On April 14, 2023, the SEC reopened the comment period for its proposal ("Prior Proposal") to amend Rule 3b-16 under the Securities Exchange Act of 1934, as amended, ("Exchange Act") that defines certain terms used in the statutory definition of "exchange" ("Reopening Release").
On March 31, 2023, the Japan Financial Services Agency (FSA) finalized amendments to the supervisory guidelines for financial business operators related to ESG Investment Trusts and ESG integration. These revisions provide regulatory guidance on the disclosures and conduct of ESG...
ICI is pleased to announce publication of its white paper, Reaching the Debt Limit: Certain Fund Operational and Legal Considerations. If the US debt limit is not increased in a timely and orderly fashion, the US Government may be considered in default on its obligations as they...
On April 14, 2023, the Stock Exchange of Hong Kong Limited (HKEX) released a consultation paper seeking feedback on mandatory climate disclosure requirements for all Hong Kong-listed issuers. HKEX proposes to transition its current "comply-or-explain" climate disclosure provisions to...
As we previously reported, on April 6, the Municipal Securities Rulemaking Board (MSRB) proposed amendments to shorten the settlement cycle for transactions in municipal securities. The Proposal aims to promote regulatory consistency and follow the adoption by the Securities and...
ICI requests member input as we consider improvements to the ICI Year-End Spreadsheet Layouts. Specifically, we are seeking feedback on what factors may cause a fund to require an extension to provide tax reporting information past the relevant ICI target data delivery date ("ICI...
The next meeting of the Accounting Policy Subcommittee will take place on Wednesday, June 21 from 1:00 p.m. Eastern time until 5:30 p.m. Eastern time at JP Morgan at 70 Fargo Street Boston, MA 02110. Lunch will be available beginning at 12:30 p.m. The Accounting/Treasurers Committee...
We recently became aware of a change to Iowa state law that, effective for tax years beginning January 1, 2023 or later, excludes from taxation certain types of retirement income for eligible taxpayers. Previously retirement income was included in net income for Iowa state income tax...
ICI has been engaged with US Treasury and Internal Revenue Service (IRS) officials regarding significant difficulties experienced by collective investment trusts (CITs) in receiving treaty benefits. The attached letter, memorandum, and addendums follow up on a recent meeting between...
On March 23, 2023, the Seventh Circuit Court of Appeals issued a new decision (attached) reexamining Hughes v. Northwestern, a plan fee case on which the US Supreme Court opined in 2022 and remanded back to the Seventh Circuit. The case relates to the investment lineup and fees in two...
On April 6, the Municipal Securities Rulemaking Board (MSRB) proposed amendments to facilitate shortening the settlement cycle for transactions in municipal securities. The proposed amendments aim to promote regulatory consistency and follow the adoption by the Securities and Exchange...
ICI on April 6, 2023, submitted additional comments to the US Department of Labor (DOL) on proposed amendments to the QPAM Exemption (the "Proposal"). The comment letter is attached.
On March 30, 2023, the HM Treasury released a consultation paper seeking feedback on the initial scope of a potential regulatory regime for ESG ratings providers. The HM Treasury intends to bring ESG ratings providers into the regulatory perimeter, under the oversight of the Financial...
Attached for your review is ICI's draft comment letter on the SEC proposal regarding Safeguarding Advisory Client Assets, proposed on February 15, 2023.
On February 27, 2023, the China Securities Regulatory Commission (CSRC) finalized a set of cybersecurity and data security regulatory requirements (hereafter "the Administrative Measures") for the securities and futures sectors in response to China's three-pronged regulatory framework...
As we previously informed you, on March 15, 2023, the Securities and Exchange Commission proposed amendments to Regulation S-P, which governs the duty SEC registrants have to provide privacy notices to customers, to protect such persons' non-public personal information (NPPI), and to...
The next meeting of the Investment Company Institute's Series Trust Advisory Committee will be held on Monday June 12, 2023, 1:00–2:00 p.m. ET via Zoom.
The next meeting of the Closed-End Investment Company Committee will take place via Zoom teleconference on Tuesday, April 18, 2023. The meeting will begin at 1:00 p.m. (ET) and end at approximately 3:00 p.m. (ET).
Late last week, ICI responded to the New York Department of Financial Services' December 2022 industry letter (NYDFS Letter) on the presumption of control that applies to certain financial institutions regulated under the New York Banking Law. ICI's response is attached.
On March 15, the Commodity Futures Trading Commission (CFTC) unanimously voted to propose Regulation 39.13(j) ("Proposed Rule"), which would permit futures commission merchants (FCMs) that are clearing members of derivatives clearing organizations (DCOs) to treat the separate accounts...
We are pleased to announce that we will hold our next virtual meeting of this committee on Wednesday, May 17, 2023. The meeting will begin at 12:00 pm ET and should conclude no later than 2:00 pm ET. We will be holding this meeting through Zoom with a dial-in available.
The May Tax Committee call will be held on Wednesday, May 24, 2023, at 11:00 a.m. ET. Please register for the call at May Tax Committee and the agenda will be available prior to the meeting. Once you have registered online, you will receive the Zoom login/dial-in information...
The annual International Meeting and International Dinner organized by ICI Global are taking place this year on Monday, May 22 in Washington, DC, followed by ICI's 2023 Leadership Summit taking place on May 23-25. Further information and registration links are provided below.
ICI has filed the attached comment letter with the SEC on the Tick Size and Access Fee Reduction proposal ("Proposal"). The letter addresses the proposed amendments to Regulation NMS, which would establish variable minimum pricing increments for both the quoting and trading of NMS...
On March 31, 2023, ICI filed a comment letter on the SEC's proposals for Regulation Best Execution and the Order Competition Rule issued by the SEC on December 14, 2022. Proposed Regulation Best Execution would establish a new SEC-level standard regarding a broker-dealer's duty of...
