Download or read book Normative Transparency of Disclosure for Mutual Fund Investors written by John A. Haslem and published by . This book was released on 2018 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Investment Company Ac ...
Download or read book Normative Transparency of Mutual Fund Disclosure and the Case of the Expense Ratio written by John A. Haslem and published by . This book was released on 2017 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Indecent Disclosure written by John A. Haslem and published by . This book was released on 2015 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Chapter 17 written by John A. Haslem and published by . This book was released on 2018 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Toward Normative Transparency of Disclosure in a Revised Mutual Fund Total Cost Construct written by John A. Haslem and published by . This book was released on 2017 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first goal is to review types of transparency -- relative versus absolute and positive versus normative, transparency of the SEC total expense ratio, stewardship and transparency, the aftermath of the fund scandal, the movement toward normative transparency, and future transparency. The concept of normative transparency of disclosure refers to the degree of mutual fund voluntary and proactive disclosure and also new and revised legal and regulatory disclosure required for shareholders to be able to make information-efficient fund investment decisions.The second goal is to apply normative transparency of disclosure to a more complete and more empirically based mutual fund Total Cost Construct (formerly New The Journal Total Expense Ratio). The Total Cost Construct (and selected Supplements) include previous and numerous newly identified fund “cost-item” categories, subcategories, components, and subcomponents. Further, the Total Cost Construct and selected Supplements include numerous newly identified (but yet partial) fund sample cost estimates of cost-item categories, subcategories, components, and subcomponents, all defined as percentages of total net assets (% TNA). The Total Cost Construct will continue to evolve as additional and/or revised cost-items are identified, and/or additional fund sample cost estimates of cost-items are identified.
Download or read book Normative Transparency of Mutual Fund Disclosure written by John A. Haslem and published by . This book was released on 2017 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Investment Company Ac ...
Download or read book Mutual funds greater transparency needed in disclosures to investors written by and published by DIANE Publishing. This book was released on with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Tool for Improved Mutual Funds Transparency written by John A. Haslem and published by . This book was released on 2016 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book A Tool for Improved Mutual Fund Transparency written by John A. Haslem and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book H R 2420 the Mutual Funds Integrity and Fee Transparency Act of 2003 written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2003 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Taxmann s Analysis Amended Mutual Fund Norms Strengthening Transparency Governance and Investor Protection in MF Industry written by Taxmann and published by Taxmann Publications Private Limited. This book was released on 2023-06-30 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Securities and Exchange Board of India (SEBI) plays a crucial role in regulating and supervising the securities market in the country. SEBI frequently introduces amendments to its regulations in its continuous efforts to enhance transparency, protect investors' interests, and promote the healthy functioning of the mutual fund industry. The SEBI vide. Notification No. SEBI/LAD-NRO/GN/2023/134, dated June 26, 2023, has introduced amendments to the SEBI (Mutual Funds) Regulations, 1996. The key amendment includes: ‣ Introduction of new definitions of 'Liquid Net Worth' and 'Net Asset Value' ‣ Introduction of new meeting requirement for the BODs of trustee companies and asset management companies, including their committees; ‣ Revised Eligibility Criteria for Sponsors; redefines the meaning of 'soundtrack record' etc. This article analyses the key amendments issued by SEBI and examines their potential impact on the market.
Download or read book Mutual Funds written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-10-20 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mutual Funds: Greater Transparency Needed in Disclosures to Investors
Download or read book Mutual Funds written by United States. General Accounting Office and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mutual Funds written by John A. Haslem and published by John Wiley & Sons. This book was released on 2009-10-08 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative, must-read guide to making more informed decisions about mutual funds Providing a balance of theory and application, this authoritative book will enable you to evaluate the various performance and risk attributes of mutual funds. It covers a broad range of topics, including understanding the advantages and disadvantages of mutual funds, evaluating stock/bond allocations within fund portfolios, assessing fund diversification risk, measuring fund returns and risk, and making fund buy/sell decisions. While informative chapters combine clear summaries of existing research with practical guidelines for mutual fund analysis, step-by-step decision checklists guide you through the selection of various mutual funds. Puts the risks and rewards of mutual fund investing in perspective Skillfully examines how to select and evaluate the best mutual funds Outlines mutual fund service advantages and disadvantages Discusses the long- and short-term effectiveness of mutual funds Covering major theoretical and management issues in mutual fund analysis and portfolio management, this book is an authoritative guide.
Download or read book Mutual Funds written by United States. General Accounting Office and published by . This book was released on 2003 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Chapter 16 written by John A. Haslem and published by . This book was released on 2018 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The revelations of major scandals in the mutual funds industry brought intense feelings of betrayal and financial loss to millions of fund shareholders whose assets were improperly and illegally appropriated. Shareholders need and deserve much greater protection and transparency of normative disclosure that meets their normative shareholder needs.Investors need guidance in identifying stewardship funds that (it is hoped) will remain so. Through application of five dimensions of analysis, investors are able to make an overall identification of stewardship funds. These dimensions are (1) return, risk and risk/return performance, (2) diversification risk, (3) management and culture, (4) Morningstar's Stewardship Grades, and (5) Bogle's Stewardship Quotient. The fund scandal has shown the identification of stewardship funds to be essential now, and in the future, to sound investing.
Download or read book Identifying Mutual Fund Stewardship written by John A. Haslem and published by . This book was released on 2018 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The revelations of major scandals in the mutual funds industry brought intense feelings of betrayal and financial loss to millions of fund shareholders, whose assets were improperly and illegally appropriated. Shareholders need and deserve much greater protection and transparency of normative disclosure that meets their normative shareholder needs. Investors need guidance in identifying stewardship funds that (hopefully) will remain so. Through application of five dimensions of analysis, investors are able to make an overall identification of stewardship funds. These dimensions are (1) return, risk and risk/return performance, (2) diversification risk, (3) management and culture, (4) Morningstar's Stewardship Grades, and (5) Bogle's Stewardship Quotient. The fund scandal has shown the identification of stewardship funds to be essential (now and in the future) to sound investing.
