In Focus

  • LEGAL & COMPLIANCE: SEC Adopts Reforms to Prime Money Market Funds

    • Wednesday, July 23, 2014

    The U.S. Securities and Exchange Commission approved a measure today to require prime money market funds to move from a stable $1 per share net asset value, to a floating NAV. The adopted rules (summarized in an attached document) will also allow fund boards to lower redemption “gates” and fees in times of market stress. Regulators say the new rules, adopted in a 3-2 vote, with Republican SEC Commissioner Michael Piwowar and Democrat Kara Stein dissenting, are designed to curb the risk of investor runs on money market funds. A run on one fund during the 2008 financial crisis nearly toppled the $2.6 trillion industry before the Treasury Department stepped in to backstop it.

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  • LEGAL & COMPLIANCE: Levin Hearing on Structured Finance Products

    • Tuesday, July 22, 2014

    The Subcommittee hearing examined a set of transactions by hedge funds and banks that utilize financial engineering and structured financial products to avoid paying U.S. taxes on short-term capital gains. The hearing was centered on a 93-page report released by the subcommittee which found that over a dozen hedge funds misused complex financial structures to claim billions of dollars in unjustified tax savings and to avoid leverage limits that protect the financial system from risky debt.

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  • TAX POLICY: Senate Finance Hearing on Inversions

    • Tuesday, July 22, 2014

    On Tuesday, July 22, 2014, the Senate Finance Committee held a hearing entitled “The U.S. Tax Code: Love It, Leave It or Reform It!” The panel of witnesses included officials from the U.S. Treasury Department and the Organisation for Economic Co-operation and Development (OECD), as well as members of academia, an economist with PricewaterhouseCoopers and a senior editor from Fortune.

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The Association of Institutional INVESTORS is an organization of the oldest, largest, and most trusted federally registered investment advisers in the United States. All our members have a fiduciary duty to put their clients' interests first. Put simply, it's not our money. Our members' clients include companies and labor unions, public and private pension plans, mutual funds and 401Ks, and individuals and families who depend on our firms to help them provide for their retirements, to have funds available to educate their family members, to meet other obligations, and to support their financial aspirations. Collectively , the Association's members manage investments for more than 80,000 ERISA pension plans, 401Ks, and mutual funds on behalf of more than 100 million American workers and retirees.

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