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Author:
Publisher: DIANE Publishing
ISBN: 1428942572
Category :
Languages : en
Pages : 73
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Book Description
Author:
Publisher: DIANE Publishing
ISBN: 1428942572
Category :
Languages : en
Pages : 73
Get Book Here
Book Description
Author: United States Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781985059306
Category :
Languages : en
Pages : 74
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Book Description
Mutual Funds: Greater Transparency Needed in Disclosures to Investors
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Disclosure of information
Languages : en
Pages : 67
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Book Description
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Disclosure of information
Languages : en
Pages :
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Book Description
Author: John A. Haslem
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
This article provides a broad treatment of transparency and the specific normative data and information that are essential to make transparency effective for meeting the normative needs of shareholders. The template offered here is a tool for providing transparency in normative mutual fund disclosure in a convenient online package.Mutual funds, their investment advisers, Congress, the SEC, NASD, and the industry trade association should all do much more to improve regulation and transparency in normative fund disclosure. Shareholders need fund transparency that represents their role as fund owners, and which provides them with needed online disclosure for informed decision making.
Author: John A. Haslem
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
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Book Description
The 40Act states that the interests of shareholders are compromised when mutual funds are operated in the interest of fund advisers. In this regard, one of the Act's major objectives is to ensure investors receive adequate and accurate information. They do not. For this reason, Congress, the SEC, fund advisers and independent directors, and the fund industry must focus on the goal of requiring across the board normative transparency of disclosure. This disclosure includes adoption of “best practices” over the current focus on “rule-making,” which allows incorrect accounting and incomplete, missing, misleading and perfunctory disclosure. Adoption of the Total Expense Ratio construct and its components would provide a major portion of what is needed in the way of normative transparency of disclosure by placing upfront its four major categories of fees and their sub-categories. In so doing, current indirect fund shareholder payments by advisers/distributors would no longer be “behind the mutual fund curtain.” There would also be continual need to benchmark. By making these payments “behind the mutual fund curtain” upfront and transparent, there will be increased pressure on fund advisers and independent directors, the fund industry, Congress, and the SEC to prohibit inappropriate fund practices and actions, most importantly, selling group payments of dealer concessions and customer servicing fees, the several types of revenue sharing payments, and costly soft-dollar trades. If successful, there would also be continual need to benchmark normative transparency if it is to be maintained with future changing conditions. But, while improvements in regulatory disclosure are likely to occur over time, it is most unlikely the political process will achieve complete normative transparency of disclosure. However, industry and political obstacles for reform are more likely to be overcome if major “shareholder friendly“ fund advisers and dedicated independent directors work collectively, vigorously, and proactively for Congressional and SEC legal and regulatory action. However, such success will be difficult to attain because of the powerful influence of many major mutual fund advisers who benefit greatly from the regulatory status quo, and at the great expense of fund shareholders.
Author: John A. Haslem
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This article provides a broad treatment of transparency and the specific normative data and information that are essential to make transparency effective for meeting the normative needs of shareholders. The template offered here is a tool for providing transparency in normative mutual fund disclosure in a convenient online package. Mutual funds, their investment advisers, Congress, the SEC, NASD, and the industry trade association should all do much more to improve regulation and transparency in normative fund disclosure. Shareholders need fund transparency that represents their role as fund owners, and which provides them with needed online disclosure for informed decision making.
Author: John A. Haslem
Publisher:
ISBN:
Category :
Languages : en
Pages : 8
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Book Description
This study further develops and defines the concept of normative transparency of disclosure. As defined, mutual fund normative transparency is that fund proactive, voluntary disclosure as well as legal and regulatory disclosure required for investors to be able to make information efficient fund investment decisions.To attain normative transparency of mutual funds disclosure, Congress, the SEC, and fund advisers, managers and independent directors should individually and collectively become more proactive in serving and protecting shareholders. Normative transparency of disclosure is not likely to be achieved across the board. There are political obstacles to complete transparency being achieved by Congress and the SEC, or by collaboration with individual funds, the funds industry and its trade association. The final reality is that is will likely fall to independent directors of individual mutual funds to provide normative transparency of disclosure for their shareholders. And, what should be done will also change over time as the industry evolves. Future study of normative transparency of mutual fund disclosure should continue to find its way across the breadth of fund laws, regulations, and practices. Included should be assessment of the fund cost and performance differences to current shareholders from flow (portfolio changes due to investor purchases and redemptions of fund shares) versus non-flow (intended portfolio changes). Providing liquidity to investors can have a larger impact on fund performance than the current regulatory expense ratio.
Author: John A. Haslem
Publisher:
ISBN:
Category :
Languages : en
Pages : 6
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Book Description
The Investment Company Act of 1940 states that the interests of shareholders are compromised when mutual funds are operated in the interest of fund advisers. In this regard, one of the Act's major objectives is to ensure that investors receive adequate and accurate information.This study focuses on the achievement of normative transparency of disclosure. Normative transparency refers to the degree of proactive voluntary disclosure and revised legal and regulatory disclosure required for mutual fund shareholders to have all the information they need to make efficient fund investment decisions.Normative transparency requires changes in the current practices of individual funds across the fund industry, as well as changes in current laws and regulation.To attain normative transparency in mutual fund disclosure, Congress and the SEC, as well as fund advisers, managers, and independent directors must voluntarily and collectively become more proactive in serving and protecting shareholders. Basically, the achievement of fund normative transparency rests with independent directors who are proactively motivated and further empowered to vigorously pursue their fiduciary mandate as shareholder watchdogs.
Author: John A. Haslem
Publisher:
ISBN:
Category :
Languages : en
Pages : 31
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Book Description
The Investment Company Ac ...
