At ICI's 2023 Leadership Summit, SEC Chair Gensler delivered remarks which focused on fund dilution and liquidity and how it relates to financial stability, outstanding SEC rule proposals related to money market funds and liquidity risk management, hard close, and swing pricing, and...
On May 22, ICI submitted the attached letter supplementing our comments on the Commission's proposed amendments ("Proposal") to Rule 35d-1 under the Investment Company Act of 1940 ("Names Rule").
As we previously informed you, in March 2023, the SEC published for comment proposed rules that would revise Regulation S-P to require SEC registrants to provide breach notices to customers and consumers in the event such persons' non-public personal information is breached.
As we previously informed you, in March 2023, the SEC published for comment proposed rules that would require various registrants, including broker-dealers and transfer agents among others, to adopt and implement written cybersecurity risk programs.
Attached is a draft coalition letter crafted by ICI addressing concerns with Australia's public country-by-country reporting proposal. ICI is coordinating with other industry associations to potentially join the letter. The proposal as currently drafted would require multinational...
ICI's AML Compliance Working Group will hold a videoconference meeting via Zoom on Tuesday, June 20, from 2:00 p.m. to 3:30 p.m. ET. We encourage attendees to use the video option during the meeting. If you prefer not to use the Zoom platform, you may dial into the meeting.
At the March 9th Tax Committee meeting, members and ICI staff discussed the SEC's proposed changes to the Names Rule and tax concerns with the proposal's approach to tax-exempt fund. The proposed rule would impose an 80% investment policy requirement on names that include terms...
Last week, the State of Maryland enacted several amendments to its corporate laws that, among other things, will apply its "control share" statute to registered closed-end funds and business development companies (together, "funds") that are structured as statutory trusts.[1]...
We submitted a letter to the SEC today strongly recommending that the compliance date for any final Fund ESG rule1 not precede the compliance date for any final Public Company Climate rule.2 We pointed out that it would be irresponsible for the SEC to require environmental funds (i.e...
ICI will hold a tax committee call on Monday, May 15th at 2:00 p.m. (ET) to discuss Australia's public country-by-country reporting proposal. The proposal would require multinational entities to prepare for public release certain tax information on a country‑by‑country basis and a...
On May 3, 2023, the Securities and Exchange Commission (SEC or the "Commission") adopted a final rule amending Form PF, the confidential reporting form for certain registered investment advisers to private funds. Form PF provides information to the SEC and the Financial Stability...
On April 18, 2023, the SEC's Division of Enforcement announced that it charged, a registered investment adviser offering robo-advisory services with violations of the Investment Advisers Act and rules under the Act. These violations involved material misstatements and omissions...
On Tuesday, June 13, from 11:00 a.m. to 2:00 p.m. (ET), ICI will hold a members-only meeting of the DMAC Committee. We will hold the meeting in person at Ropes & Gray's Washington, DC office, with the option to participate virtually. Ropes & Gray has also kindly offered to host a...
On Wednesday, May 17, 2023, from 12:00 pm-1:30 pm ET, ICI will hold a members-only meeting of the Variable Insurance Products Advisory Committee. We will be holding this meeting through Zoom with a dial-in available.
On May 8, ICI filed the attached comment letter on the SEC's proposal on Safeguarding Advisory Client Assets, issued by the SEC on February 15, 2023. The SEC's proposal would amend and redesignate Rule 206(4)-2 under the Advisers Act rule as new rule 223-1 under the Advisers Act...
Last week, the Securities and Exchange Commission adopted amendments that will require enhanced disclosure when an issuer repurchases its own equity securities. The amendments will require an issuer, including exchange-traded closed-end funds registered under the Investment Company...
As we previously informed you, the Financial Conduct Authority (FCA) recently published a discussion paper on updating and improving the regime for asset management in the United Kingdom (UK). The Discussion Paper is available at https://www.fca.org.uk/publication/discussion/dp23-2...
The June ICI Tax Committee Meeting will take place this year on Tuesday and Wednesday, June 20 and 21 at Northern Trust's office located at 50 South La Salle Street, Chicago, IL 60603. Further information and registration links are provided below.
ICI has filed the attached comment letter on the Municipal Securities Rulemaking Board's (MSRB) proposed amendments to facilitate shortening the settlement cycle for transactions in municipal securities. The Proposal aims to promote regulatory consistency and follows the adoption by...
On April 20, 2023, the Securities and Exchange Commission ("Commission" or SEC) staff issued a third staff bulletin ("Staff Bulletin") providing guidance on the duty of care obligations under Regulation Best Interest ("Reg BI") for broker-dealers and under the fiduciary duty standard...
On April 28, the Securities and Exchange Commission (SEC or "Commission") reopened the comment period for its proposal to amend the rules governing beneficial ownership reporting on Schedules 13D and 13G ("Proposal"). The Commission reopened the comment period to allow interested...
On April 12, 2023, the European Supervisory Authorities (ESAs) released a consultation paper seeking feedback on amendments to the Regulatory Technical Standards (RTS) under the Sustainable Finance Disclosure Regulation (SFDR). The consultation is in response to a mandate from the...
On April 12, Tradeweb's registered swap execution facility (SEF), TW SEF LLC ("TW SEF") filed a "made available to trade" (MAT) submission with the CFTC for certain interest rate swaps referencing specific risk-free rates (RFRs). The swaps covered in this filing are a subset of swaps...
On April 21, the Financial Stability Oversight Council (FSOC or Council) voted to issue 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...
A joint meeting of the Accounting/Treasurers Committee and the Independent Accountants Advisory Group has been scheduled for Thursday, June 22 at the offices of PwC 101 Seaport Blvd Boston, MA 02110. The meeting will be held at 10:00 a.m. Eastern time. Light breakfast will be...
