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DOL Fiduciary RuleRecommended Action for Private Fund Managers
  • Pillsbury
  • USA
  • June 13 2017

On June 9, 2017, the Department of Labor (DOL) regulation updating the definition of “fiduciary” for purposes of ERISA became effective, along with a

MPF Default Investment Strategy launched on 1 April 2017
  • Deacons
  • Hong Kong
  • April 7 2017

The DIS is a new legislative reform of the Mandatory Provident Fund (MPF) system under which all MPF trustees are required to provide the DIS in each

2016 OSC Compliance and Registrant Regulation Report
  • AUM Law
  • Canada
  • July 31 2016

On July 21, 2016, the Compliance and Registrant Regulation (CRR) Branch of the Ontario Securities Commission (OSC) released its annual report

Personal conflicts of interest: new FAR challenges for contractors
  • Venable LLP
  • USA
  • November 10 2011

On November 2, 2011, the Civilian Agency Acquisition Council and the Defense Acquisition Regulations Council (the “Councils”) issued a final rule amending the Federal Acquisition Regulations (the “FAR”) by requiring contractors to identify and prevent personal conflicts of interest (“PCIs”) for contractor employees.

Taxation of passive foreign investment companies: current rules, problems and possible solutions
  • Caplin & Drysdale, Chartered
  • USA
  • November 9 2011

The United States has for many years taxed certain U.S. shareholders of closely held or controlled foreign corporations deriving principally passive or related-party income on their pro rata share of the corporation's earnings whether or not distributed.

Seventh Circuit and Third Circuit appellate courts dismiss 401(k)-fee suits
  • Ropes & Gray LLP
  • USA
  • October 20 2011

In recent cases, Loomis v. Exelon Corp., 2011 U.S. App. LEXIS 18480 (7th Cir. 2011) (“Loomis”) and Renfro v. Unisys, 2011 U.S. App. LEXIS 17208 (3rd Cir. 2011) (“Renfro”), the Seventh and Third Circuit appellate courts, respectively, dismissed plaintiffs’ claims that the administrators for 401(k) defined contribution plans had breached their fiduciary duties, finding that the respective district courts had correctly dismissed each case based on the pleadings.

The SEC brings its first insider trading case involving an exchange traded fund in its second administrative insider trading its second administrative insider trading
  • Latham & Watkins LLP
  • USA
  • October 18 2011

The Securities and Exchange Commission (the SEC) has brought its first insider trading case involving an exchange-traded fund (ETF), filing a complaint against Spencer Mindlin and his father, Alfred Mindlin, in its second ever administrative insider trading enforcement proceeding.

Breach of fiduciary duty case addressed by 7th Circuit
  • Seyfarth Shaw LLP
  • USA
  • September 30 2011

On September 6, 2011, in Loomis v. Exelon Corp.(Case Nos. 09-4081 and 10-1755), the Seventh Circuit found that the fiduciaries of Exelon Corporation’s defined contribution retirement plan did not breach their fiduciary duties by offering “retail” mutual funds (i.e. funds that are available to the general public), nor by requiring participants to bear the expenses of those funds.

Sixth Circuit finds that mutual fund class action is preempted by slusa
  • Katten Muchin Rosenman LLP
  • USA
  • September 16 2011

Shareholders in three mutual funds issued by Morgan Keegan Select Fund, Inc. (the Funds) filed a state court class action alleging that the Funds’ officers, directors, and affiliates took unjustified risks in allocating the Funds’ assets and then concealed those risks from shareholders, causing the shareholders to retain their shares while the shares dropped in value.

Class action dismissed based on SLUSA
  • Dorsey & Whitney LLP
  • USA
  • September 14 2011

The Sixth Circuit Court of Appeals affirmed the dismissal of a securities class action tied to the market crisis and brought against three mutual funds issued by Morgan Keegan Select Fund, Inc., an open-ended investment company.