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ARCHIVE
A Proposal that Should Be Popped
By Paul Schott Stevens
December 15, 2016
The following ICI Viewpoints is a letter to the editor by Paul Schott Stevens, president and CEO of the Investment Company Institute, in response to an op-ed published on December 7, 2016, in the New York Times, “A Monopoly Donald Trump Can Pop.”
Millions of Americans could lose the low costs and broad diversification of fund investing under the dangerous proposal outlined in the op-ed by Posner, Weyl, and Morton.
Their work rests on untested academic theories and flawed assumptions. Asset managers do not move in lockstep or pursue identical strategies. Within a fund complex, dozens or hundreds of funds pursue specific objectives for thousands of clients.
Funds invest in companies in many different markets. Gains in one industry would not help index funds if they come at the expense of other fund holdings. Consider the op-ed’s reference to airlines: the five airline companies in the S&P 500 are only 0.64 percent of the index’s market value. Why would an S&P 500 index fund manager want an airline company to engage in behavior that hurts the remaining 99.36 percent of its portfolio that pay for airline services?
Public policy cannot be driven by academic literature neither peer-reviewed, nor tested. Millions of middle-class Americans ultimately would pay the price.
Paul Schott Stevens
President and CEO
Investment Company Institute
TOPICS: Bond FundEquity InvestingExchange-Traded FundsFinancial MarketsFund RegulationMutual FundTrading
The Taper Tantrum—Take II
By Shelly Antoniewicz
December 13, 2016
Long-term interest rates in the United States have been on the rise since summer 2016—slowly creeping up from July through October, and then jumping after the presidential election. Thus far, the response from bond mutual fund investors has been subdued. Nevertheless, various commentators—from the vice chairman of the Federal Reserve Board to the multinational Financial Stability Board—have expressed concerns that bond fund investors may rush to redeem shares to avoid portfolio losses stemming from unexpected increases in interest rates.
TOPICS: Bond FundBondsFederal ReserveFinancial MarketsFinancial StabilityFixed IncomeFund RegulationInterest RateMutual FundTreasury
Investor Protection Priorities for the New Year
By David Blass
December 12, 2016
The following ICI Viewpoints is adapted from a presentation that ICI General Counsel David Blass gave to the Investor Advisory Committee of the US Securities and Exchange Commission on December 8, 2016. Visit this page to read the entire presentation.
If I were to poll ICI members about next year’s priorities, I am sure we would receive consistent feedback: give us an opportunity to implement all the rules that have been imposed on us. New rules from the Securities and Exchange Commission (SEC) covering data reporting, swing pricing, and liquidity risk management will require huge expenditures and years of work to implement fully. And they were adopted in the aftermath of two rounds of money market fund reform, as well as many other rules applicable to the fund industry adopted by other regulatory agencies.
TOPICS: Financial MarketsFinancial StabilityFund RegulationOperations and TechnologyShareholder
Fund Fees Have Been Falling for Two Decades
By Paul Schott Stevens
October 19, 2016
The following ICI Viewpoints is a letter to the editor by Paul Schott Stevens, president and CEO of the Investment Company Institute, in response to an editorial published on October 9, 2016, in InvestmentNews, “DOL fiduciary rule may finally spark lower fund fees for mutual funds.” It appeared in the print edition of the publication on October 17, 2016.
TOPICS: Bond FundEquity InvestingFund RegulationInvestor ResearchMutual FundShareholder
Money Market Fund Reforms Combine with Bank Regulations to Boost Interest Rates
By Sean Collins
September 28, 2016
As detailed in the previous ICI Viewpoints in this series, the Securities and Exchange Commission’s (SEC) new rules for money market funds induced a drop in the assets of prime and tax-exempt money market funds of $910 billion since January 2015 and a roughly comparable $872 billion rise in the assets of government money market funds.
TOPICS: Financial MarketsFund RegulationMoney Market FundsMutual FundOperations and Technology
As Money Market Fund Investors Adjust, Funds Have Managed Flows
By Sean Collins
September 27, 2016
The Securities and Exchange Commission’s new rules for money market funds, which must be fully implemented by October 14, largely center around two key reforms.
TOPICS: Financial MarketsFund RegulationMoney Market FundsMutual FundOperations and Technology
For Money Market Funds, Massive Preparation Has Paid Off in Smooth Transition
By Marty Burns
September 26, 2016
First in a series on money market funds.
By October 14, the money market fund industry must fully implement the 2014 money market fund reforms passed by the Securities and Exchange Commission (SEC), cementing major changes for investors and fund complexes. ICI has been in close constant contact with members since the rules were enacted in 2014 and has been working with operations and other professionals throughout the industry to ensure an orderly transition—including fully informing investors—to the new regime in October.
TOPICS: Financial MarketsFund RegulationMoney Market FundsMutual FundOperations and Technology
US T+2 Is Coming—and Bringing Many Benefits with It
By Ahmed Elghazaly
September 6, 2016
On September 5, 2017, equities, municipal and corporate bonds, and unit investment trusts will reduce the amount of time it takes to settle trades from trade date plus three days (T+3) to trade date plus two days (T+2).
TOPICS: Financial MarketsMutual FundOperations and TechnologyTrading
Revised Fed Data Show Mutual Funds’ Share of Corporate Bond Market Is Small and Stable
By Shelly Antoniewicz
August 26, 2016
Discussions among regulators and the financial press about the role of bond mutual funds in financial stability risks have been fueled by concerns about the size and apparent growth in bond funds’ participation in corporate bond markets. But what if that role and its growth have been largely overstated?
TOPICS: Bond FundBondsFinancial MarketsFinancial StabilityFund RegulationMutual Fund
Cybersecurity at Work: The Risks of Information Sharing
By Peter Salmon
August 23, 2016
In the last installment of this series, we wrote about the importance of information sharing. Though important, there is a balance to be struck; you don’t want to share too much information. Growing up in New York City, for example, my friends and I would poke fun at drivers with personalized license plates. “Why would anyone want everyone to know where they were all the time?” was our usual comment.
TOPICS: CybersecurityOperations and Technology
Ten Years After the PPA, the Path to Retirement Saving Is Easier
By Sarah Holden and Elena Barone Chism
August 22, 2016
Ten years ago, on August 17, 2006, President George W. Bush signed the Pension Protection Act (PPA) into law, with the goal of ensuring greater retirement security for American workers. With regard to defined contribution (DC) plans, such as 401(k) plans, PPA further encouraged automatic enrollment while paving the way for diversified default investments and the creation of Roth accounts inside DC plans. PPA also made permanent previously legislated contribution-limit increases and the saver’s credit.
TOPICS: 401(k)Government AffairsInvestor ResearchPolicy ResearchRetirement PolicyRetirement ResearchTaxes
Secure Choice Is Risky for Workers and for the State
By Paul Schott Stevens
August 17, 2016
Millions of Americans save for retirement using employer-sponsored plans that offer tax advantages and excellent investment options.
TOPICS: Government AffairsMutual FundRetirement PolicySavings
Matching Models to Reality: Bond Market Investors Don’t Follow the “First-Mover” Script
By Brian Reid
July 18, 2016
Fourth in a series of ICI Viewpoints testing the hypotheses of academics and regulators about mutual fund and investor behavior during times of market stress.
Regulators and researchers have put forward a common narrative that fund investors can destabilize markets during a period of market stress. They have advanced several hypotheses—including the concept of a first-mover advantage—to support their narrative. These hypotheses produce testable predictions about how fund investors behave in troubled markets: not only will investors redeem their fund shares but they also will stop purchasing new fund shares, thus creating large destabilizing net outflows from funds.
TOPICS: Bond FundBondsFederal ReserveFinancial MarketsFinancial StabilityFixed IncomeInterest RateMutual Fund
Matching Models to Reality: In a Falling Market, the Real “Movers” May Be...the Buyers
By Brian Reid
July 15, 2016
Third in a series of ICI Viewpoints testing the hypotheses of academics and regulators about mutual fund and investor behavior during times of market stress.
TOPICS: Bond FundBondsFederal ReserveFinancial MarketsFinancial StabilityFixed IncomeInterest RateMutual Fund
Matching Models to Reality: The Real-World Challenges to Regulators’ “First-Mover” Hypothesis
By Sean Collins
July 14, 2016
Commentators have long predicted that, one of these days, a market downturn will send U.S. mutual fund investors racing for the exits.
TOPICS: Bond FundBondsFederal ReserveFinancial StabilityFixed IncomeInterest RateMutual Fund
Matching Models to Reality: Doomsayers Are Disappointed—Again—as Funds Weather Brexit Shock
By Paul Schott Stevens
July 13, 2016
On Thursday, June 23, the electorate of the United Kingdom voted in a referendum on the country’s membership in the European Union. The result—51.9 percent in favor of “Brexit,” 48.1 percent in favor of “Remain”—went against pollsters’ and pundits’ expectations and surprised the world.
TOPICS: Bond FundEuropeFinancial MarketsFinancial StabilityFund RegulationICI GlobalInternationalMutual Fund
Building on the Success of the Private-Sector Retirement System Is the Real “Secure Choice”
By David Blass
July 8, 2016
Retirement assets in the United States totaled $24 trillion at the end of 2015, bolstered by investments through employer-sponsored plans and individual retirement accounts (IRAs).
TOPICS: 401(k)Fund RegulationGovernment AffairsMutual FundRetirement Policy
It’s Time: SEC Proposals Show the Need to Reexamine the Role of Fund Boards
By Amy B. R. Lancellotta
July 7, 2016
The proper role for fund independent directors—the role where they are best-positioned to represent shareholder interests—is to oversee the work of fund management. The sharp distinction between directors’ oversight role and management’s on-the-ground, day-to-day responsibilities has been a major factor in the modern fund industry’s 75-plus years of success.
The Liquidity Provided by ETFs Is No Mirage
By Todd Bernhardt
June 20, 2016
The article above ignores fundamental information about ETFs, the behavior of investors, and the effects of market structure on the ETF product.
TOPICS: Bond FundBondsEquity InvestingExchange-Traded FundsFinancial MarketsFinancial StabilityFixed Income
Cybersecurity at Work: The Benefits of Information Sharing Networks
By Peter Salmon
June 16, 2016
In the last installment of this blog series, we wrote about the need for training—specifically, cyber tabletop exercises.
TOPICS: CybersecurityOperations and Technology
When Investor Protection Becomes Protectionism
By Patrice Bergé-Vincent
June 14, 2016
Today, Europe is facing two related needs: to provide its citizens with efficient, lower-cost vehicles for savings and investment, and to bolster economic growth.
TOPICS: EuropeFinancial MarketsFund RegulationICI GlobalInternationalMutual FundTaxes
Industry Operations Leaders Address Needs of Investors and Advisers
By Candice Gullett
June 6, 2016
In conversations exploring regulation, demographics, and technology, industry leaders offered their perspectives on serving investors and advisers in an evolving world at ICI’s annual Operations and Technology Conference, held concurrently with the General Membership Meeting on May 18–20 in Washington, DC.
TOPICS: EventsGMMOperations and Technology
Industry Leaders Address Changing Industry Terrain
By Miriam Bridges
June 3, 2016
Will fund industry leaders need to rethink their traditional operating models? Experts shared their views on this question and others, as well as the opportunities presented by a rapidly changing industry, in a candid discussion on the second day of ICI’s 58th General Membership Meeting, held May 18–20 in Washington, DC.
TOPICS: EventsFund RegulationGMMMutual Fund
Conducting Business in a Rapidly Changing World
By Jeanne Arnold
June 1, 2016
The global operating environment is evolving and it is critical for corporations to understand the changes afoot if they are to succeed in the 21st century, said Kevin Kajiwara, co-president of Teneo Intelligence, a division of global advisory firm Teneo. Speaking on the final day at ICI’s 58th General Membership Meeting (GMM), Kajiwara gave an overview of the economic and political shifts taking place around the world during his session, “Geopolitical Risks and the Global Economy.” After the overview, he engaged in an insightful question-and-answer session with Tom Faust, chairman and CEO of Eaton Vance Corp.
A Changing Landscape for the Fund Industry—and Fund Investors
By Rob Elson
May 27, 2016
Continue to expect change in the investment landscape, with the Federal Reserve, the Millennial generation, and technological evolution all playing major roles.
TOPICS: EventsFederal ReserveFinancial MarketsGMMInterest RateMutual Fund
Ops Leaders Extol the Transformational Power of Data and Analytics
By Todd Bernhardt
May 26, 2016
The evolution of fund companies’ ability to gather and analyze data is creating a revolution in the way that those companies serve their customers, said panelists at “Big Data Initiatives and the Power of the Cloud,” the session that kicked off ICI’s Operations and Technology Conference on May 19 in Washington, DC.
TOPICS: CybersecurityEventsGMMOperations and TechnologyShareholder
The SEC’s Historic Success: Six Key Ingredients
By Paul Schott Stevens
May 20, 2016
This ICI Viewpoints is adapted from ICI President and CEO Paul Schott Stevens’s introduction for SEC Chair Mary Jo White at the 2016 ICI General Membership Meeting on May 20.
More than 80 years have passed since Congress—looking to restore public confidence in markets at the height of the Great Depression—established the U.S. Securities and Exchange Commission (SEC) to administer the federal securities laws enacted as part of President Franklin D. Roosevelt’s New Deal.
TOPICS: EventsFinancial MarketsFund RegulationGMMMutual Fund
SEC Chair White Expects Continued ‘Bright Spotlight’ on Asset Management
By Rachel McTague
May 20, 2016
The U.S. Securities and Exchange Commission (SEC) is contemplating several new initiatives governing registered funds, in addition to adopting rules this year on reporting modernization, liquidity management, and the use of derivatives, SEC Chair Mary Jo White announced at the opening session on the final day of ICI’s annual General Membership Meeting (GMM).
TOPICS: CybersecurityEventsExchange-Traded FundsFinancial MarketsFinancial StabilityFund RegulationGMMInternationalMutual FundShareholder
Walter Isaacson: Where Art Meets Science
By Rob Elson
May 19, 2016
Our world’s greatest innovations, according to Walter Isaacson, can be traced to “people who truly have a sense of what it is to be human…but also feel very comfortable with science and technology, and can make the connection.” And he’s got the evidence to back this belief up.
TOPICS: CybersecurityEventsGMM
GMM Policy Forum: Michael Bloomberg and the Focus on Value
By Todd Bernhardt
May 18, 2016
Businesses and people can both prosper if they focus on providing a service that is unique and that has real value, said Michael R. Bloomberg at ICI’s 58th Annual General Membership Meeting (GMM) today. The noted entrepreneur, philanthropist, and three-term mayor of New York City covered a wide range of topics in a lively back-and-forth with ICI President and CEO Paul Schott Stevens during the meeting’s opening Policy Forum, attended by about 1,500 fund industry leaders.
To the SEC and FINRA: It’s Your Move
By David W. Blass
April 21, 2016
Earlier this month, I wrote about the wide-ranging benefits of the proposed Securities and Exchange Commission (SEC) rule to give U.S. regulated funds the option of making online access to shareholder reports their default method for informing their shareholders.
TOPICS: Financial MarketsFund RegulationInvestor ResearchMutual FundShareholder
Cybersecurity at Work: Exercise Is Important
By Peter Salmon
April 20, 2016
In this installment of our series focusing on cybersecurity, we are going to look at exercising—not the type of exercising that many of us do to stay in shape, though that is a good place to start.
TOPICS: CybersecurityOperations and Technology
The SEC’s Online-Delivery Gift to Fund Shareholders
By David W. Blass
April 4, 2016
A recent SEC rulemaking proposal presages good news for America’s 90 million mutual fund shareholders. Proposed Rule 30e-3 under the Investment Company Act of 1940, introduced last year as part of a larger initiative to enhance and modernize fund data reporting, would give funds the option of flipping their default mechanism for delivering shareholder reports from U.S. mail to online access.
TOPICS: Financial MarketsFund RegulationInvestor ResearchMutual FundShareholder
Factors Contributing to the Decline of Expense Ratios in 2015
By Sean Collins and James Duvall
March 31, 2016
ICI recently released its annual update on the expense ratios of mutual funds, showing expense ratios to be at their lowest levels in at least 20 years.
TOPICS: Bond FundMutual FundShareholder
Cybersecurity at Work: Incident Response Plans and What They Entail
By Peter Salmon
March 21, 2016
In this second posting in our series, I’d like to focus on computer incident response planning. In last month’s post, I mentioned that there are many more data breaches that take place than we are made aware of through the media. These cybersecurity events can affect networks large and small, from large multinational corporations to your own home.
TOPICS: CybersecurityOperations and Technology
Yes, Funds Come and Go—Without Government Help
By Todd Bernhardt
March 11, 2016
For several years now, ICI has pushed back against those advocating for bank-like regulations on the asset management industry, pointing out the numerous reasons why regulated funds or their managers are not sources of risk to the overall financial system.
TOPICS: Financial StabilityFixed IncomeFund RegulationMutual Fund
The “Waterfall Theory” of Liquidity Management Doesn’t Hold Water
By Sean Collins and Chris Plantier
March 9, 2016
In a series of recent blog posts, economists at the Federal Reserve Bank of New York have discussed new research assessing the potential for bond mutual funds to pose systemic risks.
TOPICS: Bond FundBondsFederal ReserveFinancial MarketsFinancial StabilityFixed IncomeInterest RateMutual Fund
Three Reasons Why You Should Consider an IRA
By Sarah Holden
March 8, 2016
April 18 is the deadline to file income tax returns with the federal government this year.
TOPICS: Investment EducationMutual FundSavingsTaxes
Getting Started in a 401(k) Plan—and Getting the Most Out of It
By Christina Kilroy
February 26, 2016
This week, ICI and the Investment Company Institute Education Foundation (ICIEF) joined thousands of corporations, nonprofits, and government agencies to celebrate America Saves Week.
TOPICS: 401(k)Investment EducationInvestor ResearchRetirement ResearchSavings
How America Supports Retirement: The Incentive to Save Is Not Upside Down
By Peter J. Brady
February 25, 2016
In my new book, How America Supports Retirement: Challenging the Conventional Wisdom on Who Benefits, and the first three ICI Viewpoints in this series, I’ve demonstrated that Social Security’s benefit formula drives participation in tax-deferred employer-sponsored retirement plans ; that the full system of government support for retirement is progressive; and that those in higher tax brackets don’t enjoy greater “bang for their buck” from tax deferral.
TOPICS: 401(k)Government AffairsInvestor ResearchPolicy ResearchRetirement PolicyRetirement ResearchTaxes
Models vs. the Real World—Why Bond Funds Aren’t the Bond Market
By Chris Plantier and Sean Collins
February 25, 2016
In two recent blog posts, economists at the Federal Reserve Bank of New York use a theoretical model to assess the size of potential spillover effects from bond mutual fund outflows.
TOPICS: Bond FundFinancial StabilityMutual Fund
How America Supports Retirement: What Do Tax Rates Have to Do with the Benefits of Tax Deferral? Less Than You Think
By Peter J. Brady
February 24, 2016
In my new book, How America Supports Retirement: Challenging the Conventional Wisdom on Who Benefits, I set out to gain a comprehensive view of how government policy supports American workers as they gather resources for retirement.
TOPICS: 401(k)Government AffairsInvestor ResearchPolicy ResearchRetirement PolicyRetirement ResearchTaxes
MetLife Case Shows That “Assuming the Worst of the Worst of the Worst” Doesn’t Work
By Mike McNamee
February 24, 2016
If regulators are going to impose strict rules and heavy burdens on a business, should they have to demonstrate that those rules and burdens address an actual and probable risk?
TOPICS: Bond FundBondsFederal ReserveFinancial StabilityFund RegulationGovernment AffairsMutual Fund
How America Supports Retirement: No, Benefits Are Not “Tilted” to the Higher Earners
By Peter J. Brady
February 23, 2016
Second in a series of ICI Viewpoints.
In my new book, How America Supports Retirement: Challenging the Conventional Wisdom on Who Benefits, I analyze the benefits individuals receive from the major government policies that help American workers accumulate resources for retirement: Social Security and tax deferral on compensation set aside for retirement in employer-based plans (both traditional pensions and defined contribution plans, such as 401(k) plans).
TOPICS: 401(k)Government AffairsInvestor ResearchPolicy ResearchRetirement PolicyRetirement ResearchTaxes
New Research by New York Fed Confirms: Bond Funds Don’t Pose Systemic Risks
By Chris Plantier and Sean Collins
February 23, 2016
In a series of recent blog posts, economists at the Federal Reserve Bank of New York discussed results from a theoretical model assessing the potential for bond mutual funds to pose systemic risks.
TOPICS: Bond FundBondsFederal ReserveFinancial MarketsFinancial StabilityFixed IncomeInterest RateMutual Fund
Derivatives—Please Don’t Let Them Be Misunderstood
By Shelly Antoniewicz
February 22, 2016
Derivatives are important portfolio management tools that provide funds with many potential benefits, including the ability to:
- hedge risk;
- enhance liquidity, because derivatives can be more liquid than traditional physical securities;
- gain or reduce exposure to unique markets or to asset classes when access through other instruments is difficult, costly, or impossible;
- manage or equitize cash; and
- reduce cost.
TOPICS: Bond FundBondsEuropeFinancial StabilityFund RegulationInternationalMutual Fund
How America Supports Retirement: Tackling the Myths That Surround Us
By Peter J. Brady
February 22, 2016
America’s retirement system isn’t perfect but it’s a lot stronger than many people think. Whether by accident or design, the U.S. retirement system provides benefits to workers across the earnings distribution and has helped millions of retirees maintain their standard of living in retirement.
TOPICS: 401(k)Government AffairsInvestor ResearchPolicy ResearchRetirement PolicyRetirement ResearchTaxes
Cybersecurity at Work: Creating Passwords That Are More Secure
By Peter Salmon
February 17, 2016
Welcome to the first in a monthly series of ICI Viewpoints focusing on sound practices in cybersecurity.
U.S. and European Fund Investors Continue to Take Long View on EM Economies
By Chris Plantier
February 12, 2016
In an ICI Global Research Perspective last year, we showed that U.S. and European registered funds held $1.7 trillion in emerging market (EM) stocks and bonds at the end of 2014 (this total counts Hong Kong, Singapore, South Korea, and Taiwan as emerging markets). Of that, $1.27 trillion was estimated to be in equities and $431 billion was in bonds. We also showed that this $1.7 trillion was spread widely, across 80 different EM countries, and that fund net purchases of EM securities explained little of the variability of capital flow to EM countries.
TOPICS: Bond FundEuropeFinancial MarketsICI GlobalInternationalMutual Fund
All Pain and No Gain for Fund Investors
By Paul Schott Stevens
February 5, 2016
The following is a letter submitted to the editor of the New York Times. A financial transaction tax (FTT) (editorial, The Need for a Tax on Financial Trading, Jan. 28) is a terrible idea that would harm all investors, especially American workers saving for retirement. We have yet to see an FTT proposal that would not hurt Main Street nor weaken our capital markets.
TOPICS: Financial MarketsMutual FundOperations and TechnologyShareholderTaxesTrading
Liquidity Risk Management Must Be Done Right
By Paul Schott Stevens
January 15, 2016
The following ICI Viewpoints is a lightly edited version of a letter that ICI President and CEO Paul Schott Stevens sent to U.S. Securities and Exchange Commission (SEC) Chair Mary Jo White, as part of the Institute’s overall response to the SEC’s liquidity risk management proposal.
TOPICS: Financial StabilityFund GovernanceFund RegulationInternationalMutual FundOperations and TechnologyShareholderTrading
How the SEC’s Six-Bucket Approach Could Provide a False Picture of Liquidity
By Brian Reid
January 14, 2016
As I explained in a previous post, I filed a letter on January 13 with the U.S. Securities and Exchange Commission (SEC) in response to its liquidity risk management proposal and to Liquidity and Flows of U.S. Mutual Funds, a study by the Commission’s Division of Economic and Risk Analysis (DERA). My letter was one of four components of ICI’s multipart response to the SEC proposal.
TOPICS: Financial StabilityFund GovernanceFund RegulationInternationalMutual FundOperations and TechnologyShareholderTrading
The SEC’s Liquidity Proposal: Good Goals, Unintended Consequences
By Brian Reid
January 13, 2016
On January 13, I filed a letter with the U.S. Securities and Exchange Commission (SEC), in response to the SEC’s liquidity risk management proposal and to Liquidity and Flows of U.S. Mutual Funds, a study by the SEC’s Division of Economic and Risk Analysis (DERA). My letter was one of four components of ICI’s multipart response to the SEC proposal.
TOPICS: Financial StabilityFund GovernanceFund RegulationInternationalMutual FundOperations and TechnologyShareholderTrading
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