Washington

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  1. Some 39% of benefit plan audits show major deficiencies — EBSA study

    trueSome accountants auditing employee benefit plans have a quality problem, said a study published Thursday by the Department of Labor's Employee Benefits Security Administration.

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  1. POLL: When an asset manager's parent is guilty of a crime, what does your organization do?

     

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  2. Nevada Assembly OKs retirement benefit changes

    trueThe Nevada State Assembly passed a bill that would make changes to retirement ages and cost-of-living adjustments for certain participants in the $34.8 billion Nevada Public Employees’ Retirement System.

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  3. President Obama taps Thomas Reeder as PBGC director

    truePresident Barack Obama will appoint W. Thomas Reeder Jr. to serve as director of the Pension Benefit Guaranty Corp.

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  4. Democratic senators urge Obama to clarify rules on state-sponsored private-sector plans

    trueA group of Democratic senators are urging President Barack Obama to act “as soon as possible” to provide clarity to states interested in sponsoring private-sector retirement plans.

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  5. SEC charges Gray Financial Group for defrauding public pension funds

    trueThe Securities and Exchange Commission announced fraud charges Thursday against Gray Financial Group for allegedly selling unsuitable investments to the $1.3 billion Atlanta General Employees’ Pension Fund and pension funds for the city’s firefighters and police officers, as well as the MARTA/ATU ...

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  6. SEC grants waivers to banks settling criminal cases

    trueThe Securities and Exchange Commission has granted waivers to the five banks allowing them to continue to serve as investment advisers and to issue securities after settling criminal charges of manipulating foreign-exchange markets and benchmark interest rates.

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  7. SEC proposes rules requiring more fund disclosure, including on derivatives

    trueThe Securities and Exchange Commission announced Wednesday a series of proposals aimed at modernizing and enhancing data reporting by registered investment companies and investment advisers.

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  8. Fed cites weakening economic data in reaffirming low rates

    trueThe Federal Open Market Committee's decision to reaffirm the zero-to-0.25% target range for the federal funds rate at its April 28-29 meeting was based on weakening economic data, moving the path to higher rates further into the future, said meeting minutes released Wednesday.

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  9. 6 banks to pay $5.6 billion over manipulating foreign-exchange markets

    trueSix banks will pay a combined $5.6 billion to settle charges that they manipulated foreign-exchange markets.

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  10. SEC to propose that mutual funds disclose risk of rate rise

    trueThe Securities and Exchange Commission is set to propose a requirement that mutual fund companies report how vulnerable their bond portfolios are to interest rate changes, said two people familiar with the matter.

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  11. Seeing red over bank affiliates' waivers

    trueMoney managers affiliated with banks admitting they violated U.S. securities, banking and other laws could find it hard to get the necessary permission from regulators to continue running the more than $1.3 trillion they oversee.

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  12. Experts dissecting fiduciary rule's carve-outs

    trueDefined contribution industry participants are paying close attention to the carve-outs — exemptions distinguishing non-fiduciary behavior from fiduciary behavior — in the Labor Department's fiduciary rules proposed last month.

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  13. Labor Department extends fiduciary rule comment period

    trueThe Department of Labor will give extra time for public comments on its proposed new fiduciary conflict-of-interest rule.

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