Last week, the SEC announced that it has settled an enforcement proceeding against a broker-dealer that failed to maintain approximately 47 million electronic communications created from January through April 2018 that were in about 8700 electronic mailboxes.
ICI's Internal Sales Managers Roundtable will meet via Zoom on Wednesday, August 16, from 3:00 to 5:00 p.m. (ET). The meeting will feature an open discussion for the first half of the meeting, and then attendees will break into smaller groups for a deeper dive on those same topics.
Earlier this month, ICI joined several other trade associations in a letter to the SEC addressing whether certain syndicated loans are securities. In Kirschner v. JP Morgan Chase Bank, N.A. et al. (2d Cir., No. 21-2726), the Second Circuit Court of Appeals is considering that question...
On June 9, 2023, the China Securities Regulatory Commission (CSRC) launched a public consultation on the rules governing public fund investment advisory activities, which is currently conducted under a pilot scheme introduced in October 2019. Under the pilot scheme, eligible fund...
On June 13, 2023, the European Commission published a proposal for a regulation on ESG ratings providers ("Proposal") as part of a new sustainable finance package. The Proposal will now go through the ordinary legislative procedure whereby the European Parliament and Council will...
The Office of Information and Regulatory Affairs released the Spring 2023 Unified Agenda of Regulatory and Deregulatory Actions on June 13, 2023. The agenda includes regulatory actions that the Securities and Exchange Commission and Commodity Futures Trading Commission expect to take...
Notice 2023-36 invited public comment on recommendations for Treasury's 2023–2024 Priority Guidance Plan. ICI submitted the attached letter largely based on prior recommendations except for an addition regarding Inflation Reduction Act provisions on non-regulated investment companies...
The next meeting of the Broker/Dealer Advisory Committee will take place in person on Wednesday, July 19, 2023, and Thursday, July 20, 2023, at ICI's newly renovated offices, located at 1401 H St. NW, Washington DC 20005.
On June 13, 2023, ICI filed a comment letter with the SEC with regards to the supplemental information and reopening of the comment period for its proposal that would, among other things, amend Rule 3b-16 under the Exchange Act, which defines certain terms used in the statutory...
On June 9, 2023, ICI submitted the attached letter requesting that the Treasury Department and Internal Revenue Service include guidance on certain issues concerning retirement security on their 2023–2024 Priority Guidance Plan. ICI submitted a separate letter with recommendations...
The International Organization of Securities Commissions last month published a report providing a set of good practices to supplement and implement their 2013 principles for the regulation of exchange-traded funds (ETFs) ("ETF Principles").The good practices highlight issues for...
On May 22, Tradeweb's registered swap execution facility (SEF) TW SEF LLC (TW SEF) re-filed a "made available to trade" (MAT) submission with the CFTC for certain interest rate swaps referencing specific risk-free rates (RFRs), after withdrawing the MAT submission it filed on April 12...
The SEC and the CFTC have proposed amendments to the rules for covered clearing agencies (CCAs) and derivatives clearing organization (DCOs), respectively, related to resiliency, recovery, and wind-down plans. On May 17, the SEC proposed amendments that are intended to (1) strengthen...
ICI Global coordinated the twelve national, regional, and global industry associations that made a submission to the Australian Government addressing substantial concerns with a draft proposal to require multinational tax transparency through public country-by-country (CbC) reporting.
On 1 June 2023, the European Supervisory Authorities (ESAs) published their progress reports on the monitoring and supervision of greenwashing, in which they put forward a common definition of greenwashing applicable to market participants across their respective remits – financial...
On May 25, the Securities and Exchange Commission approved proposed rule changes by the Municipal Securities Rulemaking Board (MSRB) to facilitate shortening the settlement cycle for transactions in municipal securities. The amendments aim to promote regulatory consistency and follow...
The Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructure (CPMI), and the International Organization of Securities Commissions (IOSCO) (collectively, the "regulators") recently published a report analyzing margin dynamics in centrally...
ICI is circulating the draft comment letter regarding the Securities and Exchange Commission's (the "Commission" or SEC) supplemental information and reopening of the comment period for its proposal that would, among other things, amend Rule 3b-16 under the Securities Exchange Act of...
Notice 2023-36 invites public comment on recommendations for Treasury's 2023-2024 Priority Guidance Plan. The attached draft letter is largely based on prior recommendations except for an addition regarding Inflation Reduction Act provisions on non-regulated investment companies (RICs...
On Tuesday, July 11, 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 plan to hold a happy hour reception...
On May 4, 2023, the SEC brought a settled enforcement action against a registered investment adviser and its part-owner and investment adviser representative (together, "Respondents") for alleged breach of the fiduciary duty of care and compliance violations under the Investment...
In February, the Financial Conduct Authority (FCA) published a discussion paper on updating and improving the regime for asset management in the United Kingdom (UK).[1] We submitted the attached response on May 21, making the following two high-level points, as well as comments on...
A friendly reminder that, on Tuesday, June 13, from 11:00 a.m. to 2:00 p.m. (ET), ICI will hold a members-only meeting of the Derivatives Markets Advisory Committee. We will hold the meeting in person at Ropes & Gray's Washington, DC office, with the option to participate virtually...
The July Tax Committee Call will be held on Thursday, July 27, 2023, at 11:00 a.m. (ET) and the August Tax Committee Call will be held on Thursday, August 17, 2023, at 11:00 a.m. (ET). Registration for the June 20-21 Tax Committee Meeting in Chicago is also open.
The purpose of this memo is to provide the registration information and preliminary agenda for the ICI Research Committee video meeting on Zoom on June 7, 2023 (12:30 to 4:00 p.m. ET) and June 8, 2023 (12:30 to 4:00 p.m. ET). As the preliminary agenda below indicates, ICI Research...
