A TOUCH OF CLASS: MUTUAL FUND SHARE CLASS DEVELOPMENTS (PART 1)
Over the past two years, the mutual fund distribution and share class landscape has experienced considerable changes in light of several regulatory developments, notably the new and amended fiduciary "investment advice" regulations issued in April 2016 by the Department of Labor under the...
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Published in | Practical Lawyer Vol. 64; no. 3; pp. 46 - 64 |
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Main Authors | , , , , , |
Format | Trade Publication Article |
Language | English |
Published |
Philadelphia
American Law Institute
01.06.2018
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Subjects | |
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Abstract | Over the past two years, the mutual fund distribution and share class landscape has experienced considerable changes in light of several regulatory developments, notably the new and amended fiduciary "investment advice" regulations issued in April 2016 by the Department of Labor under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986. Other regulatory pressures are also driving these changes, including the renewed examination and enforcement focus of the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority on share class selections or recommendations made by financial advisers and broker-dealers and other sales-related matters (e.g., the application of sales charge waivers). In addition, interpretive guidance published by the Staff of the SEC regarding "clean shares" and other share class matters has contributed to the broad registration of new share classes and in some cases the repurposing of existing share classes, as well as other product initiatives and changes in the distribution structure for mutual fund shares. |
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AbstractList | Over the past two years, the mutual fund distribution and share class landscape has experienced considerable changes in light of several regulatory developments, notably the new and amended fiduciary "investment advice" regulations issued in April 2016 by the Department of Labor under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986. Other regulatory pressures are also driving these changes, including the renewed examination and enforcement focus of the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority on share class selections or recommendations made by financial advisers and broker-dealers and other sales-related matters (e.g., the application of sales charge waivers). In addition, interpretive guidance published by the Staff of the SEC regarding "clean shares" and other share class matters has contributed to the broad registration of new share classes and in some cases the repurposing of existing share classes, as well as other product initiatives and changes in the distribution structure for mutual fund shares. |
Author | Puretz, Jeffrey S O'Neill, Melissa A Catano, James V Evans, Erica Gilmore, Shayna Schleppegrell, Christine A |
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Title | A TOUCH OF CLASS: MUTUAL FUND SHARE CLASS DEVELOPMENTS (PART 1) |
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