Floating NAV. Prime institutional money market funds would no longer be able to use amortized cost to value their portfolio securities except to the limited extent all mutual funds are able to do so (i.e., fixed income securities maturing in less than 60 days). Daily share prices of these money market funds would fluctuate along with changes, if any, in the market-based value of their portfolio securities.Showing Fluctuations in Price. Prime institutional money market funds would be required to price their shares using a more precise method so that investors are more likely to see fluctuations in value. Currently, money market funds "penny round" their share price to the nearest one percent (to the nearest penny in the case of a fund with a $1.00 share price). Under the floating NAV proposal, prime institutional money market funds instead would be required to "basis point round" their share price to the nearest 1/100th of one percent (the fourth decimal place in the case of a fund with … [Read more...] about Securities and Exchange Commission (SEC) Releases Money Market Fund Reform Proposals
Funding rounds explained
The Proposed Rules One of the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) was to require many more financial advisors to register under the Investment Advisers Act of 1940 (the “Advisers Act”). The Dodd-Frank Act exempted advisers that only manage venture capital funds from registration under the Advisers Act, and the Securities and Exchange Commission (the “SEC”) was directed to define the term “venture capital fund.” On November 19, 2010 the SEC proposed a definition of “venture capital fund”. Under the proposed definition, a venture capital fund is a private fund that: … [Read more...] about SEC Proposes Definition of Venture Capital Fund under Dodd-Frank
Alleged Spoofer Fails to Convince Court to Dismiss Indictment: A federal court judge in Illinois rejected Michael Coscia’s efforts to have dismissed the federal indictment against him for alleged spoofing that was filed in September 2014. Mr. Coscia, the prior manager and sole owner of Panther Energy Trading LLC, was indicted in Chicago for alleged spoofing activities involving futures traded on CME Group and ICE Futures Europe from August through October 2011. Mr. Coscia had sought to have his indictment dismissed on the grounds that the prohibition against spoofing under federal law is void for vagueness as is the commodity fraud provisions under which he also was charged. In rejecting Mr. Coscia’s arguments regarding spoofing, the court reasoned that, because First Amendment rights were not in controversy (e.g., regarding restrictions on freedom of speech or religion), “the Court must assess whether the statute is unconstitutional as applied to Coscia’s … [Read more...] about More Funding; Money Pass; Spoofing; Fiduciary Standards; Custody – Bridging the Week: April 13 to 17 and 20, 2015
But then, as he went through a divorce, he drove while drunk and “all that stuff just disappeared.” After he left the military, he kept drinking and got two more DUIs, the latest one in May 2017 when he led police on a brief high-speed chase and then crashed into a pole in Carlsbad, Calif. … [Read more...] about Who should lead the VA? Five veterans explain what they’re looking for in a leader.
But then, as he went through a divorce, he drove while drunk and “all that stuff just disappeared.” After he left the military, he kept drinking and got two more DUIs, the latest one in May 2017 when he led police on a brief high-speed chase and then crashed into a pole in Carlsbad, Calif. … [Read more...] about Who should lead VA? Five veterans explain what they’re looking for in a leader.