Regulators might drop unfinished Dodd-Frank rules | Taxes on hedge funds' offshore gains come due | House committee votes to replace Labor's fiduciary rule
July 21, 2017
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Regulators might drop unfinished Dodd-Frank rules
Several US regulators, including the Securities and Exchange Commission, are considering dropping unfinished Dodd-Frank Act rules, including restrictions on executive bonuses and oversight of swaps trading, according to a regulatory agenda. "The agenda gives you a sense of where the agency is going to focus its resources, but it is not dispositive about what it ultimately will or will not do," said Willkie Farr & Gallagher's James Burns, a former SEC official.
The Wall Street Journal (tiered subscription model) (7/20) 
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BlackRock: ETFs transforming active management
Investors are increasingly turning to indexed ETFs to pursue active objectives. Institutions are using ETFs to construct portfolios, fine-tune risk, and improve operational tasks like cash management and portfolio transitions.
Learn more in BlackRock's ETF Desk Reference.
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Industry Update
Taxes on hedge funds' offshore gains come due
A provision of the Emergency Economic Stabilization Act of 2008 allowing hedge funds to defer tax payments on offshore income will sunset in 2018, forcing funds to pay federal, state and local back taxes. The Joint Committee on Taxation estimated in 2008 that the measure would raise $25 billion.
The Wall Street Journal (tiered subscription model) (7/20) 
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House committee votes to replace Labor's fiduciary rule
The House Committee on Education and the Workforce voted for a bill that would repeal the Labor Department's fiduciary rule and replace it with a best-interest standard for investment advice. The bill is expected to pass in the House but faces uncertainty in the Senate.
BenefitsPro (7/19),  InvestmentNews (tiered subscription model) (7/19) 
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2 JPMorgan whistleblowers share $61M SEC settlement
The Securities and Exchange Commission is awarding two whistleblowers a total of $61 million for information regarding JPMorgan Chase's steering of affluent clients to investments most profitable to the bank.
Bloomberg (7/20) 
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The Truth About Cloud Security
Protecting your clients' sensitive data is not optional. Data security is so important in finance that suspicion alone leaves many firms to reject modern cloud software as new or unproven. However, the facts tell a different story. Read this revealing e-book for 13 security facts your organization needs to make the best decision for your clients.
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New York Focus
MTA chief asks City Hall for more money
Joseph Lhota, chairman of the Metropolitan Transportation Authority, has called on New York City to contribute additional funds to solve the transportation system's crisis. Austin Finan, a spokesman for the mayor, rejects the assertion that the city provides inadequate funding.
The New York Times (free-article access for SmartBrief readers) (7/20) 
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Competition brings down ticket prices at Newark airport
New Jersey's Newark Liberty International Airport has more airlines offering lower ticket prices than it did a year ago. The Port Authority of New York and New Jersey credits the lower prices to increased competition made possible when the Federal Aviation Administration relaxed slot restrictions.
The Wall Street Journal (tiered subscription model) (7/19) 
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People & Personalities
Tax-policy nominee gains Senate panel approval
The Senate Finance Committee has unanimously agreed to advance David Kautter's nomination as assistant secretary for tax policy at the Treasury Department to the full Senate. "David Kautter's experience and knowledge will serve the nation well as we work to unite on comprehensive tax reform," said committee Chairman Orrin Hatch, R-Utah.
The Hill (7/20) 
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On The Economy
Rate hikes could cause recession, Gross says
Rate hikes could cause recession, Gross says
Gross (Mark Wilson/Getty Images)
Historical models are not adequate gauges of post-crisis economies, Bill Gross of Janus Henderson Investors warned global policymakers. Normalization of short-term interest rates could spell recession for overleveraged economies, which include the US, Gross said.
Reuters (7/20) 
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BlackRock: Low interest rates here to stay
Rick Rieder, global chief investment officer of fixed income at BlackRock, expects low interest rates to persist, regardless of who succeeds Janet Yellen as head of the Federal Reserve. "Quite frankly, part of why the Fed is executing this reduction of the balance sheet -- you're getting ready for the new Fed chair," he says, noting Fed leadership transitions tend to be smooth.
CNBC (7/20) 
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Financial Products
Evolve Funds aims to launch 5 Canadian ETFs
Evolve Funds Group has filed a preliminary prospectus with Canadian regulators to launch five exchange-traded funds. Among them are ETFs investing in gender diversity, cybersecurity and the next generation of automobiles.
The Globe and Mail (Toronto) (tiered subscription model) (7/20) 
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NYSSA News
CFA New York Book Club: "The Second Machine Age" by Erik Brynjolfsson and Andrew McAfee
CFA New York Book Club meets monthly and is designed to be an informal group discussion on a multitude of investment-related topics. We will generally have two to three books planned in advance so CFA New York members can pick and choose which ones they are interested in attending. At each meeting, we discuss as a group which books will be on the calendar. Overall, this is a fantastic way to build on our investment knowledge and meet other like-minded members.
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