Saturday, 1 November 2014
Last updated 20 hours ago
Jul 5 2013 | 9:43am ET
The Securities and Exchange Commission is set to end an 80-year-old ban on hedge fund advertising next week.
The regulator will vote on a much-delayed proposal to allow solicitation for private offerings, including hedge funds, on Wednesday. It is all but certain to be approved, with the support of Chairman Mary Schapiro, the SEC's two Republican members and possibly a second Democratic vote.
The new rule was mandated by last year's JOBS Act, which gave the SEC a deadline of last July. But the rule was not even introduced until August, and was then further delayed by former Chairman Mary Schapiro.
In April, White made plans to push through a rule that included no investor protections. The proposal that goes to a vote next week includes some, notably restrictions on sales literature, new filing requirements and a ban on convicted felons and other "bad actors" from participation in offerings, but not the more stringent provisions sought by investor advocates.
The SEC will separately consider those measures after approving the advertising rule.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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