The Broker-Dealer Advisory Committee meeting schedule for 2023 has been finalized with dates for our last meeting in 2023. Please mark your calendar for the following meeting dates.
ICI Global recently submitted the attached comment letters in response to consultations issued by HM Treasury and the Financial Conduct Authority (FCA) as the first step in the UK Government's process of establishing an alternative disclosure regime for the United Kingdom (UK) that...
As previously reported, on January 25, the Securities and Exchange Commission (the SEC or "Commission") re-proposed a rule that was initially proposed in September 2011 (the "2011 Proposal") to implement the prohibition under Section 621 of the Dodd-Frank Act on material conflicts of...
ICI Global coordinated the nine national, regional, and global industry associations that sent Indian Government officials the attached letters urgently requesting that the concessional 5% withholding tax rate on interest income paid to foreign portfolio investors (FPIs) be made...
On February 24, 2023, the Internal Revenue Service (IRS) and the Treasury Department released proposed regulations describing when forfeitures may be used or allocated in a qualified retirement plan. Comments on the proposal are due by May 30, 2023.
Earlier this week, the SEC settled a case against a registrant that could have, but did not, self-report to the SEC pursuant to its 2018 Share Class Selection Disclosure Initiative of the SEC's Enforcement Division. The facts of this case are very similar to the fact pattern the...
The next meeting of the Security Valuation Operations Committee has been scheduled for Thursday, May 4, 2023, at the offices of Alliance Bernstein, 1345 6th Ave New York, NY 10105. The meeting will be held in Room 41-ABCD on the 41st floor from 10:00 a.m. through 1:00 p.m. Breakfast...
On February 15, 2023, the Green Finance Industry Taskforce (GFIT), convened by the Monetary Authority of Singapore (MAS), published its third and final consultation on the proposed taxonomy for Singapore-based financial institutions ("Singapore Taxonomy"), seeking views on thresholds...
ICI's AML Compliance Working Group will hold a videoconference meeting via Zoom on Tuesday, March 21, from 2:00 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.
On February 13, 2023, a US District Court in Florida issued a ruling vacating the Department of Labor's (DOL's) interpretation, articulated in FAQ guidance, regarding when in the context of a rollover recommendation, an advice provider meets the regulatory 5-part test and is therefore...
On 10 February, the Financial Conduct Authority (FCA) published a discussion paper on regulated firms' sustainability-related governance, incentives, and competence. The FCA's stated goals are to highlight good practices in this area and explore whether further regulation is needed.
On February 20, the Financial Conduct Authority (FCA) published a discussion paper on updating and improving the regime for asset management in the United Kingdom (UK). This comes in the wake of Brexit and the introduction of the UK's Future Regulatory Framework, which gives the FCA...
On February 8, the European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, published its inaugural market report on European Union (EU) Money Market Funds (MMF).
ICI, together with members and outside advisors, met recently with representatives from the Treasury Department and the Internal Revenue Service (IRS) to discuss certain provisions of the Inflation Reduction Act of 2022. Specifically, ICI has requested an exemption from the excise tax...
Registration is open for the next meetings of the ICI Tax Committee on March 9 and 10, 2023. The meetings will be held in the conference center on the first floor of ICI's building at 1401 H Street, NW, Washington, DC 20005.
ICI Global submitted the attached response to a consultation from the Australian Treasury on the proposed design of a new climate-related financial disclosure regime for listed companies and financial institutions in Australia.
GAO Report on Money Market Mutual Funds [34963] February 17, 2023 TO: ICI Members Money Market Funds Advisory Committee SEC Rules Committee SUBJECTS: Money Market Funds RE: GAO Report on Money Market Mutual Funds On February 2, the United States Government Accountability Office (GAO)...
On February 15, 2023, by a 4-1 vote, the SEC approved a proposal that would amend rule 206(4)-2 under the Investment Advisers Act to enhance investor protections relating to the safeguarding of advisory client assets. The proposal would:
Attached please find ICI's comment letter on the SEC's liquidity, swing pricing, hard close, and Form N-PORT proposal, which we filed last night. The proposal would radically change the liquidity risk management requirements for open-end funds (i.e., mutual funds and ETFs), impose on...
The Department of Labor (DOL) has reopened the comment period for the proposed updates to its Voluntary Fiduciary Correction Program (VFCP), which is designed to encourage the voluntary correction of fiduciary violations by allowing plan fiduciaries to avoid civil penalties and excise...
We will hold in-person meetings of the ICI Tax Committee on March 9 and 10, 2023. Registration is now open. The meetings will be held in the conference center on the first floor of ICI's building at 1401 H Street, NW, Washington, DC 20005. Agendas will be circulated closer to the...
The next meeting of the Operations Committee will be held on Wednesday, April 12, from 1:00 p.m. to 5:00 p.m. ET and on Thursday, April 13 from 9:00 a.m. to 2:00 p.m. ET. The meeting will take place at MFS' offices located at 111 Huntington Ave, Boston MA 02199. Attire for the meeting...
ICI's Internal Sales Managers Roundtable will meet on Thursday, March 30, and Friday, March 31, 2023, at First Eagle Investments at 1345 Avenues of the Americas in New York, NY. On Thursday, March 30, the meeting will run from 1:30–5:00 p.m. (ET). On Friday, March 31, the meeting will...
This memorandum catalogues significant ESG related developments that have occurred since November 22, 2022. It references, where indicated, ICI memoranda that provide a more fulsome description of each matter. You can find all of these memoranda on our website in our ESG Resource...
