Late Trading means the illegal practice of pricing a purchase or redemption order for shares of an open-end Fund with the current day share price even though the order is received after the pricing time established in the Fund’s prospectus. Late trading often involves a coordinated effort by the investor and a broker or service provider for the Fund.
Late Trading means the acceptance of a subscription, conversion or redemption order after the cut-off time for the acceptance of orders on the relevant trading day and its execution at the price based on the net asset value applicable to that day.
Late Trading means effecting purchases or sales of shares in a registered open-end investment company (mutual fund) after its net asset value per share has been determined (typically following the 4:00 p.m. close of normal trading on the New York Stock Exchange) at such previously-determined net asset value per share.
Examples of Late Trading in a sentence
Late Trading is prohibited by law and, with respect to Reportable Funds, may represent a violation of fiduciary duty.
This Code prohibits Access Persons from engaging in or facilitating Late Trading in shares of any open-end Fund.
Upon the request of BNYMSC, the Service Provider shall provide such information, representations and certifications regarding the Late Trading Procedures, as may reasonably be requested.
In addition to being illegal, Late Trading presents a conflict of interest and a violation of fiduciary duty.
No Covered Person shall engage in any such Late Trading transaction in mutual fund shares.
More Definitions of Late Trading
Late Trading means the practice of placing orders to buy or redeem mutual fund shares after the mutual fund has calculated its net asset value, usually 4:00pm Eastern Standard Time, but receiving the price based on the net asset value calculated on the previous day.
Late Trading means: (1) any transaction involving mutual fund shares or the separate account or sub accounts of a life insurance company (including, without limitation, the placement or confirmation or cancellation of trades or orders for, or the purchase or redemption of mutual fund shares by the mutual fund or an intermediary) made after the mutual fund’s or separate account’s or sub account’s net asset value (as defined in Rule 2a-4 of the Investment Company Act of 1940, as amended, in the case of the mutual fund) for a particular date has been made, or should have been made, but which transaction is made at a price based upon said mutual fund’s or account’s net asset value for that date; or (2) any transaction defined as late trading by any federal or state statute or regulation, or any prospectus, policy, limitation, agreement or procedure of the mutual fund or life insurance company.
Late Trading. Means the acceptance of a subscription, conversion or redemption request after the cut-off time fixed for accepting requests on the relevant day and the execution of such request at the price based on the net asset value applicable to such same day;
Late Trading means cancelling, modifying and/or placing orders to buy or sell mutual fund shares after the determination of a mutual fund’s current net asset value (as defined in Rule 1a-4 under the Investment Company Act of 1940) where the price charged to the buyer or seller is calculated at the mutual fund’s current net asset value previously determined, in contravention of Rule 22c-1 under the Investment Company Act of 1990, or any similar law, rule or regulation.
Late Trading means when a mutual fund order is received from a client after the trading deadline of a series of the Corporation and after the day’s closing price (NAV) is calculated in accordance with Rule 22c-1.
Late Trading. Means the acceptance of a subscription, conversion or redemption order after the time limit fixed for accepting orders (cut-off time) on the relevant day and the execution of such order at the price based on the net asset value applicable to such same day;
Late Trading means accepting a subscription or conversion or redemption order after the cut-off time of the relevant day and its execution at the price based on the applicable net asset value of the day.