ICI has requested guidance, in the attached letter, from the Treasury Department and Internal Revenue Service (IRS) on two liquidity fee-related tax issues for money market funds (MMFs).
On July 20th, the European Commission (Commission) published a report on the adequacy of the Money Market Fund Regulation (MMFR), which has been in application in the EU since January 2019.
On August 9, 2023, President Biden signed Executive Order 14105, titled Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern (Executive Order), which directed the US Secretary of the Treasury to develop and establish a US...
ICI has filed the attached comment letter on the Securities and Exchange Commission's (SEC) large security-based swap position reporting proposal. In June, the SEC reopened the comment period to the proposal with additional economic analysis separately submitted by the Division of...
The November ICI Tax Committee Meeting will be on Thursday and Friday, November 2 and 3 at ICI's office located at 1401 H Street, NW, Washington, DC. Further information and registration links are provided below.
The SEC has announced the settlement of an administration action involving DST Asset Manager Solutions, Inc. (DST), a registered transfer agent, for violations of the lost securityholder rule under the Securities Exchange Act of 1934, Rule 17Ad-17. According to the SEC's Order,...
On 19 July, the European Council - under the presidency of the Kingdom of Spain - and the European Parliament - led by Spanish conservative MEP Isabel Benjumea (together, the Co-legislators) agreed to provisional versions of the revised Alternative Investment Fund Manager Directive...
On August 9, 2023, President Biden signed a highly anticipated Executive Order to establish a U.S. outbound investment regime. At the same time, the Treasury Department published an Advance Notice of Proposed Rulemaking to initiate a rulemaking process to develop and implement an...
On August 11, 2023, the Department of Labor (DOL) released a new request for information (RFI) on provisions of the SECURE 2.0 Act that impact ERISA's reporting and disclosure requirements. The RFI includes 31 questions designed to solicit public feedback and begin developing a public...
The attached draft letter to US Treasury and IRS officials requests guidance on two liquidity fee-related tax issues for money market funds that arise from the new SEC rule. The ICI discussed these issues, and one involving the reversed distribution method (RDM), recently with the...
We are pleased to announce that we will be holding a webinar with Institutional Shareholder Services (ISS) covering its approach to determining recommendations related to voting the shares of listed closed-end companies. The webinar will be virtual and will begin at 2:30 p.m. (ET) on...
On July 27, 2023, the SEC issued an order (the "2023 Order") approving FINRA's proposed amendments to FINRA Rule 4210 related to margin requirements for "Covered Agency Transactions" (defined below) in the to-be-announced (TBA) market. The amendments: (1) eliminate the two percent...
On June 29, 2023, Saba Capital Management, L.P. ("Saba") filed a complaint in the United States District Court of the Southern District of New York against sixteen closed-end funds and several trustees overseeing some of the named funds.
The primary, secondary, and NRA layouts (all in excel spreadsheet form) for use by regulated investment companies ("RICs") in reporting 2023 year-end tax information to brokers and banks are available on the Institute's website at: https://www.ici.org/year-end-tax-reporting.
On August 7, 2023, the Investment Company Institute and Independent Directors Council filed a joint comment letter in response to the Public Company Accounting Oversight Board's (PCAOB) proposed amendments to the auditing standards related to a company's noncompliance with laws and...
On July 26, the CFTC proposed certain amendments to its initial margin (IM) requirements for swap dealers (SDs) and major swap participants (MSPs) (collectively, covered swap entities or "CSEs") regarding seeded funds and money market funds (MMFs). The Proposal would implement, with...
On July 31, the SEC Division of Examinations ("Division") published a risk alert ("Risk Alert") regarding anti-money laundering ("AML") compliance examinations of broker-dealers. The Risk Alert highlights the Division's observations that: some broker-dealers "did not appear to devote...
On July 26 and July 31, respectively, ICI submitted supplemental comment letters on the Fund ESG Proposal and the Names Rule Proposal (together, the "Proposals"). In each letter, we point out that regulatory processes and requirements already exist to ensure that fund communications...
SEC Issues Proposal on Conflicts of Interest Related to Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers [35390] August 02, 2023 TO: Advertising Compliance Advisory Committee Broker/Dealer Advisory Committee Investment Adviser and Broker-Dealer Standards of...
On July 26, 2023, ICI Global joined the attached joint letter to the Securities and Exchange Board of India (SEBI)—together with the Asia Securities Industry and Financial Markets Association's Asset Management Group (ASIFMA AMG), the European Fund and Asset Management Association...
The European Securities and Markets Authority (ESMA) launched a consultation on May 23 on the draft regulatory technical standards under the revised ELTIF Regulation (ELTIF 2.0). The consultation can be found here. Responses are due to ESMA by August 24.
On July 31, ICI submitted a letter supplementing our comments on the SEC's proposed amendments ("Proposal") to Rule 35d-1 ("Names Rule") under the Investment Company Act of 1940 ("1940 Act"). In the letter, we point out that regulatory processes and requirements already exist to...
On July 18, the Central Bank of Ireland (CBI) published a discussion paper entitled "An approach to macroprudential policy for investment funds" (Discussion Paper). The CBI is accepting comments until November 15.
ICI has filed comments with the Financial Stability Oversight Council (FSOC or Council) on two proposals: (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) a new...
