*This email is meant for individuals employed at Buy Side Firms Only*

Dear Buy Side Members, 

On behalf of the STA Buy Side Advisory Committee we have three (3) items that we would like to bring to your attention.  

First, we continue to raise awareness among our membership of a business practice by third party vendors who service investor relation programs. This practice involves phone calls or emails to back offices of asset management firms requesting holdings information. The vendor will normally provide an authorization letter on behalf of the issuer and may present themselves as conducting a shareholder audit. To help you understand this practice we have provided a letter that you may also circulate within your respective firm to determine what, if any steps, you feel are appropriate. Please feel free to reach out to the STA office with any inquiries. 

 Second, the STA filed a comment letter in regards to the FSOC request for comments on asset management products and activities related to liquidity & redemptions, leverage, operational functions and resolution. Additional links that you may find useful in understanding this topic are below. 

 Lastly, please save the date for an April 29th call on the European Securities and Markets Authority, "ESMA", initiative on the unbundling of commission dollars to pay for research. A notice on this call will be released on April 27th and we anticipate a strong demand. 

 Thank you. 

 Helpful links on FSOC Asset Management Products & Practices 

Norton Rose Fulbright article

Brookings Institute paper

SEC Commissioner Piwowar speech - March 2015

BlackRock paper; "Who owns your assets"

Pension & Investment article; "Consultants as center of pension fund shift towards streamling"