We submitted a letter to the SEC yesterday to further support our recommendation that the Commission not include a separate category for "ESG Integration" funds in any final rule. In support of our view that distinctly singling out "Integration Funds" is unnecessary, we describe how...
ICI Global submitted the attached response to the Australian Treasury on its second consultation on climate-related financial disclosure framework. The proposed framework would require entities (including financial institutions) lodging financial reports under Chapter 2M of the...
ICI recently participated in a multi-organization letter (Letter) to IRS and Treasury (attached) requesting transition relief for section 603 of the SECURE 2.0 Act.[1] Section 603 requires that, effective January 1, 2024, catch-up contributions by those making more than $145,000 be...
On July 14, 2023, the Internal Revenue Service (IRS) issued Notice 2023-54, providing relief (as requested by ICI) with respect to distributions made during 2023 that were characterized as required minimum distributions (RMDs) but are not actually RMDs as a result of changes...
The Internal Revenue Service (IRS) on Thursday, May 25, 2023, published Notice 2023-43 (Notice), which provides guidance with respect to the expansion of the Employee Plans Compliance Resolution System (EPCRS) as required under Section 305 of the SECURE 2.0 Act (Act). The Notice...
The Public Company Accounting Oversight Board (PCAOB) recently issued a proposal for public comment, which would amend auditing standard AS 2405 pertaining to an auditor's responsibility in assessing a company's noncompliance with laws and regulations, including instances of fraud...
On July 12, 2023, the Securities and Exchange Commission, in a 3-2 party-line vote, adopted amendments to Rule 2a-7 and certain other rules that govern money market funds under the Investment Company Act of 1940. According to the SEC's adopting release (Release), the amendments are...
On June 28, the Federal Trade Commission (FTC) issued a proposed rule to amend the Hart-Scott-Rodino (HSR) premerger notification rules to reorganize and add new information and documentation requirements for HSR filings. The proposal would not expand the scope of "person" that is...
On June 22, 2023, the Financial Stability Board (FSB) published a consultation on Enhancing Third-Party Risk Management and Oversight: A toolkit for financial institutions and financial authorities. Comments are due on August 22, 2023, and ICI plans to submit a response. The FSB is...
On 5 July 2023, the ESG Data and Ratings Working Group (DRWG), convened by the UK Financial Conduct Authority (FCA), launched a consultation on a draft voluntary code of conduct for ESG ratings and data providers. The draft code of conduct largely aligns with the recommendations of...
On 5 July, the Financial Stability Board (FSB) and International Organization of Securities Commissions (IOSCO) each published consultations on liquidity risk management in open-ended funds (OEFs). The FSB and IOSCO are accepting feedback on the consultations by 4 September.
On July 7, the CFTC approved the "made available to trade" (MAT) determination that Tradeweb's registered swap execution facility (SEF), TW SEF LLC (TW SEF), resubmitted in late May for certain overnight index swaps (OIS) referencing specific risk-free rates. Specifically, the MAT...
We invite you to join us for state ESG-related webinars on July 18 and 20. These webinars are free to attend and an exclusive opportunity for ICI members.
ICI Global submitted the attached response to the European Supervisory Authorities (ESAs) consultation on amendments to the Regulatory Technical Standards (RTS) under the Sustainable Finance Disclosure Regulation (SFDR).
The European Commission recently proposed a Council Directive (known as "FASTER") for improving tax treaty relief on cross-border investments. FASTER is designed for cross-border dividend payments—for which investors resident in treaty partner countries typically are eligible for...
As you may recall, in February, when the SEC's Division of Examinations published its 2023 Examination Priorities, listed under "Notable New and Significant Focus Areas" was compliance with rules recently adopted under the Investment Company Act of 1940 and the Investment Advisers Act...
ICI participated in a multi-organization letter, described below, to advocate for a delay of the new requirement of the SECURE 2.0 Act that certain catch-up contributions be made as Roth contributions. In addition, we wanted to remind members that in May two letters were sent from the...
On June 7, the Commodity Futures Trading Commission (CFTC) adopted a final rule to require derivatives clearing organizations (DCOs) to establish risk management committee (RMC) and risk working groups (RWGs) that would consult on matters that could materially affect the DCO's risk...
The Management Company Tax Subcommittee will hold a virtual committee meeting on August 1, 2023, at noon (ET). This subcommittee deals with legislative, regulatory, and compliance issues (in federal, state, and international contexts) affecting the taxation of fund management...
The next meeting of the Investment Company Institute's (ICI) Transfer Agency Advisory Committee (TAAC) will be held virtually on Wednesday, July 26 and Thursday, July 27. The meeting will take place via Zoom platform in four separate, 90-minute sessions.
On May 17, 2023, the Securities and Exchange Commission (SEC) proposed amendments regarding covered clearing agencies' (CCAs) resilience and recovery and wind-down plans. The Commodities Futures Trading Commission (CFTC), on June 7, similarly proposed rule amendments related to...
A reminder that, on Tuesday, July 11, from 12:00-3:30 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.
On June 26, 2023, the International Sustainability Standards Board (ISSB) published its first set of sustainability and climate disclosure standards, aiming at creating a common language for corporate disclosure of climate and sustainability-related information. A company using the...
The next Bank, Trust, and Retirement Advisory Committee (BTRAC) meeting will take place on Wednesday, August 9, 2023, through Thursday, August 10, 2023. The meeting will be held in four virtual sessions and a virtual networking event.
The Office of Information and Regulatory Affairs recently released its Spring 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)...
