On December 18, 2023, the Attorney General for the State of Tennessee filed a Civil Enforcement Complaint in the Circuit Court of Williamson, Tennessee against an asset manager, alleging that its "marketing or sale of its investment products and services constitutes deceptive acts and...
The Office of Information and Regulatory Affairs recently released its Fall 2023 Unified Agenda of Regulatory and Deregulatory Actions (Agenda), which includes updated Agency Rule Lists from the Department of Labor (DOL) and the Treasury Department and Internal Revenue Service (IRS)
Earlier this week, the U.S. Court of Appeals for the Fifth Circuit struck down Securities and Exchange Commission amendments that would have required enhanced disclosure when an issuer repurchases its own equity securities ("Share Repurchase Rule").
On December 13, the SEC adopted a final rule to mandate central clearing and settlement of certain secondary market transactions in US Treasury securities—cash Treasuries and Treasury repo and reverse repo—in which one of the counterparties is a direct participant of a covered...
On December 6, 2023, ICI submitted the attached letter to the Office of Management and Budget (OMB), expressing significant concerns regarding the substantial proposed changes and the cost-benefit analysis included in the Department of Labor's (DOL) proposed amendments to Prohibited...
On December 6, 2023, the UK HM Treasury (HMT) and Financial Conduct Authority (FCA) each published consultations on money market fund (MMF) reform to replace the retained EU law related to MMFs with a new framework, specifically designed for the UK. The HMT published a policy note and...
[35552] December 19, 2023 TO: Liquidity Rule Implementation Working Group SEC Rules Committee Small Funds Committee RE: ICI Draft Comment Letter on SEC Liquidity Proposal's Impact on Funds Investing in Bank Loans; Comments Due by December 21 at 12:00 pm ET Linked below is a draft ICI...
Attached is a copy of ICI's comment letter as filed to the SEC on FINRA's proposed rule change to disseminate transaction-level data in US Treasury securities that are On-the-Run Nominal Coupons on an end-of-the-day basis.
On December 4, 2023, the Financial Stability Board (FSB) published Enhancing Third-Party Risk Management and Oversight: A toolkit for financial institutions and financial authorities.
Last month, FINRA filed with the SEC proposed amendments to Rule 2210 (Communications with the Public) (the "rule"). If adopted, the amendments would permit a FINRA member to project the performance or provide a targeted return with respect to a security or asset allocation or other...
ICI Global submitted the attached response to the European Commission's targeted consultation on the implementation of the Sustainable Finance Disclosures Regulation (SFDR).
ICI Global submitted the attached letter to the Call for Evidence launched by the UK Department for Energy Security and Net Zero on the cost, benefits, and practicalities of Scope 3 greenhouse gas (GHG) emissions reporting in the UK.
ICI and ICI Global filed a cover note and response to the European Securities Market Authority's (ESMA) call for evidence on shortening the settlement cycle (Call for Evidence).
On December 13, 2023, the SEC settled an enforcement action against Credit Suisse Securities ("CSS") and two affiliated entities based on findings that they violated Section 9(a) of the Investment Company Act (ICA) by acting as a principal underwriter or investment adviser to a...
Attached for your review is ICI's draft comment letter to FINRA's proposed rule change to disseminate transaction-level data in US Treasury securities that are On-the-Run Nominal Coupons on an end-of-the-day basis. ICI plans on filing the letter to the SEC by COB this Friday, December...
On December 6, 2023, the Monetary Authority of Singapore (MAS) finalized the voluntary code of conduct for ESG ratings and data providers. Consistent with the consultation draft released in June 2023, the code of conduct largely aligns with the recommendations of the International...
On November 27, 2023, the Securities and Exchange Commission (SEC or "Commission"), on a 4-1 vote by seriatim, adopted Rule 192 ("Final Rule") under the Securities Act of 1933 ("Securities Act"), which implements the prohibition under Section 621 of the Dodd-Frank Act on material...
On December 11, 2023, Investment Company Institute (ICI) submitted comments to the Commodity Futures Trading Commission (CFTC) regarding its proposed amendments to Regulation 4.7 (the "Proposal"). While the Proposal contained several proposed amendments that would affect commodity...
The Office of Information and Regulatory Affairs released the Fall 2023 Unified Agenda of Regulatory and Deregulatory Actions on December 6, 2023. The agenda includes regulatory actions that the Securities and Exchange Commission and Commodity Futures Trading Commission expect to take...
Last month, FINRA filed with the SEC proposed amendments to Rule 2210 (Communications with the Public) (the "rule"). If adopted, the amendments would permit a FINRA member to project the performance or provide a targeted return with respect to a security or asset allocation or other...
Following an extended period of trilogue negotiations and the adoption of a provisional agreement in July 2023, the final texts reflecting revisions to the Alternative Investment Fund Managers Directive (AIFMD) and the Directive on Undertakings for Collective Investments in Securities...
The U.S. Court of Appeals for the Second Circuit recently affirmed a lower court decision holding that certain closed-end funds' "control share" provisions are impermissible under the Investment Company Act of 1940. The Second Circuit decision could impact several closed-end funds...
On October 31, 2023, the Securities and Futures Commission (SFC) announced its support for developing a voluntary code of conduct for ESG ratings and data providers in Hong Kong. An industry-led working group, the Hong Kong ESG Ratings and Data Product Providers Voluntary Code of...
On November 3, the Commodity Futures Trading Commission (CFTC or "Commission"), by seriatim, issued proposed amendments ("Proposal") to its rules governing the safeguarding and investment of funds deposited by customers to margin futures, foreign futures, and cleared swap transactions...
