Last week the House of Representatives passed two relevant bills: one limits the Department of Labor's ability to impose a fiduciary duty on brokers and investment advisers, the other limits the "swaps push out" provisions of Dodd-Frank. The Senate Banking Committee held a hearing on JOBS Act implementation. Also of note, Houlihan Lokey released a report on shareholder activism and the Bipartisan Policy Center released a study on the Volcker Rule.
On Wednesday of this week, the CFTC is expected to unveil its revised position limits rule.
This Update reviews:
- The two financial services-related bills passed by the House of Representatives;
- Last week's Senate Banking Committee hearing on JOBS Act implementation;
- Comments received by the SEC in response to the Department of Treasury's study on the asset management industry;
- Charges the SEC brought against three registered investment advisory firms for violating the custody rule; and
- Reports by Houlihan Lokey on shareholder activism and the Bipartisan Policy Center on the Volcker Rule.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
