SEC agrees to delay effective date of PanAgora no-action letter until the end of 1995
Article Abstract:
The Securities and Exchange Commission (SEC) has agreed to delay issuance of a no-action letter regarding PanAgora Group Trust until Dec 31, 1995, pursuant to arguments by Latham & Watkins that liquidation of such defined contribution plan investments will take time. The SEC action is based on an interpretation of the Insurance Company Act of 1940 section 3(c)(1) that will require investment companies to treat defined contribution plan participants investing in the investment company as individual owners. Delay was requested because of the illiquidity of such investments.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1995
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The regulation of socially responsible mutual funds
Article Abstract:
The Securities and Exchange Commission should mandate that Socially responsible mutual funds disclose that they have a social agenda and should regulate compliance with such claims, but the agency should allow the market to dictate other disclosures. Socially responsible investments differ from other mutual funds in that they combine economic and non-economic goals. Investors need to be informed of these goals, and investors interested in social issues need to have some assurance that a particular agenda is actually being followed.
Publication Name: The Journal of Corporation Law
Subject: Law
ISSN: 0360-795X
Year: 1997
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DOL clarifies that advisory opinions on 12b-1 fees generally apply to directed trustees' receipt of fees from mutual funds
Article Abstract:
General principles discussed in the private Dept of Labor information letter of Aug 20, 1997 to the American Bankers Assn can probably be extended to directed trustees in other institutions. The letter specifically states that Advisory Opinions 97-15A and 97-16A apply in general to receipt of fees from mutual funds by directed trustees. The letter's general discussion of the principles of ERISA fiduciary rules contained in the advisory opinions make it likely that other directed trustees can depend upon the letter.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1997
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