May 25, 2017 | Permalink
Fund Name: Putnam PanAgora Managed Futures Fund
Adviser: Putnam Investment Management LLC
Sub-Adviser(s): PanAgora Asset Management Inc.
Fees: 1% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $500 minimum initial investment (currently waived; Putnam reserves the right to reject initial investments of less than $500 at its discretion)
Filing Date: May 23, 2017
Effective Date: Pending
   
Fund Name: PanAgora Market Neutral Fund
Adviser: Putnam Investment Management LLC
Sub-Adviser(s): PanAgora Asset Management Inc.
Fees: 1.3% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $500 minimum initial investment (currently waived; Putnam reserves the right to reject initial investments of less than $500 at its discretion)
Filing Date: May 23, 2017
Effective Date: Pending
   
Fund Name: Putnam PanAgora Risk Parity Fund
Adviser: Putnam Investment Management LLC
Sub-Adviser(s): PanAgora Asset Management Inc.
Fees: 0.75% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $500 minimum initial investment (currently waived; Putnam reserves the right to reject initial investments of less than $500 at its discretion)
Filing Date: May 23, 2017
Effective Date: Pending
   
Fund Name: Vivaldi Opportunities Fund
Adviser: Vivaldi Asset Management LLC
Sub-Adviser(s): RiverNorth Capital Management LLC and Angel Oak Capital Advisors LLC
Fees: Management fee payable on a monthly basis at the annual rate of 1.4% of the Fund's average daily Managed Assets.
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: $1,500 minimum initial investment, $500 minimum subsequent investment
Filing Date: May 22, 2017
Effective Date: Pending
   
Fund Name: Invesco High Income 2024 Target Term Fund
Adviser: Invesco Advisers Inc.
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Minimum investment of 100 common shares
Filing Date: May 10, 2017
Effective Date: Pending
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May 22, 2017 | Permalink
The CFTC approved amendments to its Whistleblower Rules that will strengthen anti-retaliation protections for whistleblowers and enhance the process for reviewing whistleblower claims. The changes follow a reinterpretation of the CFTC's anti-retaliation authority under the Commodity Exchange Act and allow either the CFTC or a whistleblower to bring an action against an employer for retaliation against a whistleblower. The amendments also prohibit employers from taking steps to impede a would-be whistleblower from communicating directly with the CFTC about a possible violation by using a confidentiality, pre-dispute arbitration or similar agreement. The changes also establish a claims review process that will involve creation of a Claims Review Staff, in place of the Whistleblower Award Determination Panel, to consider and issue a Preliminary Determination as to whether an award claim should be granted or denied.
Related News:
CFTC bolsters rules to shield whistleblowers from retaliation - Reuters
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May 22, 2017 | Permalink
Labor Secretary Alexander Acosta says there is "no principled legal basis" to further extend the June 9 effective date for the parts of the fiduciary rule, even as the department seeks further public comment on the regulation. Implementation of the Obama-era regulation, designed to protect retirement savings from conflicted investment advice, was delayed once from its original April 10 date on the direction of President Donald Trump. The rule will take partial effect on June 9, with brokers and insurance agents not falling under certain aspects of the regulation until Jan. 1, 2018. In a Wall Street Journal opinion piece, Acosta said the rule "as written may not align with President Trump's deregulatory goals," adding he hoped the SEC "will be a full participant" during the review of the rule and its impact.
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May 17, 2017 | Permalink
In response to the global WannaCry ransomware attack, the SEC's National Exam Program issued a risk alert emphasizing the importance of conducting penetration tests and vulnerability scans on critical systems, as well as implementing system upgrades on a timely basis. Specifically, in order to protect against WannaCry, it advises broker-dealers and investment management firms to review the Department of Homeland Security's Computer Emergency Readiness Team's alert on the topic, as well evaluate whether applicable Microsoft patches for Windows XP, Windows 8 and Windows Server 2003 operating systems have been properly and timely installed.
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May 16, 2017 | Permalink
The SEC is reportedly reconsidering its previous approval of a pair of quadruple-leveraged ETFs, with the full commission planning to review the staff members' decision to approve an application to trade the potentially risky funds. The SEC initially approved the ForceShares Daily 4X US Market Futures Long Fund and ForceShares Daily 4X US Market Futures Short Funds, despite having proposed a rule in 2016 that would limit the use of derivatives and leverage in mutual funds and ETFs. The decision also contrasted with recent warnings and enforcement efforts from both the SEC and FINRA aimed at protecting investors from complex, volatile investment products. It was not immediately clear what prompted the review of staff's decision, which was interpreted as a possible signal the proposed rule will not be adopted as the commission shifts gears under the deregulation agenda of the new administration.
Related News:
Quadruple-levered ETF? SEC hits pause on its approval of an exotic investment - Wall Street Journal
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May 11, 2017 | Permalink
Fund Name: Tortoise Essential Assets Income 2024 Term Fund
Adviser: Tortoise Capital Advisors LLC
Sub-Adviser(s): Tortoise Credit Strategies LLC
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Minimum investment of 100 common shares
Filing Date: April 24, 2017
Effective Date: Pending
   
Fund Name: XAI Octagon Floating Rate Income & Credit Alternative Trust
Adviser: XA Investments LLC
Sub-Adviser(s): Octagon Credit Investors LLC
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Not specified
Filing Date: April 7, 2017
Effective Date: Pending
   
Fund Name: USQ Core Real Estate Fund
Adviser: Union Square Capital Partners LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $2,500 minimum initial investment, $100 minimum subsequent investment (Class IS); $25,000 minimum initial investment, $100 minimum subsequent investment (Class I)
Filing Date: April 6, 2017
Effective Date: Pending
   
Fund Name: NB Crossroads Private Markets Fund V (TE)
Adviser: Neuberger Berman Investment Advisers LLC
Sub-Adviser(s): NB Alternatives Advisers LLC
Fees: The Fund, through its investment in the Master Fund, will indirectly bear the management fees and carried interest allocations (or equivalent) of the Portfolio Funds; the expenses of the Portfolio Funds, including without limitation, investment-related expenses, non-investment related interest expense, administrative expenses and fees and disbursements of attorneys and accountants engaged on behalf of the Portfolio Fund and other ordinary and extraordinary expenses.
Open- or Closed-End: Closed-End (Feeder fund)
Investor Restrictions: Accredited investors and qualified clients; $50,000 minimum investment
Filing Date: March 31, 2017
Effective Date: Pending
   
Fund Name: FS Global Credit Opportunities Fund-T2
Adviser: FS Global Advisor LLC
Sub-Adviser(s): GSO Capital Partners LP
Fees: Management Fee calculated and payable quarterly in arrears at the annual rate of 2% of the Fund's average daily gross assets during such period.
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $5,000 minimum initial investment, $500 minimum subsequent investment; Investors are required to have either: (i) a net worth - not including home, furnishings and personal automobiles - of at least $70,000 and an annual gross income of at least $70,000; or (ii) a net worth - not including home, furnishings and personal automobiles - of at least $250,000.
Filing Date: March 28, 2017
Effective Date: Pending
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May 11, 2017 | Permalink
Lucas Moskowitz has been named the agency’s chief of staff. Moskowitz formerly served as Chief Investigative Counsel of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, where he led the investigative and oversight activities in connection with a wide variety of banking, securities, housing and insurance matters. Before joining the Senate Banking Committee, Moskowitz served as a counsel on the Financial Services Committee of the House of Representatives, where he worked on legislative and oversight matters to strengthen U.S. capital markets and promote capital formation.
Related News:
SEC names Sean Memon deputy chief of staff - SEC
SEC names Jaime Klima chief counsel - SEC
SEC names Robert B. Stebbins as general counsel - SEC
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May 4, 2017 | Permalink
Jay Clayton was sworn in as chairman of the SEC after the Senate voted 61 to 37 to approve President Trump's nomination. The former Wall Street lawyer faced criticism from Democrats, such as senators Sherrod Brown of Ohio and Elizabeth Warren of Massachusetts, including for his legal ties to Goldman Sachs that formed when he was a partner at Sullivan & Cromwell. After a period that saw the SEC adding to its oversight of the markets, Clayton is expected to lead efforts to reduce regulations in order to spur economic growth.
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May 3, 2017 | Permalink
CFTC is seeking input from industry, other stakeholders and interested parties, and the broader public on simplifying and modernizing its rules. Acting chairman J. Christopher Giancarlo initially announced Project KISS (Keep It Simple, Stupid) in March as an agency-wide internal review of CFTC rules, regulations and practices to identify those areas that can be simplified to make them less burdensome and less costly. The CFTC is now seeking ideas on how CFTC rules can be simplified and made less costly to comply. Giancarlo stated the exercise was not about repealing or rewriting rules, but rather applying existing rules in simpler, less burdensome ways.
Related News:
CFTC proposes changes to CCO duties, annual report rules - CFTC
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May 2, 2017 | Permalink
Private markets manager Portfolio Advisors will act as a sub-adviser to the $582-million Hatteras Core Alternatives Fund. Liquid alternative specialist firm Hatteras recently announced it would seek a new sub-adviser partner to improve the fund's performance. In selecting Portfolio Advisors, Hatteras said it would benefit "from more prudent and strategic utilization of hedge fund strategies specifically designed to offer volatility dampening and liquidity management."
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