Deadline Reminder for Global Research Analyst Settlement
Last year, the Global Research Analyst Settlement with regulators was established. In a plan that was approved by the court on April 22, 2005, some investors are entitled to compensation through a designated fund.
Investors that were considered to be eligible to receive compensation funds, including some that may be SEG customers, were notified of their right to the claim by June 10, 2005. To receive compensation, appropriate forms are to be mailed to the Distribution Fund Administrator and postmarked by July 29, 2005.
Today, July 22, 2005, The Asset Managers Forum held a special purpose conference call that discussed the items listed below relating to the Global Research Analyst Settlement. The most important lesson is that asset managers should contact their custodians to ascertain correct procedures on filing a claim.
- Current Status - filing is due 7/29/05
- Procedures, Forms, etc. available at www.globalresearchanalystsettlement.com
- Link to SEC Web site on Global Research Analyst Settlement: www.sec.gov/spotlight/globalsettlement
- Discussion of asset manager issues, concerns, solutions
- Input from Custodian Banks and Brokers
- Follow-up items
Julie Warren (Chair of the AMF) of New York Life Investment Management, John Dougherty of Morgan Stanley Investment Management and Joseph Sack, SEG Executive Director were the leaders in this industry call. The Asset Managers Forum will continue to monitor the issues and provide further information on salient developments, particularly relating to forms, deadlines and new information. Please contact Douglas Taggart of the staff of the AMF if you have any questions at dtaggart@bondmarkets.com.
Greenspan testifies before Senate Banking Committee
On July 21, 2005, Chairman Alan Greenspan of the Federal Reserve testified before the U.S. Senate Committee on Banking, Housing and Urban Affairs on the Federal Reserve's Semi-Annual Monetary Policy. In summation, Chairman Greenspan stated that "the U.S. economy has remained on a firm footing, and inflation continues to be well contained...[and] the prospects are favorable for a continuation of those trends." Chairman Greenspan also provided insights on long-term interest rates and the impact on the debt markets and raised concerns over practices evolving in the mortgage markets.
Click here to read Chairman Greenspan's Testimony