FINRA's Office of General Counsel (OGC) staff provides broker-dealers, attorneys, registered representatives, investors and other interested parties with interpretative guidance relating to FINRA’s rules. The mutual funds must file taxonomy, or financial reports, when they first register with the SEC and in their annual statements, following the generally accepted accounting principles.
GAAP reporting methods allow you to compare mutual fund companies before you invest. If a company has only recently discovered that it is subject to BE-10 reporting requirements and can’t meet its applicable deadline, it shouldn’t panic; we have found that BEA will grant reasonable requests for filing extensions if it receives such requests prior to the original deadline. Ray holds a journalism degree and teaches writing, career development and an FDIC course called "Money Smart.". You may be eligible for a refund of a portion of the front-end sales charge that you paid when you purchased Class A shares of a mutual fund from your securities firm. To assist the financial industry in fulfilling its obligation to provide all available breakpoint discounts on sales of front end load mutual funds, the Joint NASD/Industry Task Force recommended that broker-dealers provide investors with a Written Disclosure Statement, explaining the availability of breakpoint discounts, at the time of purchase or on a periodic basis. in mutual funds industry: • The long overdue modernization of the reporting requirements amidst great advances in the technological landscape for aggregation, analysis and reporting information • Rapid adoption of Internet as a • The Rule contains broad prohibitions on the payment or receipt of non-cash compensation by FINRA members and their associated persons in connection with the sale of such securities, and allows non-cash compensation to be awarded only if it is structured in accordance with one of several limited exceptions. Multiple enforcement actions in 2015 resulted in millions of dollars in fines and restitution to customers. But, like investing in any security, investing in a mutual fund involves certain risks, including the possibility that you may lose money. A mutual fund’s annual report must provide detailed information about its performance during the previous year, including comparisons with the fund’s historic trends.
Alternative or "alt" mutual funds are publicly offered, SEC-registered funds that use investment strategies that differ from the buy-and-hold strategy typical in the mutual fund industry.
Compared to a traditional mutual fund, an alternative fund typically holds more non-traditional investments and employs more complex trading strategies. While these ETFs may be useful in some sophisticated trading strategies, they are highly complex financial products typically designed to achieve their stated objectives on a daily basis.
53 Performance magazine issue 23 Investment company reporting modernization rule overview On 13 October 2016, the Securities and Exchange Commission (SEC) adopted new forms, rules, and amendments to modernize the current reporting and disclosure requirements of certain Registered Investment Companies (RICs). Need Help? In a letter to NASD Chairman and Chief Executive Officer Robert R. Glauber, dated January 15, 2003, former Securities and Exchange Commission (“SEC”) Chairman Harvey L. Pitt requested that NASD, joined by the Securities Industry Association (“SIA”) and the Investment Company Institute (“ICI”), convene a task force to recommend industry-wide changes to address errors and missed opportunities to provide discounts in the calculation of sales loads charged on the purchase of mutual fund shares that carry a front-end sales load. If you have any questions or would like more information on the issues discussed in this LawFlash, please contact any of the following Morgan Lewis lawyers: [3] “US Reporter” means the US person that has direct investment in a foreign business enterprise, including a branch. Rule 2341(d) also limits ongoing fund service fees and other ongoing asset-based sales charges.
To assist the financial industry in fulfilling its obligation to provide all available breakpoint discounts on sales of Class A shares of front-end load mutual funds, the Joint NASD/Industry Task Force recommended that broker/dealers require registered representatives to complete standardized checklists or worksheets, which record the relevant account data, when executing Class A shares transactions. Mutual Fund Breakpoints: Are You Owed a Refund? FINRA has addressed this issue through examinations and enforcement actions.
Alternative mutual funds, or alt funds, have seen a significant increase in sales over the past several years. Mutual funds with Controlled Foreign Corporations may need to file a BE-10 with the Bureau of Economic Analysis or request an extension before the reporting deadline.
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