) will be removed from the
Index.
Semi-annual Changes to the NASDAQ Clean Edge Green Energy Index
September 14, 2009--The NASDAQ OMX Group, Inc.(Nasdaq:NDAQ) and Clean Edge, Inc. announced today the results of thesemi-annual evaluation of the NASDAQ(R) Clean Edge(R) Green Energy Index (Nasdaq:CELS), which will become effective with the market open
on Monday, September 21, 2009.
The following five securities will be added to the Index: Broadwind
Energy, Inc. (Nasdaq:BWEN), Comverge, Inc. (Nasdaq:COMV), Capstone
Turbine Corporation (Nasdaq:CPST), ESCO Technologies Inc. (NYSE:ESE),
and National Semiconductor Corporation (NYSE:NSM).
The Index is designed to track the performance of clean-energy companies that are publicly traded in the U.S. The Index includes companies engaged in the manufacturing, development, distribution, and installation of emerging clean-energy technologies such as solar photovoltaics, biofuels and advanced batteries. The five major sub-sectors that the index covers are Renewable Electricity Generation, Renewable Fuels, Energy Storage & Conversion, Energy Intelligence and Advanced Energy-Related Materials. The securities must also meet other eligibility criteria which include minimum requirements for market value, average daily share volume, and price. The Index is evaluated on a semi-annual basis in March and September. For more information about the NASDAQ Clean Edge Green Energy Index, including detailed eligibility criteria, visit https://indexes.nasdaqomx.com/.
The NASDAQ Clean Edge Green Energy Index is the basis for the First Trust NASDAQ Clean Edge Green Energy Index Fund (Nasdaq:QCLN), which seeks investment results that correspond generally to the price and yield of the NASDAQ Clean Edge Green Energy Index before fees and expenses.
As a result of the evaluation Orion Energy Systems, Inc. (Nasdaq:OESX)
and GrafTech International Ltd. (NYSE:GTI) will be removed from the
Index.
Treasury Issues Status Report on Financial Stabilization Efforts
September 14, 2009--The U.S. Treasury Department on Monday issued a report describing the next phase of the government's financial stabilization and rehabilitation policies to provide the public with a status update on these programs and an explanation of the Administration's strategy going forward.
"We are now in a position to adjust our strategy as we move from crisis response to recovery, from rescuing the economy to repairing and rebuilding the foundation for future growth," said Treasury Secretary Tim Geithner. "The critical imperative we face as a country is making sure that the same vulnerabilities in our system which gave rise to this recession are not allowed to trigger another. To do that, we must pass comprehensive regulatory reform legislation by the end of the year."
At the beginning of the year, the incoming Obama Administration faced a combination of acute economic and financial challenges. The viability of many major financial institutions remained in doubt, vital aspects of the financial system were deeply impaired, and the economy was deteriorating rapidly. President-Elect Obama made the key decision to make major commitments to both fiscal stimulus and financial stability.
The Administration's financial policies were designed to achieve four broad objectives. First, the Administration made an unequivocal commitment to ensure that the financial system continued its core functions in support of the broader economy without interruption. Second, the Administration sought to ensure that the financial system had enough capital to provide new credit to the economy by reducing uncertainty and mobilizing private sources of new capital for financial institutions. Third, the Administration sought to restart key non-bank channels of credit intermediation that had been effectively shut down by the crisis. Finally, the Administration sought to moderate the impact of the adjustment in the real estate sector on households by making new mortgage credit more available and by reducing the number of unnecessary foreclosures.
The Financial Stability Plan announced in February laid out the Administration's comprehensive, forceful and sustained Strategy to meet those objectives. That plan, in conjunction with fiscal stimulus, has helped to stabilize financial markets and the nation's economy, and to pull the financial system back from the brink of systemic collapse
The Administration is now moving into a new phase of our strategy to stabilize and rehabilitate financial markets. Utilization of the extraordinary government programs put in place to contain the financial crisis has already declined substantially. Most of these programs were designed to become unattractive once financial markets normalized.
But the process of terminating crisis-related programs must be done in a measured way that does not derail the nascent economic recovery. Unemployment remains elevated, output has fallen significantly, foreclosures continue to rise, and credit to households and businesses remains constrained. The Administration must continue to provide support where it is still needed to rehabilitate disrupted markets that provide critical credit to households and businesses. It would be a mistake to withdraw abruptly from programs supporting these channels for new credit before a self-sustaining economic recovery has taken hold.
As we all move further away from acute crisis, we must not forget the lessons we have learned from this period. Rebuilding our regulatory system in a way that is stronger and better-suited to manage risk and ensure safety and soundness must be our highest priority.
Remarks of Chairman Gary Gensler, Commodity Futures Trading Commission
September 14, 2009--Good morning. It is a pleasure to be with you today. Thank you to the New Republic and International Securities Exchange for hosting this event and inviting me to participate. Also, thank you to Noam Scheiber for asking me to be here.
One year ago, the financial regulatory system failed the American public. There were gaps in our regulatory structure that left the nation unprepared and unable to respond quickly to changing market environments.
The Administration has sent legislation to Capitol Hill to address some of the causes of the financial crisis. It is essential that we take action to bolster consumer protection in financial products, such as mortgage sales practices; establish a plan that would help unwind nonbank entities that are on the brink of collapse; address systemic risk; and regulate financial products and dealers that have for decades gone unregulated. Today I will spend my time with you addressing unregulated over-the-counter derivatives, which is an area of particular importance to the Commodity Futures Trading Commission.
As we move forward with regulatory reform, we do so with the full knowledge of the failures of our financial regulatory system. The last decade, and particularly the last 24 months, has taught us much about the new realities of our financial markets.
We have learned the limits of foresight and the need for candor about the risks we face. We have learned that transparency and accountability are essential. Only through strong, intelligent regulation can we fully protect the American people and keep our economy strong. We have all felt the effects of the failures of our regulatory system. Every single person in this room had to put money into a company that most Americans had never even heard of. $180 billion of the tax dollars that you and I paid went into AIG to keep its collapse from further harming the economy. We must ensure that this never happens again. We cannot afford any more billion-dollar bailouts.
CFTC Advisory Committee To Discuss Energy And Environmental Markets - Committee To provide Views On Emissions Trading Markets And Relevant Energy Issues
Committee to provide views on emissions trading markets and relevant energy issues.
September 14, 2009--The Commodity Futures Trading Commission (CFTC or Commission) will convene the second meeting of its expanded Energy and Environmental Markets Advisory Committee (EEMAC) at 8:00 a.m. EDT, on Wednesday, September 16, 2009, at the CFTC’s New York Regional Office, 140 Broadway, 19th Floor, New York, NY 10005.
The Committee will focus on recent CFTC hearings on position limits and hedge exemptions, regulatory reform and legislative proposals, and carbon and other emissions trading markets.
Bart Chilton, the Committee’s Chair, stated that “As Congress once again takes up the important topic of cap and trade legislation, the issue of regulatory oversight in these markets becomes even more critical. The CFTC has a longstanding history of federal regulation of derivatives trading—from monitoring exchange activity to ensuring financial responsibility to carrying out disciplinary and enforcement actions, and it’s very important to have the federal oversight of the entire market as seamless as possible. These markets will be so big, and their impact so large, that the oversight needs to be done right—from the outset.”
The CFTC’s Division of Market Oversight will present an update on energy and environmental markets, the Office of Legislative Affairs will present an update on current legislation and several Committee members will present their views on specific issues. The Commission has invited staff from other federal agencies to attend as observers.
The meeting is open to the public. The meeting will be webcast via the internet and audio of the hearing will be available via a listen-only conference call. Individuals may also view the hearing via teleconference at the Commission’s headquarters in Washington, D.C., Three Lafayette Centre, 1155 21st Street, N.W.; and the Commission’s Chicago Regional Office, 525 West Monroe Street, Suite 1100.
What: |
Energy and Environmental Markets Advisory Committee Meeting |
Location: |
CFTC New York Regional Office, Hearing Room |
Date: |
September 16, 2009 |
Time: |
8:00 a.m. – 11:00 a.m. EDT |
Viewing/Listening Information: |
The CFTC has made available the following options to access the hearing: 1. Watch a live broadcast of the meeting via Webcast on www.cftc.gov. 2. Call in to a toll-free telephone line to connect to a live audio feed. Call-in participants should be prepared to provide their first name, last name, and affiliation. Conference call information is listed below: Domestic Toll Free: (888) 691-4252 |
Van Eck files Amended application with the SEC
September 11, 2009--Market Vectors ETF Trust has filed an amended statement with the SEC.
view filing
Grail Advisors files with the SEC
September 14, 2009--Grail Advisors, LLC and Grail Advisors ETF Trust file for exemptive relief with the SEC.
view filing
Two New TIPS Have Begun Trading
September 14, 2009--Allianz Global Investors is pleased to announce that PIMCO now offers three TIPS Exchange-Traded Funds (ETFs), giving investors a choice of short maturity, long maturity and broad TIPS index exposure to help them address their inflation-protection needs.
PIMCO’s two newest offerings, the PIMCO 15+ Year U.S. TIPS Index Fund (LTPZ) and PIMCO Broad U.S. TIPS Index Fund (TIPZ), launched on September 3, 2009, are designed to offer long or broad exposure to the U.S. TIPS curve, and may be especially appealing to investors seeking greater return sensitivity to changes in real yield, or aiming to protect purchasing power in the long run.
Launched on August 20, 2009, the PIMCO 1-5 Year U.S. TIPS Index Fund (STPZ) targets the shorter maturity Treasury Inflation-Protected Securities (TIPS) market. Accordingly, the Fund may offer higher correlation to changes in inflation than longer-maturity TIPS with lower volatility.
for more info visit www.pimcoetfs.com.
IndexIQ Names Anthony Wilson Vice President & Regional Director for Western Region Sales
September 14, 2009-IndexIQ, a leading developer of index-based alternative investment solutions,
has named Anthony Wilson as Vice President and Regional Director of Sales for
the Western region, it was announced today.
Before joining IndexIQ, Wilson spent nine years as a director and principal in
the Private Client Group at Turner Investment Partners Inc., where he was
responsible for managing and developing business relationships with Registered
Independent Advisors, Wirehouse consultants, multi-family offices, Regional
Consultants and Bank Trust Departments. Prior to that, Wilson held senior sales
positions at several well-known investment firms, including Pacific Income
Advisors and Jurika & Voyles, LLC.
At IndexIQ, Wilson will be responsible for continuing the expansion of the firm`s Western region marketplace presence.
"Anthony brings great experience in communicating the value of unique financial products to the RIA, Financial Advisors, and Family Office marketplaces," said Anthony B. Davidow, Executive Vice President and Head of Distribution at IndexIQ. "His addition to the team further strengthens our presence in the Western region. We look forward to his contributions as we continue to penetrate the market, and continue to introduce unique and innovative alternative investment products."
IndexIQ is the sponsor of index-based alternative investment products, including
the first hedge fund replication Exchange-Traded Fund, the IQ Hedge
Multi-Strategy Tracker ETF (NYSE Arca: QAI); the first Macro and Emerging
Markets hedge fund replication ETF, the IQ Hedge Macro Tracker ETF (NYSE: MCRO);
and the first open-end, no-load hedge fund replication mutual fund, the IQ ALPHA
Hedge Strategy Fund (IQHIX - Institutional Share Class, and IQHOX - Investor
Share Class). IndexIQ products are designed to be liquid, transparent,* tax
efficient, and accessible to a broad range of investors
Quarterly Changes to the NASDAQ OMX Government Relief Index
September 14, 2009--The NASDAQ OMX Group, Inc.
(Nasdaq:NDAQ) announced today the results of the quarterly evaluation
of the NASDAQ OMX Government Relief Index (Nasdaq:QGRI), which will
become effective with the market open on Monday, September 21, 2009.
The Hartford Financial Services Group, Inc. (NYSE:HIG) will be added to
the Index.
The Index is designed to track the performance of U.S.-listed securities whose issuer is participating in government sponsored relief programs such as the Troubled Asset Relief Program (TARP) or other direct government investment programs or government loans. The Index consists of securities of companies across multiple industry groups including, but not limited to, financial institutions and automobile manufacturers. The NASDAQ OMX Government Relief Index is evaluated on a quarterly basis. For more information about the NASDAQ OMX Government Relief Index, including detail eligibility criteria, visit https://indexes.nasdaqomx.com/.
As a result of the evaluation, no security will be removed from the
Index.