October 12, 2017 | Permalink
Fund Name: Infinity Long/Short Equity Fund LLC
Adviser: Infinity Capital Advisors LLC
Sub-Adviser(s): None
Fees: 1.25% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: Accredited investor; $25,000 minimum initial investment, $10,000 minimum subsequent investment
Filing Date: Oct. 4, 2017
Effective Date: Pending
   
Fund Name: OFS Credit Company
Adviser: OFS Capital Management LLC
Sub-Adviser(s): None
Fees: 1.75% Management Fee
Open- or Closed-End: Closed-End (Exchange traded - NASDAQ Global Select Market)
Investor Restrictions: None
Filing Date: Oct. 4, 2017
Effective Date: Pending
   
Fund Name: Calamos Long/Short Equity Income 2028 Term Trust
Adviser: Calamos Advisors LLC
Sub-Adviser(s): None
Fees: 1.1% Management Fee
Open- or Closed-End: Closed-End (Exchange traded - NASDAQ Global Select Market)
Investor Restrictions: None
Filing Date: Sept. 22, 2017
Effective Date: Pending
   
Fund Name: Cushing MLP Infrastructure Fund
Adviser: Cushing Asset Management LP
Sub-Adviser(s): None
Fees: 1% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $2,000 minimum initial investment (Class A and C), $250 minimum initial investment (Individual retirement accounts), $250,000 minimum initial investment (Class I); $100 minimum subsequent investment (All share classes)
Filing Date: Sept. 19, 2017
Effective Date: Pending
   
Fund Name: Angel Oak Strategic Credit Fund
Adviser: Angel Oak Capital Advisors LLC
Sub-Adviser(s): None
Fees: 1.25% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $50,000 minimum initial investment
Filing Date: Sept. 15, 2017
Effective Date: Pending
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October 6, 2017 | Permalink
Goldman Sachs, Pimco, OppenheimerFunds and Nuveen Fund Advisors are pushing for equal rights when it comes to running index funds tied to the global bond market. The firms are asking the SEC for more flexibility in constructing ETFs that track indexes. Since bonds are more difficult to locate and trade than stocks, money managers are asking the SEC to relax constraints it imposed on index-based ETFs as they became the fastest-growing vehicle for investing in equities. Approval from the SEC would put the aforementioned firms on the same footing as the three ETF pioneers - BlackRock's iShares unit, Vanguard and State Street.
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October 3, 2017 | Permalink
Federal Reserve Governor Jerome Powell and CFTC Chairman Christopher Giancarlo both cited cybersecurity as a fundamental risk point for the financial sector during a discussion at George Washington University Law School. Giancarlo said the SEC hack raises questions about how much proprietary data should be held by market regulators. Since the 2016 hack was disclosed in September, companies have raised concerns about giving over closely held data such as trading source code to government regulators. The concerns threaten to trip up implementation of the SEC's consolidated audit trail rule, which would keep track of every trade and order in U.S. stock and option markets, as well as efforts by the CFTC to expand regulators’ access to the computer code that drives automated trading strategies and bring more high-frequency traders under their oversight.
Related News:
Chairman Clayton provides update on review of 2016 cyber intrusion involving EDGAR system - SEC
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September 29, 2017 | Permalink
Birch Century International launched the Long/Short Global Equity Fund, which aims to provide retail investors and institutional clients with an alternative exposure to global equity markets. Hong Kong and New York-based Birch Century said the fund will offer investors with a liquid alternative solution and will be managed as an extension to its existing alternative investment offering using a systematic investment process that prioritizes asset protection against downside risk and actively invests in emerging and developed market index futures, with a focus on moderate value tilt.
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September 28, 2017 | Permalink
CFTC chairman J. Christopher Giancarlo named Brian A. Bussey as the director of the Division of Division of Clearing and Risk (DCR), effective Oct. 16. Bussey is currently associate director for Derivatives Policy and Trading Practices in the SEC's Division of Trading and Markets. The DCR oversees derivatives clearing organizations and other market participants in the clearing process, including futures commission merchants, swap dealers, major swap participants and large traders. It also makes recommendations on DCO applications and eligibility, rule submissions, and which types of swaps should be cleared.
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September 28, 2017 | Permalink
Fund Name: Cushing MLP Infrastructure Fund
Adviser: Cushing Asset Management LP
Sub-Adviser(s): None
Fees: 1% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $2,000 minimum initial investment (Class A and C), $250 minimum initial investment (Individual retirement accounts), $250,000 minimum initial investment (Class I); $100 minimum subsequent investment (All share classes)
Filing Date: Sept. 19, 2017
Effective Date: Pending
   
Fund Name: IBAA Fund
Adviser: IBAA
Sub-Adviser(s): None
Fees: 1.5% Management Fee
Open- or Closed-End: Closed-End (Exchange traded - NYSE)
Investor Restrictions: Qualified clients; $50,000 minimum initial investment, $10,000 minimum subsequent investment
Filing Date: Sept. 5, 2017
Effective Date: Pending
   
Fund Name: Harvest Volatility Absolute Fund
Adviser: Harvest Volatility Management LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $2,500 minimum initial investment for investor class shares, $1,000 for retirement and education savings accounts and $1,500 for automatic investment plan accounts; $25,000 minimum initial investment for institutional class shares; $100 minimum subsequent investment (all accounts).
Filing Date: Sept. 1, 2017
Effective Date: Pending
   
Fund Name: Harvest Edge Equity Fund
Adviser: Harvest Volatility Management LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $2,500 minimum initial investment for investor class shares, $1,000 for retirement and education savings accounts and $1,500 for automatic investment plan accounts; $25,000 minimum initial investment for institutional class shares; $100 minimum subsequent investment (all accounts).
Filing Date: Sept. 1, 2017
Effective Date: Pending
   
Fund Name: Harvest Edge Bond Fund
Adviser: Harvest Volatility Management LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $2,500 minimum initial investment for investor class shares, $1,000 for retirement and education savings accounts and $1,500 for automatic investment plan accounts; $25,000 minimum initial investment for institutional class shares; $100 minimum subsequent investment (all accounts).
Filing Date: Sept.1, 2017
Effective Date: Pending
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September 28, 2017 | Permalink
Andrew M. Calamari, director of the SEC's New York Regional Office, will leave the agency this month after 17 years of service. Calamari has led a staff of approximately 400 enforcement attorneys, accountants, investigators and compliance examiners in investigations, enforcement actions and the performance of compliance inspections in New York. The office has responsibility for the largest concentration of SEC-registered financial institutions including more than 4,000 investment banks, investment advisers, broker-dealers, mutual funds and hedge funds.
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September 25, 2017 | Permalink
The CFTC's Division of Market Oversight (DMO) issued a no-action letter extending the current relief and provides additional relief to reporting parties from reporting obligations required by the ownership and control reports final rule (OCR Final Rule). Approved in 2013, the OCR Final Rule established requirements related to new ownership and control rules and related forms to enhance its identification of futures and swap market participants, as well as the electronic submission of trader identification and market participant data. In response to compliance difficulties associated with certain OCR reporting obligations identified by reporting parties and industry groups, DMO said the substantive relief - which extends the relief previously provided in April 2016 - will remain in effect until the earlier of: (a) the later of the applicable effective date or compliance date of a Commission action, such as a rulemaking or order, addressing such obligation and (b) Sept. 28, 2020.
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September 25, 2017 | Permalink
The SEC announced the creation of a Cyber Unit and the establishment of a retail strategy task force, the latest initiatives in the Enforcement Division's efforts to address cyber-based threats and protect retail investors. The Cyber Unit will focus on misconduct such as: Market manipulation schemes involving false information spread through electronic and social media; Hacking to obtain material non-public information; Violations involving distributed ledger technology and initial coin offerings; Intrusions into retail brokerage accounts; and Cyber-related threats to trading platforms and other critical market infrastructure. Robert A. Cohen was appointed chief of the Cyber Unit and will also continue to lead the Market Abuse Unit. Meanwhile, the Retail Strategy Task Force will aim to develop "proactive, targeted initiatives" to identify large-scale misconduct impacting retail investors.
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September 20, 2017 | Permalink
After it was revealed that the SEC's Edgar filing system had been hacked in 2016, chairman Jay Clayton issued a statement highlighting the importance of cybersecurity to the agency and market participants, and detailing the agency's approach to cybersecurity as an organization and as a regulatory body. The SEC learned in August that an incident previously detected in 2016 may have provided the basis for illicit gain through trading. Specifically, a software vulnerability in the test filing component of the Edgar system, which the SEC says was patched promptly after discovery, was exploited and resulted in access to non-public information. However, the SEC does not believe the intrusion resulted in unauthorized access to personally identifiable information, jeopardized the operations of the SEC or resulted in systemic risk. An internal investigation of the event is underway.
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