Final tax conference report retains CU tax exemption

first_img 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Efforts to retain the credit union tax exemption neared the finish line Friday night, as House and Senate Republican negotiators signed off on a massive tax overhaul bill with the exemption intact.The legislation is the product of a House-Senate conference committee that met to resolve House and Senate versions of the tax bill.The conference report will go to the House and Senate floors next week, where it is expected to pass.The conference report cannot be amended – it either will be approved or rejected. Republicans have said they believe they have the votes to send the legislation to President Trump, who has said he will sign it. continue reading »last_img read more

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Low-cost investment research ‘unsustainable’, managers claim

first_imgMiFID II represented the “biggest change to the research space in decades”, said Vicky Sanders, co-founder of RSRCHXchange.Her colleague, fellow co-founder Jeremy Davies, added that three-quarters of the managers and analysts questioned said they saw the current low price for research as unsustainable.“When people pay low prices they worry they will get what they pay for,” he said.Last week, a separate report revealed brokers’ fees had dropped by almost 20% as a result of the introduction of the new rules, which took effect from 3 January.  Despite this, there was much willingness within the market for research costs to rise.“People believe that market forces will resolve many of these issues,” Davies said. “If you pay $10,000 less then it is not sustainable to receive the same quality of research. Most people say to us that, ‘we have a fiduciary duty to pay the price that we are asked to pay’.”The RSRCHXchange report also raised questions as to whether coverage of smaller companies might suffer post-MiFID II.“You have to look at the short- and long-term effects,” Davies said. “Historically, research coverage has tracked liquidity; it has not tracked alpha.”Gary Baker, managing director at the CFA Institute, a decline in the research coverage of small- and mid-cap companies could prove one of the outcomes of the implementation of the new regulations.“One of the concerns around MiFID II is whether it will be detrimental in terms of the coverage of small caps,” Baker said. “This is something that we are interested in monitoring going forward, particularly to watch whether it drives the research capacity out of the small-cap market.” MiFID II will drive down the quality of investment research with coverage of smaller companies suffering as a result, according to a survey of global fund managers.According to RSRCHXchange – an investment research aggregator – asset managers were concerned about how the unbundling of research and trading costs under the new regulations might impact investment information.Just under half of the analysts and fund managers surveyed said they felt “worse off as a result of reduced access to research”, the report noted. A further 63% said they now took fewer meetings with sell-side research analysts.The company surveyed 418 professionals collectively responsible for roughly $30trn (€25trn) of assets.last_img read more

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GSA boys fall to Mount View in Class C North title game

first_imgHAMPDEN — The George Stevens Academy boys’ soccer team’s season came to an end Tuesday with a 3-1 loss to Mount View in the Class C North championship game.GSA’s lone goal on the evening came via a long-range strike from sophomore David Gadsby. Mount View got two goals from Elijah Allen after getting the opener from Brennan Grant.Third-ranked Mount View (15-2) got on the board inside eight minutes as Grant fired the Mustangs into the lead on the wet Hampden Academy turf. Yet the Eagles bounced back through Gadsby, who unleashed a powerful shot from outside the 18-yard box to the bottom right corner to tie it.Mount View fought back with a goal from Allen with 14:49 left in the first half, though, and the senior forward completed his brace with 29:23 remaining in the second. No. 4 GSA (11-3-3) controlled much of the possession the rest of the way but couldn’t find the goals needed to advance.This is placeholder textThis is placeholder textThe loss denied GSA its first regional title since winning the Class C East crown in 2002. Mount View, which claimed its first regional championship since 1980 with the win, will face Class C South No. 3 seed Waynflete (15-2) in the state title game at 3 p.m. Saturday, Nov. 9, at Falmouth High School.last_img read more

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