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ARTICLES IN THIS EDITION

 

SEC Regulations

Mutual Funds Update: Liquidity Risk Management and Reporting Modernization
Nearly a year after the Securities and Exchange Commission (SEC) released the final rules for Liquidity Risk Management (Rule 22e-4) and revamped investment company reporting, the industry is working diligently in preparation for the 2018 compliance dates... (read more)

To Swing or Not to Swing?
Swing pricing for U.S. mutual funds—excluding money markets and exchange traded funds—will be permitted, but not required beginning November 19, 2018... (read more)

SEC Settles Over Improper Distributions Payments
A recent settlement between the Securities and Exchange Commission (SEC) and a fund advisor and principal underwriter gives important insight into how the SEC will enforce its January 2016 Guidance Update on mutual fund distribution and accounting fees...
(read more)

 

OTHER REGULATIONS

U.S. Regulatory Winds Favoring Asset Managers
When the Securities and Exchange Commission (SEC) Office of Compliance Inspection and Examinations detected material irregularities in fees, incremental advances were made that led to many large partnership firms paying settlements to their investors...
(read more)

FINRA Rule 4210
The Securities and Exchange Commission approved proposed amendments to FINRA Rule 4210 to establish margin requirements for certain covered agency transactions, including... (read more)

Federal Court Upholds Attorney-Client Privilege for Mutual Fund Independent Trustees
On April 25, 2017, an excessive fee suit (Chill v. Calamos Advisors LLC) under Section 36(b) of the Investment Company Act of 1940, the U.S. District Court for the Northern District of Illinois denied a motion to compel the independent trustees of... (read more)

Markets in Financial Instruments Directive (MiFID II)
The MiFID revision comprises two initiatives—a recast Directive (MiFID II) and a new Markets in Financial Instruments Regulation (MiFIR), which together are usually referred to simply as MiFID II... (read more)

Central Securities Depositories Regulation
Central Securities Depositories Regulation (CSDR) harmonizes the authorization and supervision of Central Securities Depositories (CSDs) within the EU, but will also introduce obligations for CSD-participants... (read more)

 

Accounting Guidance

Spotlight on GASB Guidance
Northern Trust recently hosted a webinar—Spotlight on GASB Guidance—that included an interactive session about recent publications, projects and implementation guidance from the Governmental Accounting Standards Board (GASB)... (read more)

Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-07, Compensation—Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost... (read more)

 
Robert Angel

Robert Angel

Head of Regulatory Services, Product Solutions Group, EMEA
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Robert Angel

Robert Angel

Head of Regulatory Services, Product Solutions Group, EMEA
 
Robert joined Northern Trust in September 2013 as head of Regulatory Services, Product Solutions Group, EMEA. The Regulatory Services team acts as a consolidated point of contact on our portfolio of regulatory projects, with responsibility for regulatory client communication, and the services and products that Northern Trust can offer our clients in the regulatory space.
 
Prior to joining Northern Trust, Robert spent over 16 years at Merrill Lynch (now Bank of America Merrill Lynch) in Prime Brokerage and during this time ran the hedge fund client service, client consulting, product development and client on-boarding teams.

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