[8675309] June 15, 2021 TO: ICI Members Pension Committee Pension Operations Advisory Committee SUBJECTS: Pension Tax RE: DOL and Treasury Release Spring 2021 Regulatory Agendas The Department of Labor (DOL) and the Treasury Department and Internal Revenue Service (IRS) recently...
On January 13, 2025, the Municipal Securities Rulemaking Board published a concept release seeking public comment on a potential initiative to collect pre-trade data for certain municipal securities from brokers, dealers, and municipal securities dealers (collectively, "dealers") and...
[36037] March 04, 2025 TO: ICI Members Alternative Closed-End Fund Working Group Closed-End Investment Company Committee Co-Investment Working Group SUBJECTS: Alternative Investments Closed-End Funds Exchange-Traded Funds (ETFs) Fixed Income Securities Investment Advisers RE: ICI...
On 28 February, ICI filed a response to the Financial Stability Board's consultation on leverage in non-bank financial intermediation. The Consultation proposes a set of recommendations for authorities intended to enhance authorities' and market participants' ability to monitor...
Earlier today, ICI submitted the attached letter to Acting SEC Chairman Mark T. Uyeda requesting that the Commission further amend the Form N-PORT amendments adopted in August 2024 to: (i) eliminate the publication of each monthly Form N-PORT (including a fund's full portfolio...
On February 21, 2025, the White House released the "America First Investment Policy". Its stated purpose (described in Section 1 of the Policy) is to create an investment policy that will enhance America's national and economic security, including by preventing foreign adversaries...
On February 25, 2025, the Securities and Exchange Commission extended certain compliance dates under the Treasury Clearing Rule. Specifically, the compliance date for the requirement to clear eligible cash market transactions was extended from December 31, 2025, to December 31, 2026...
On February 21, 2025, ICI submitted a letter, to Acting Chairman Mark T. Uyeda of the Securities and Exchange Commission to request that the Commission extend the various compliance dates under the Treasury Clearing Rule, including by a minimum of 24 months (i.e., an extension to at...
On 12 February, the European Commission (EC) introduced a legislative proposal with an amendment to the Central Securities Depository Regulation to support the shortening of the settlement cycle in the European Union from two days after the trade date (T+2) to one day after the trade...
On February 14, 2025, a judge for the US District Court in the Northern District of Texas issued its decision in the case filed by attorneys general from 26 states against the Department of Labor. The judge granted DOL's motion for summary judgment, refusing the state AGs' attempt to...
On February 18, President Trump signed an executive order that aims to bring specified federal regulatory agencies under the President's ongoing supervision and control.
In August 2024, the Committee on Rules of Practice and Procedure of the Judicial Conference of the United States proposed amendments to Federal Rule of Appellate Procedure 29, which would alter the procedures for filing amicus curiae briefs.
BTRAC fund members identified in early 2020 that improved transparency from the bank, trust, custody, and retirement channel is needed to better manage responsibilities for fund investors.
On January 30, ICI submitted a response to the European Commission's call for evidence on single market strategy for 2025. In our response, we note that the efficient flow of capital across the EU is essential for realising the Commissions vision of a unified single market. Central to...
On February 12, 2025, the SEC staff rescinded prior guidance, reinstated previously rescinded guidance, and issued new guidance on the shareholder proposal rule (Rule 14a-8). Rule 14a-8 under the Exchange Act conditionally permits a company's shareholders to include proposals (i.e...
On 11 February 2025, ICI responded to the International Organization of Securities Commissions two related consultations on liquidity risk management in open-end funds.
The SEC's Division of Corporation Finance released new guidance on Exchange Act Section 13(d) and (g) beneficial ownership reporting earlier this week. The guidance specifically addresses how a large shareholder's engagement and proxy voting activity could affect its ability to file...
Last week, FINRA and the MSRB announced that they will not be setting an effective date for their approved rule changes related to reducing the trade reporting timeframe for certain transactions reported to FINRA's TRACE and MSRB's RTRS, respectively.
ICI is surveying members regarding their experience with dividend tax withholding reclaims in Switzerland. In recent years, US regulated investment companies and collective investment trusts have experienced difficulties claiming treaty benefits to which they are entitled. These...
The California Air Resources Board (CARB) has issued an Information Solicitation to Inform Implementation of California Climate-Disclosure Legislation: Senate Bills 253 and 261, as amended by SB 219.
On February 11, 2025, Securities and Exchange Commission Acting Chairman Mark Uyeda issued a statement on Climate-Related Disclosure Rules in which he stated that he is "taking action on The Enhancement and Standardization of Climate-Related Disclosures for Investors rule that was...
A registered investment adviser recently settled charges with the Securities and Exchange Commission for: (1) misleading statements concerning the potential tax consequences to investors in certain target date funds; and (2) failing to adopt and implement written policies and...
The United States District Court for the Central District of California granted a motion made by the California Air Resources Board to dismiss two causes of action brought by the Chamber of Commerce of the United States of America, et al.,.
In August 2024, the Committee on Rules of Practice and Procedure of the Judicial Conference of the United States proposed amendments to Federal Rule of Appellate Procedure 29, which would alter the procedures (including disclosure requirements) for filing amicus curiae briefs.
