SEC OK latest boost for alts clearing service

SEC OK latest boost for alts clearing service
Commission gives thumbs up again to Alternative Investment Product
MAR 15, 2012
By  DJAMIESON
The Securities and Exchange Commission has given the nod to a Depository Trust and Clearing Corp. service that should ease custody of alternative assets. Last week, the SEC disclosed that a proposed rule change by DTCC's subsidiary, National Securities Clearing Corp., to define its Alternative Investment Product service as a "good control location" under customer protection rules, was made effective on March 7. The change enables industry participants that use the AIP service to report alternatives on customer statements. The rule filing mimics a no-action letter that the SEC gave to the Charles Schwab Corp. in February. (See earlier story.) The SEC also asked for comment on the rule change last week. "We anticipate adoption of the service to accelerate” as a result of the SEC's approval, said Ann Bergin, managing director of DTCC Wealth Management Services in a statement today.

Latest News

Judge OKs more than $90 million in settlement money for GWG investors
Judge OKs more than $90 million in settlement money for GWG investors

Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.

Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs
Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs

Orion adds new model portfolios and SMAs under expanded JPMorgan tie-up, while eMoney boosts its planning software capabilities.

Retirement uncertainty cuts across generations: Transamerica
Retirement uncertainty cuts across generations: Transamerica

National survey of workers exposes widespread retirement planning challenges for Gen Z, Millennials, Gen X, and Boomers.

Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future
Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future

While the choice for advisors to "die at their desks" might been wise once upon a time, higher acquisition multiples and innovations in deal structures have created more immediate M&A opportunities.

Raymond James continues recruitment run with UBS, Morgan Stanley teams
Raymond James continues recruitment run with UBS, Morgan Stanley teams

A father-son pair has joined the firm's independent arm in Utah, while a quartet of planning advisors strengthen its employee channel in Louisiana.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave