Earlier this 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...
ICI Global has filed comments with the Financial Stability Board (FSB) regarding the Consultation report on Financial Resources and Tools for Central Counterparty Resolution (Consultation). This memorandum summarizes ICI Global's comments.
ICI Global has filed comments with the Central Bank of Ireland (CBI) regarding the Discussion Paper: An approach to macroprudential policy for investment funds (Discussion Paper).
The IRS has issued Revenue Procedure (Rev. Proc.) 2023-37 updating the pre-approved plan programs for qualified plans and 403(b) plans and combining them into one revenue procedure.
Last week, the Securities and Exchange Commission stayed amendments that will require enhanced disclosure when an issuer repurchases its own equity securities ("Share Repurchase Rule"). The Commission stayed the amendments in light of a decision from the U.S. Court of Appeals for the...
The Multilateral Convention (MLC) for "Amount A" of "Pillar One"—announced recently by the Organisation for Economic Co-operation and Development (OECD)— includes the ICI's recommendations for ensuring that asset managers qualify for the regulated financial services exception. Pillar...
On November 3, FINRA filed a proposed rule change with the SEC to amend its rules to allow it to disseminate transaction-level data in US Treasury securities that are On-the-Run Nominal Coupons on an end-of-the-day basis. Comments on the proposal are due on Thursday, November 30, 2023...
On November 3, the Financial Stability Oversight Council (FSOC or Council) unanimously approved: (i) revised guidance on the Council's process for potential designation of a nonbank financial company as a systemically important financial institution (SIFI); and (ii) an analytic...
On October 31, 2023, the Department of Labor (DOL) released its long-awaited new regulatory package on fiduciary investment advice. The package includes a proposal to amend the regulation defining who is a "fiduciary" under section 3(21) of ERISA and section 4975(e)(3) of the Internal...
On October 13, the Securities and Exchange Commission (SEC) adopted a final rule to require institutional investment managers under new Rule 13f-2 to report certain short position and related activity data for equity securities through a new Form SHO. ICI previously submitted a...
On Thursday, December 7, from 12-3:30 pm ET, ICI will hold a members-only meeting of the SEC Rules Committee. We will hold the meeting in person in Washington, DC, with the option to participate virtually. For members attending the meeting in person, we will serve lunch, beginning at...
For the twelfth year in a row, the SEC office responsible for conducting inspections of registrants, the Division of Examinations, has published its examination priorities for the coming year. While the Division has commonly published its examination priorities near the beginning of...
On October 31, 2023, the Chinese government concluded its two-day Central Financial Work Conference, a twice-a-decade meeting that sets out the high-level policy directions for the financial sector over the next five years.
On October 13, the Securities and Exchange Commission adopted new Rule 10c-1a ("Final Rule") under the Securities Exchange Act of 1934 ("Exchange Act"), which is intended to increase transparency and efficiency in the securities lending market. We were pleased that the Final Rule was...
On October 30, 2023, the Securities and Exchange Commission filed a complaint against SolarWinds Corporation and its Chief Information Security Officer (CISO), Timothy G. Brown, alleging various violations of the Securities Act of 1933 and the Securities Exchange Act of 1934...
On October 18, 2023, the Monetary Authority of Singapore (MAS) launched a consultation on proposed guidelines on transition planning for asset managers, along with two separate proposed guidelines for banks and insurers. Building on MAS' existing supervisory guidelines on...
The Internal Revenue Service (IRS) has released annual cost of living and other adjustments applicable to dollar limitations for pension and retirement plans. The news release is available here and Notice 2023-75, which also contains the updated limits, is available here. Notably, the...
On October 18, 2023, the Securities and Exchange Commission (SEC or "Commission") issued a proposal ("Proposal") to prohibit exchanges from offering volume-based transaction pricing in connection with agency-related orders in certain stocks. The SEC describes this practice as an...
The Internal Revenue Service (IRS) has announced that it will accept electronic and digital, rather than just handwritten, signatures on certain tax forms indefinitely.
On October 10, the SEC adopted final amendments to its rules governing beneficial ownership reporting on Schedules 13D and 13G ("Final Rules"). We are pleased that the Final Rules reflect many of ICI's comments. The Final Rules were approved by the Commission by a 4-1 vote...
On October 24, 2023, ICI submitted the attached comment letter (Comment) to IRS and Treasury in response to IRS Notice 2023-62. Notice 2023-62, issued August 25, 2023, effectively provides for a 2-year delay (until taxable years beginning after December 31, 2025) of the applicability...
On October 18, 2023, the Commodity Future Trading Commission's ("Commission") Division of Market Oversight ("Division") issued no-action relief to Chicago Mercantile Exchange Inc., ICE Trade Vault, LLC, DTCC Data Repository (US) LLC, and KOR Reporting Inc. (collectively, the SDRs)...
The IRS and Treasury Department have released their 2023-2024 Priority Guidance Plan listing their priorities for tax regulations and other administrative guidance through June 2024.
On September 29, 2023, the Securities and Exchange Commission (SEC), by seriatim, issued a proposal (the "Proposal") related to registration of offerings of registered index-linked annuities (RILAs). Specifically, the SEC proposed to amend Form N-4, which is the form currently used by...
