SEC, FINRA take closer look at investment fees | Execs examine threats to bull market | FSOC recommends private-sector cybersecurity monitoring
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December 15, 2017
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SEC, FINRA take closer look at investment fees
The Securities and Exchange Commission and the Financial Industry Regulatory Authority have increased scrutiny of investor fees and high-fee share classes, a shift due partly to the Labor Department's fiduciary rule, as well as a trend toward passive investing, industry participants say. "The regulatory bodies believe that the all-in cost of retirement is too high," said Whitfield Athey, CEO of Delta Data.
InvestmentNews (tiered subscription model) (12/14) 
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Industry Update
Execs examine threats to bull market
Wall Street executives discuss what could go wrong as the bull market continues with historically low volatility and high equities. A run on quant funds, cyberthreats and the health of China's economy top the list of worries.
Bloomberg (free registration) (11/28) 
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FSOC recommends private-sector cybersecurity monitoring
The Financial Stability Oversight Council recommends creating a private-sector council to identify cybersecurity vulnerabilities, as well as letting regulators monitor private IT contractors. The FSOC says regulators should "ensure that the largest financial institutions have sufficient capital and liquidity to reduce their vulnerability to economic and financial shocks."
The Wall Street Journal (tiered subscription model) (12/14),  Financial Times (tiered subscription model) (12/14) 
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Goldman reportedly demands full margin on bitcoin futures
Goldman Sachs reportedly wants 100% margin from some clients for clearing bitcoin futures trades, inclusive of margin requirements by Cboe Global Markets and CME Group. "Margin decisions are based on multiple factors and vary on a case-by-case basis," Goldman spokeswoman Tiffany Galvin said.
Bloomberg (free registration) (12/14) 
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Pass-through tax change could rattle brokerage industry
The changes to how pass-through businesses are taxed in the tax bill could shake up the brokerage industry, some firms fear. The problem stems from the fact that independent brokers would be able to deduct up to 20% on their taxes as a pass-through business while brokers employed at larger firms, including those owned by banks, would not benefit from those deductions, potentially prompting some brokers to switch jobs.
Bloomberg (free registration) (12/14) 
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CFTC evaluates EU post-trade reporting rules for derivatives
The Commodity Futures Trading Commission is reviewing EU post-trade reporting rules for derivatives transactions to determine whether they can be considered equivalent to US rules. The CFTC exempted 16 EU trading platforms from US registration requirements but didn't address EU post-trade reporting rules.
MLex (subscription required) (12/13) 
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New York Focus
NJ Transit calls for fare surcharge to pay for new rail tunnels
NJ Transit is proposing a fare surcharge on rail commuters traveling to New York City to help cover the cost of new rail tunnels under the Hudson River. The transit agency said in a letter to the US Department of Transportation that it plans to collect a 90-cent-per-trip surcharge starting in 2020.
NJ Advance Media (Morristown, N.J.) (12/14) 
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MTA considers real estate tax to help rebuild subways
Officials at the Metropolitan Transportation Authority are talking about taxing some of the real estate wealth created by the building of transit systems to help fix New York City's subways, a strategy known to urban planners as "value capture." Chairman Joseph Lhota said the agency will ask for legislation allowing it to implement the idea.
The New York Times (free-article access for SmartBrief readers) (12/14) 
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On The Economy
Rubio's opposition puts GOP tax bill in doubt
Rubio's opposition puts GOP tax bill in doubt
Rubio (Scott Olson/Getty Images)
The fate of the Republican tax bill became uncertain when Sen. Marco Rubio, R-Fla., said he would not vote for the measure unless the child tax credit is increased, a provision that would increase the cost of the bill. Under congressional rules, the bill can't increase the deficit during the next 10 years by more than $1.5 trillion if Republicans are to pass it without Democratic votes.
The New York Times (free-article access for SmartBrief readers) (12/14),  Los Angeles Times (tiered subscription model) (12/14) 
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Financial Products
IndexIQ launches index-tracking large-cap equity ETF
IndexIQ has brought to Nasdaq a large-cap equity exchange-traded fund linked to the Chaikin Power Gauge stock-rating model, which investment strategist Marc Chaikin developed. The model analyzes Nasdaq US 300 Index stocks based on value, growth, technical and market-sentiment factors.
ETF Trends (12/13),  ETF (12/13) 
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CFA Society New York News
Past Events Gallery
Check out what you might have missed through our Past Events Gallery.
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Harvesting Risk Premia in Alternative Asset Classes and Investment Strategies
Join Yale School of Management and EDHEC-Risk Institute for a three-day executive education seminar Harvesting Risk Premia in Alternative Asset Classes and Investment Strategies. Participants of this seminar leave with the ability to leverage alternative investments as a method for increasing performance, while decreasing the risk of their portfolio. This seminar will be held Feb. 5-7 at the Yale School of Management. CFA Society New York Members receive a 20% discount.
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