Private Equity Firm to Pay $20.5M to Settle SEC Charges of Inadequate Fee Disclosure
Prime Group allegedly did not disclose that $18 million in fund fees went to a firm wholly owned by its CEO.
Regulation
Gensler Defends Swing Pricing Proposal Despite Growing Bipartisan Pushback
The chair of the SEC testified about its regulatory agenda, which includes the swing pricing proposal, to the Senate Banking, Housing and Urban Affairs Committee on September 12.
Cement Mason Pension Restored by PBGC Grant
The plan will receive $3.2 million, plus loan repayments, in special financial assistance.
Safeguarding, AI Proposals Scrutinized by Lawmakers
Concerns about cash deposits and the definition of ‘covered technology’ dominate the criticisms of both rules.
IBT Local 863 Receives $334 Million Grant From PBGC
The transportation industry pension was expected to become insolvent next year.
House Republicans Propose 4 New Anti-ESG Bills
The Education and Workforce Committee adds to prior Republican pushback against ESG investing in retirement plans.
Republicans Call for Acting Secretary Su to Step Down Ahead of New Fiduciary Proposal
The OMB is expected to receive in the coming days a DOL proposal that may face challenges to more than just its substance.
How Investment Advisory Firms Can Follow SEC Marketing Rule
The SEC concluded its first enforcement action under the new marketing rule last week.
Law Firm Letter Backs DOL Rule on ERISA Fiduciaries Using Climate Factors
Fiduciaries may use climate funds, as long as financial returns receive equal or greater weight to collateral benefits, the Wagner Law Group wrote in an open letter.
SEC Adopts Private Fund Adviser Rules Aimed at Increasing Transparency
In dissent, Commissioner Peirce said the new rules will harm investors, while Commissioner Uyeda called them ‘arbitrary and capricious.’
Prudential Closes $1 Billion PRT Deal With PSEG
The utility company is looking for greater financial predictability and approved the partial annuitization of their pension plan.
New York Service Workers’ Pension Fund Receives $36.3M SFA Grant
The fund was projected to become insolvent in 2024, and PBGC funds will enable it to stay solvent through 2051.
PBGC Proposes Updating Valuation Assumptions
The proposal would modify mortality, interest and expense assumptions.
PBGC Grants $182.6M to Southwest Ohio Carpenters’ Pension
The plan had already cut benefits by 18% as of 2019.
Florida Fund Administrator Settles SEC Charges Over Missing ‘Red Flags’
Theorem Fund Services allegedly misappropriated and misused investors’ funds.