February 2008 Archives
SEC Makes Analyzing Corporate Performance Easier for Investors
PDF version On Friday February 15, 2008, the U.S. Securities and Exchange Commission announced the launch of the "Financial Explorer" on the SEC website to help investors more easily analyze the financial results of public companies and mutual funds. Financial Explorer is an eXtensible Business Reporting Language (XBRL) viewer. Financial Explorer illustrates corporate financial performance with diagrams and charts, using financial information provided to the SEC by public companies and mutual funds. (To view the notice, please visit http://www.sec.gov/news/press/2008/2008-22.htm.)
SEC Votes to Propose Amendments to Part 2 of Form ADV (Finally)
At an open meeting yesterday, the Securities and Exchange Commission (SEC) voted unanimously to seek public comment on proposed amendments to Part 2 of Form ADV, the investment adviser registration form. The amendments are designed to provide clients with narrative brochures containing plain English descriptions of an investment adviser’s business, services, and conflicts of interest. The proposed changes also would require advisers to file their brochures electronically, and the brochures would be available to the public through the SEC’s website.
SEC Issues First Notice for Actively Managed ETFs
PDF version On Friday, February 1, 2008, the U.S. Securities and Exchange Commission issued what is expected to be the first of several notices relating to requests for exemptive relief necessary to create and operate actively managed exchange-traded funds (ETFs). (To view the notice, please visit http://www.sec.gov/rules/ic/2008/ic-28140.pdf.) The notice was issued for an application filed by PowerShares Capital Management LLC (the Advisor), AER Advisors, Inc. (AER), AIM Distributors, Inc., and PowerShares Actively Managed Exchange-Traded Fund Trust (the Trust and collectively, the Applicants) on May 18, 2007, as amended November 9, 2007, November 16, 2007, November 30, 2007, December 20, 2007, and January 7, 2008 (the PowerShares Application).