January 5, 2017 | Permalink
Fund Name: VanEck Coastland Online Consumer Finance Fund
Adviser: Van Eck Associates Corporation
Sub-Adviser(s): Coastland Capital LLC
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $1 million minimum initial investment; minimum subsequent investment not specified.
Filing Date: Dec. 30, 2016
Effective Date: Pending
   
Fund Name: Eaton Vance High Income 2022 Target Term Trust
Adviser: Eaton Vance Management
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: Dec. 20, 2016
Effective Date: Pending
   
Fund Name: FS Diversified Income Fund
Adviser: FS Diversified Income Advisor LLC
Sub-Adviser(s): Not specified
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $2,500 minimum investment for regular accounts, $1,000 for retirement plan accounts; $100 minimum subsequent investment for regular accounts, $50 for retirement plan accounts (Class A and C); Minimum initial investment for Class I shares not specified, subsequent investments may be made in any amount.
Filing Date: Dec. 13, 2016
Effective Date: Pending
   
Fund Name: BlackRock 2022 Global Income Opportunity Trust
Adviser: BlackRock Advisers LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Minimum investment of 100 common shares ($1,000)
Filing Date: Dec. 6, 2016
Effective Date: Pending
   
Fund Name: City National Rochdale Reinsurance Premium Fund
Adviser: City National Rochdale LLC
Sub-Adviser(s): None
Fees: 0.5% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: Minimum Investment: By or through an RIA or intermediary= $1 million per RIA or intermediary; Direct Investment= $1 million
Filing Date: Dec. 5, 2016
Effective Date: Pending
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January 3, 2017 | Permalink
CFTC chairman Timothy Massad tendered his resignation from the commission to President Obama, effective Jan. 20, 2017. Massad assumed leadership of the CFTC on June 5, 2014, having previously served as assistant secretary for financial stability at the Department of the Treasury, overseeing the Troubled Asset Relief Program (TARP). Before joining the Treasury, he served as a legal advisor to the Congressional Oversight Panel for TARP. President-elect Donald Trump will appoint his successor and J. Christopher Giancarlo, the CFTC's only Republican member, is expected to be named interim CFTC chair, The Wall Street Journal reports.
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December 22, 2016 | Permalink
In a pair of appointments, the SEC named Timothy Husson as associate director in the Division of Investment Management's Risk and Examinations Office and Sara P. Crovitz as deputy chief counsel and associate director in the division's Chief Counsel's Office. Husson will oversee the management and operations of data analysis and examination projects and initiatives related to the asset management industry and provide guidance on complex financial and quantitative issues as he leads the asset management monitoring program. Crovitz will assist the chief counsel in overseeing legal guidance under the Investment Company and Investment Advisers Acts of 1940, focusing on strategic collaboration between the chief counsel's office and other offices within the Division of Investment Management and the SEC.
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December 20, 2016 | Permalink
Liquid alternative specialist AlphaCentric Funds converted an options-focused hedge fund into a mutual fund, to be called the AlphaCentric Hedged Market Opportunity Fund (HMXIX). The new fund will follow the same systematic, rules-based options strategy as its hedge fund predecessor, which was managed by Theta Capital Partners managing director Russell Kellites, who will remain as portfolio manager.
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December 19, 2016 | Permalink
The CFTC's Division of Market Oversight announced time-limited no-action relief to DCOs and reporting entities for certain swaps reporting obligations amended by a CFTC Final Rule published on June 27. The action relieves DCOs of their obligations to report original swap terminations as required by the Cleared Swap Rule for up to six months, or until DCOs can sufficiently test required changes to their reporting systems. It also relieves all swaps reporting entities of obligations to report new primary economic terms data fields added by the Cleared Swap Rule for up to three months or upon the acceptance of such data fields by swap data repositories.
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December 15, 2016 | Permalink
The SEC's Division of Investment Management published guidance stating mutual funds that modify fee structures and offer new share classes in order to comply with the Department of Labor's investment advice rule must clearly highlight the changes, which can be outlined in a prospectus appendix. The guidance further clarified how funds should disclose changes to sales loads leveling compensation for brokers, stating it should "specifically identify each intermediary whose investors receive a sales load variation" in a "clear, concise and understandable manner," using tables, schedules and charts as necessary to aid understanding. The SEC said it would not object to the use of a standalone appendix. Currently set to become effective on April 10, 2017, the rule faces an uncertain future as President-elect Donald Trump promised to either halt or dismantle it before implementation.
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December 15, 2016 | Permalink
Fund Name: FS Diversified Income Fund
Adviser: FS Diversified Income Advisor LLC
Sub-Adviser(s): Not specified
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $2,500 minimum investment for regular accounts, $1,000 for retirement plan accounts; $100 minimum subsequent investment for regular accounts, $50 for retirement plan accounts (Class A and C); Minimum initial investment for Class I shares not specified, subsequent investments may be made in any amount.
Filing Date: Dec. 13, 2016
Effective Date: Pending
   
Fund Name: BlackRock 2022 Global Income Opportunity Trust
Adviser: BlackRock Advisers LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Minimum investment of 100 common shares ($1,000)
Filing Date: Dec. 6, 2016
Effective Date: Pending
   
Fund Name: City National Rochdale Reinsurance Premium Fund
Adviser: City National Rochdale LLC
Sub-Adviser(s): None
Fees: 0.5% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: Minimum Investment: By or through an RIA or intermediary= $1 million per RIA or intermediary; Direct Investment= $1 million
Filing Date: Dec. 5, 2016
Effective Date: Pending
   
Fund Name: PIMCO Flexible Credit Income Fund
Adviser: Pacific Investment Management Company LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: Not specified
Filing Date: Nov. 3, 2016
Effective Date: Pending
   
Fund Name: Steadfast Alcentra Global Credit Fund
Adviser: Steadfast Investment Adviser LLC
Sub-Adviser(s): Alcentra NY LLC
Fees: Management Fee: 2% of gross assets up to and including $500 million; 1.75% of gross assets over $500 million and up to and including $1 billion; and 1.50% of gross assets over $1 billion
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $4,000 minimum initial investment (Class A, T and D); $10,000 minimum initial investment (Class I); Additional purchases in $500 increments, unless made pursuant to the DRP or as otherwise permitted by the Fund
Filing Date: Nov. 3, 2016
Effective Date: Pending
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December 13, 2016 | Permalink
The Rational Dynamic Momentum Fund was converted from Chesapeake Capital's flagship managed futures hedge fund. The fund's managed futures strategy is based on capital appreciation uncorrelated to global equity markets through investments in long and short positions on futures contracts, forward contracts and options on futures contracts. The fund's previous hedge fund management team remains in place. The new liquid alternative fund joins Huntington, N.Y.-based Rational Funds' lineup of six mutual fund products, including growth, emerging market, absolute return and dividend capture strategies.
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December 8, 2016 | Permalink
David Blass, general counsel of the Investment Company Institute, told the SEC's Investor Advisory Committee that the Department of Labor's fiduciary rule is already acting to deprive investors of financial advice. In his appearance before the committee, Blass said small mutual fund investors are now seeking investment advice from the funds due to the "excessively convoluted" rule, which the industry group says is harming investors by making investment advice more expensive to give and receive. Blass offered anecdotal evidence that some investors with individual retirement accounts are finding their brokers aren't advising them on the small positions they hold in mutual funds, while the funds don't have an advisory relationship with them.
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December 6, 2016 | Permalink
OppenheimerFunds debuted an Ireland-domiciled UCITS-compliant fund platform designed to expand the reach of its products to global investors. OppenheimerFunds ICAV and its sub-funds will focus on investments in global and developing markets equities, with the firm's flagship global value, global equity and developing markets equity funds being the first strategies to become available on the platform. All three funds have established track records as U.S. vehicles, with UCITS-compliant versions launching recently.
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