The SEC has previously granted exemptive relief that permits certain fund sponsors to operate ETFs that do not fully disclose their portfolio holdings each day ("non-transparent ETFs"). Such exemptive relief requires non-transparent ETFs to include a lengthy risk legend in certain...
In November 2022, the Kishida administration of Japan published the Doubling Asset-based Income Plan, an economic policy to increase household asset-based income, especially for the middle class, and promote investment in the financial market.
ICI submitted the attached letter to Treasury and IRS requesting guidance and relief relating to the SECURE 2.0 Act, which was signed into law on December 29, 2022 and makes several changes to the rules for retirement plans, IRAs and 529 plans.
On March 27, ICI filed a comment letter on the SEC's re-proposal of a rule that was initially proposed in September 2011 to implement the prohibition under Section 621 of the Dodd-Frank Act on material conflicts of interest in connection with certain securitizations (the "Re-Proposed...
On March 15, 2023, the Securities and Exchange Commission (SEC) published a proposal that would establish new cybersecurity risk management rules for transfer agents, among other market entities. The proposal seeks to address cybersecurity risks through policies and procedures...
We are pleased to announce that on Tuesday, July 11, ICI will hold an in-person meeting of the SEC Rules Committee at our office in Washington, DC. We anticipate that the meeting will take place from 12-3:30 pm ET.
On March 15, 2023, the Securities and Futures Commission (SFC) provided guidance on how funds making Article 8 and 9 disclosures under the EU Sustainable Finance Disclosure Regulation (SFDR) that are authorized in Hong Kong should incorporate SFDR pre-contractual disclosure template...
On February 23, 2023, the Department of Labor (DOL), Internal Revenue Service (IRS), and Pension Benefit Guaranty Corporation (PBGC) (collectively, the "Agencies")—the federal agencies with authority over retirement plans—jointly released final revisions to the Form 5500 Annual Return...
The next meeting of the Small Funds Committee will be held on Tuesday, May 23 from 9:00 a.m. to 4:30 p.m. ET, in conjunction with ICI's Leadership Summit. The in-person meeting will take place at the JW Marriott, 1331 Pennsylvania Avenue, NW, Washington, D.C., 20008. The JW Marriott...
The next meeting of the Transfer Agent Advisory Committee will be held on Tuesday, May 23 from 9:00 a.m. to 4:30 p.m. ET in conjunction with ICI's Leadership Summit. The in-person meeting will take place at the JW Marriott, 1331 Pennsylvania Avenue, NW, Washington, D.C., 20008. The JW...
On March 10, 2023, the first session of China's 14th National People's Congress approved a reform plan to reorganize Mainland China's financial regulatory bodies. Under the plan, the authorities will create a new regulatory body, the National Financial Regulatory Administration (NFRA)...
The next meeting of the Bank, Trust, Retirement Advisory Committee will be held on Wednesday, May 10 from 1:00 p.m. to 5:00 p.m. ET and on Thursday, May 11 from 9:00 a.m. to Noon ET. The in-person meeting will take place at the 610 Market St, Philadelphia, PA 19106 hosted by Macquarie...
ICI signed the attached letter supporting the recent IRS proposed regulation on "Use of an Electronic Medium to Make Participant Elections and Spousal Consents," which would provide permanent relief from the physical presence requirement for remote witnessing of spousal consent by a...
On March 7, 2023, the Internal Revenue Service (IRS) issued Notice 2023-23, providing relief (as requested by ICI) with respect to incorrect required minimum distribution (RMD) notices provided to IRA owners who turn 72 in 2023. As you know, section 107 of the SECURE 2.0 Act raised...
On February 15, 2023, the SEC approved a proposal that would expand the scope of the current Investment Advisers Act custody rule (Rule 206(4)-2) and impose significant new requirements on qualified custodians and investment advisers that have custody of client assets under the rule.
Yesterday, the SEC published for comment proposed revisions to Rule 248.30 in Regulation S-P. This is the section of the regulation that requires the safeguarding of customer records and information and the disposal of consumer report information. The proposed revisions are summarized...
Yesterday, the SEC published for comment proposed revisions to Rule 248.30 in Regulation S-P. This is the section of the regulation that requires the safeguarding of customer records and information and the disposal of consumer report information. The proposed revisions are summarized...
Please note that we have changed the dates for the Institute's October 2023 ETF Committee meeting and dinner, which now will take place on Wednesday, October 25 (dinner) and Thursday, October 26 (meeting).
On February 15, 2023, the Securities and Exchange Commission (the "Commission") adopted rule changes to shorten the standard settlement cycle for most broker-dealer transactions in securities from two business days after the trade date ("T+2") to one business day after the trade date...
During the March 9 Tax Committee meeting, members and ICI staff discussed the SEC's proposed changes to the Names Rule. The proposed rule would impose an 80% investment policy requirement on names that include terms suggesting that a fund focuses on investments that have, or whose...
The Investment Company Institute invites your organization to participate in the 2023 Mutual Fund Transfer Agents Trends and Billing Practices Survey. This study, which the Institute will conduct in conjunction with the accounting firm of PwC and Nick D’Angelo, Managing Principal of...
The Investment Company Institute's Broker/Dealer Advisory Committee will meet virtually April 18–20, 2023, in three online sessions. The dates and times are listed below (all times ET).
ICI is circulating the draft comment letter regarding the Securities and Exchange Commission's (the "Commission" or SEC) proposals for Regulation Best Execution and the Order Competition Rule, both of which were proposed on December 14, 2022.
Attached for your review is ICI's draft comment letter to the SEC's Tick Size and Access Fee Reduction Proposal. A separate comment letter on the SEC's Best Execution and Order Competition proposals will be forthcoming shortly.
