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How much (and how conflicted) is that portfolio manager in the window? Implications of the SEC proposed rule on enhanced portfolio management disclosure for registered investment companies

How much (and how conflicted) is that portfolio manager in the window? Implications of the SEC... There has been tremendous focus by the U.S. Securities and Exchange Commission (“SEC”) and by other parties, such as the New York Attorney General, on investment advisory fees levied by mutual funds as well as conflicts of interest between portfolio managers and their various types of clients. Sometimes these debates have ended up in Congress where the implied threat to the SEC was “if you don’t act we will.” And some of the congressional proposals, if enacted, would have created far‐reaching consequences for both investors and investment companies by proscribing certain conflicts. The SEC, on the other hand, has used sunlight principally as its preferred antiseptic. Increased disclosure requirements over a variety of activities has been the norm in the its recently adopted rules and regulations. The Commission has proposed amendments to Forms N1‐A, N‐2, N‐3 and N‐CSR calling for enhanced disclosure regarding the three C’s: compensation, composition of the management team, and conflicts of interest. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Investment Compliance Emerald Publishing

How much (and how conflicted) is that portfolio manager in the window? Implications of the SEC proposed rule on enhanced portfolio management disclosure for registered investment companies

James A. Hartmann
Journal of Investment Compliance , Volume 5 (3): 4 – Jul 1, 2004
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Publisher
Emerald Publishing
Copyright
Copyright © 2004 Emerald Group Publishing Limited. All rights reserved.
ISSN
1528-5812
DOI
10.1108/15285810410636479
Publisher site
See Article on Publisher Site

Abstract

There has been tremendous focus by the U.S. Securities and Exchange Commission (“SEC”) and by other parties, such as the New York Attorney General, on investment advisory fees levied by mutual funds as well as conflicts of interest between portfolio managers and their various types of clients. Sometimes these debates have ended up in Congress where the implied threat to the SEC was “if you don’t act we will.” And some of the congressional proposals, if enacted, would have created far‐reaching consequences for both investors and investment companies by proscribing certain conflicts. The SEC, on the other hand, has used sunlight principally as its preferred antiseptic. Increased disclosure requirements over a variety of activities has been the norm in the its recently adopted rules and regulations. The Commission has proposed amendments to Forms N1‐A, N‐2, N‐3 and N‐CSR calling for enhanced disclosure regarding the three C’s: compensation, composition of the management team, and conflicts of interest.

Journal

Journal of Investment Compliance – Emerald Publishing

Published: Jul 1, 2004

Keywords: Financial institutions; Investments; Investment funds; Investors; Investments

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