AMF Leaders to Speak at Institutional Investor Event
Institutional Investor is hosting an event on Technology and Operations for Asset Management Firms on September 30, 2004 in New York City. This event is geared toward Front-to-Back Office strategies for supporting the evolving needs of complex investment portfolios.
AMF Steering Committee members Stephen Mellas (Chairman) of Goldman Sachs Asset Management, Julie Warren of New York Life Investment Management, Lisa Illaria of Prudential Investment Management and Michael Wyne of Fischer Francis Trees & Watts will be among the featured speakers. In addition, AMF COO Group member John Gidman will also be among the panel speakers.
Institutional Investor is offering a 15% discount for AMF members. For more information, contact Shona Thomson at 212.224.3440.
Click here to register through the AMF COO Web Page
FASB Announces Two Proposed Staff Positions on EITF 03-1
In an ActionAlert issued on September 16, 2004, FASB announced two proposed FASB Staff Positions that relate to EITF Issue No. 03-1 on "Other than Temporary Impairments". In the first proposed Staff Position (03-1-a), FASB provides guidance for the application of EITF 03-1 as it relates to bonds that are impaired because of interest rate and/or sector spread increases. The other FASB Staff Position (03-1-b) proposes delaying the effective date of EITF 03-1 for debt securities that are impaired.
Comment Period for FSP 03-1-a deadline: October 29, 2004
Comment Period for FSP 03-1-b deadline: September 29, 2004
Click here to read the "Request for Comment " on FSP on 03-1
Click here to read the AMF Comment Letter to FASB
The AMF Accounting Policy Committee will consider submitting further comment.
SEC Adopts Rule Prohibiting the Use of Brokerage Commissions to Finance Distribution
On September 2, 2004, the Securities and Exchange Commission adopted a rule amendment that prohibits the use of brokerage commissions to finance fund share distribution. According to the Commission, the new rule amendments are designed eliminate any possible conflicts of interest which could potentially be harmful to funds and fund shareholders. The AMF COO Group ("Senior Executives Group") met on Tuesday, September 14, 2004 and discussed, among other matters, anticipated compliance challenges with the amended rule.
Effective Date: October 14, 2004
Compliance Date: December 13, 2004