January 9, 2013

Seward & Kissel Posts Webinar About Registered Funds and Key Matters to Consider when Advising Registered Funds

Seward & Kissel posted a webinar given on January 9, 2013, entitled “Overview of Registered Funds and Key Matters to Consider When Advising Registered Funds”. During the webinar, the panelists compared registered funds and private funds, addressed reasons for entering into the registered fund business, reviewed the various types of…

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January 9, 2013

SEC Enforcement Director to Leave the SEC

Robert Khuzami, the Director of the SEC’s Division of Enforcement, will leave the SEC in January, 2013.

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January 7, 2013

SEC Names a New General Counsel

The SEC announced that Geoffrey F. Aronow has been named as the agency’s next General Counsel. He will begin this position later in January. Mr. Aronow currently is a partner at Bingham McCutchen LLP in the firm’s Washington D.C. office. Mr. Aronow has prior federal government experience as the Director of the Division of Enforcement at the Commodity Futures Trading Commission (CFTC).

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January 7, 2013

Certain Large Money Market Funds Elect to Disclose “Shadow” NAVs on a Daily Basis

J.P. Morgan Asset Management announced that three of its U.S. money market funds will begin on January 14, 2013 to disclose each fund’s shadow net asset value per share (NAV)  (i.e., its market-based NAV) on a daily basis. The stated purpose of this additional disclosure is to provide investors with greater transparency regarding the shadow NAV's fluctuation. Each money market fund has the objective of maintaining a $1.00 stable NAV.

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