The US Department of Labor on January 14, 2025, published an update to the Voluntary Fiduciary Correction Program and a conforming final amended PTE 2002-51, the related prohibited transaction class exemption. The Amendment and final PTE 2002-51 follow proposed updates that DOL...
On January 16, 2025, the staff of the Securities and Exchange Commission's Division of Investment Management issued guidance reminding registrants about their website disclosure requirements.
On January 21, 2025, the Municipal Securities Rulemaking Board published its annual report for the 2024 fiscal year. This report provides an overview of the organization's regulatory initiatives, operational performance, and financial position.
[36004] January 30, 2025 TO: ICI Members Chief Compliance Officer Committee Chief Information Security Officer Committee Chief Risk Officer Committee Global Information Security Officer Committee - London Global Information Security Officer Committee - Tokyo Operational Resiliency...
On Friday, January 24, 2025, ICI filed a comment letter with the Securities and Exchange Commission (SEC) responding to and addressing certain statements in comment letters filed by Professor Robert J. Jackson, Jr. and Saba Capital Management, L.P. that ICI believes misrepresents ICI...
On Tuesday, January 28, 2025, ICI filed a comment letter with the SEC suggesting an amendment to the New York Stock Exchange and the Cboe BZX Exchange, Inc. proposals (collectively, the "Exchange Proposals")[1] regarding the annual meeting listing standard for closed-end funds (CEFs)...
The Investment Company Institute and the Independent Directors Council invite your fund complex to participate in the ICI/IDC Directors Practices Study. The Directors Practices Study, conducted since 1996, collects and reports data on fund board practices and independent director...
On January 21, 2025, ICI submitted a no-action request letter, available here, to the Securities and Exchange Commission (SEC or "Commission") to request that the staff of the Division of Trading and Markets ("Staff") confirm that it will not recommend that the Commission take...
As a follow up to ICI's meeting with Indian Government officials on outstanding tax issues, ICI made the attached submission concerning capital loss offsets. The letter requests a modification of the Indian income-tax return (ITR) forms to enable taxpayers, including US regulated...
On January 14, 2025, the Department of Labor (DOL) issued Field Assistance Bulletin (FAB) No. 2025-01, announcing a temporary enforcement policy related to the transfer of small accounts of missing participants to state unclaimed property funds. Under the new enforcement policy, DOL...
Several ICI member firms have reported receiving notifications from the Internal Revenue Service (IRS) informing them that their funds' tax information was leaked as part of the "Littlejohn" data breach at the IRS. These notices state that a former IRS contractor "has been charged...
On January 23, 2025, the SEC published Staff Accounting Bulletin No. 122 (SAB 122)[1] which rescinds the interpretive guidance included in Section FF of Topic 5 (Topic 5.FF) in the Staff Accounting Bulletin Series entitled Accounting for Obligations to Safeguard Crypto-Assets an...
On January 16, 2025, the SEC announced that it settled charges against two registered investment advisers (the "Advisers"), for breaching their fiduciary duties by failing to reasonably address known vulnerabilities in their investment models and for related compliance and supervisory...
On January 10, 2025, Judge O'Connor of the United States District Court for the Northern District of Texas issued a 70-page opinion in Spence v. American Airlines, Inc. In the lawsuit, Bryan Spence, an employee of American Airlines, Inc. and participant in one of American's defined...
On January 10, 2025, the Internal Revenue Service and Treasury Department released proposed regulations providing guidance on the new automatic enrollment requirements under section 101 of the SECURE 2.0 Act.
On December 4th, Maine Revenue Service released proposed amendments to their income tax apportionment regulation, which include changes to the apportionment of receipts from services, but do not specifically address apportionment of receipts from asset management services.
In September 2023, the Securities and Exchange Commission adopted amendments to Rule 35d-1 under the Investment Company Act of 1940. The Names Rule was initially adopted in 2001, and, at that time, the SEC staff issued related guidance in the form of frequently asked questions. In the...
On December 13, 2024, the U.S. House of Representatives Judiciary Committee released an Interim Staff Report titled: SUSTAINABILITY SHAKEDOWN: HOW A CLIMATE CARTEL OF MONEY MANAGERS COLLUDED TO TAKE OVER THE BOARD OF AMERICA'S LARGEST ENERGY COMPANY. The Report notes that the "the...
On December 5, 2024, the Competent Authorities of the United States and Switzerland entered into an agreement confirming that certain US pensions and other retirement arrangements, including individual retirement savings plans, may be eligible for benefits under paragraph 3 of Article...
On 18 December 2024, the Financial Stability Board published a consultation on leverage in non-bank financial intermediation. Responses to the Consultation's questions are requested by electronic form by 28 February 2025 and ICI plans to submit a response.
As a follow up to ICI's meeting with Indian Government officials on outstanding tax issues, the attached draft letter outlines concerns on capital loss offsets.
On December 27, the Federal Reserve Board (FRB), Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Commission (FDIC and collectively, Agencies) issued a statement (Statement) extending previously issued no-action relief under Regulation O.
The Missouri Secretary of State has proposed a rule applicable to investment advisers and investment adviser representatives which would deem effecting any transaction with an investment objective not authorized by a client to be a fraudulent act in Missouri.
On December 13, 2024, the ERISA Advisory Council met with staff of the Department of Labor Employee Benefits Security Administration to provide recommendations regarding the topic "Qualified Default Investment Alternatives—Start to Finish, Default to Payout."
