For the eleventh year in a row, the SEC's Division of Examinations (EXAMS) has published its priorities for the coming year. Highlights of the Priorities are briefly described below.
On January 26, 2023, attorneys general from 25 states (joined by three additional organizations and one individual) filed a lawsuit against the Department of Labor (DOL) attempting to invalidate the final rule on "Prudence and Loyalty in Selecting Plan Investments and Exercising...
The staff of the SEC's Division of Investment Management recently issued a reminder to mutual funds and their boards that fee waiver and expense reimbursement arrangements that are long-term or permanent (or effectively long-term or permanent) and that result in different advisory...
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 interest in connection...
ICI Global submitted the attached response to the UK Financial Conduct Authority (FCA) consultation on Sustainability Disclosure Requirements (SDR) and investment labels for funds.
The International Organization of Securities Commissions (IOSCO) published on January 27, 2023, the second edition of its Investment Funds Statistics Report (IFSR). The report contains an analysis of national-level aggregated data, which is sourced directly from supervisory data. This...
On December 16, 2022, the Board of Governors of the Federal Reserve System (the "Board") issued a final rule ("Final Rule") implementing the US Adjustable Interest Rate (LIBOR) Act, which was enacted on March 15, 2022. The Final Rule establishes the benchmark replacements that will...
On January 12, 2023, the Hong Kong Securities and Futures Commission (SFC) hosted a second industry workshop on ESG funds. The workshop focused on practical difficulties and questions that fund managers have encountered during the ESG fund application process, and in complying with...
Attached please find ICI's draft comment letter on the SEC's liquidity, swing pricing, hard close, and Form N-PORT proposal. We would appreciate it if you could consolidate your firm's comments and provide them to us (matt.thornton@ici.org, joanne.kane@ici.org, kenneth.fang@ici.org...
Commissioner Uyeda delivered remarks which include his views on issues related to asset managers' use of environmental, social, and governance (ESG) investment strategies. He noted, among other things, that "regulatory issues presented by ESG investing are nothing new," and that "[a]...
On January 24, the Economic and Monetary Affairs (ECON) Committee of the European Parliament approved (54 votes in favor and 3 against) its version of the legislative proposal revising the Alternative Investment Fund Manager Directive (AIFMD) and associated changes to the UCITS...
On Wednesday, February 22, from 12-3:30 pm ET, ICI will hold a members-only virtual meeting of the SEC Rules Committee. We are pleased to have as guest speakers for our virtual meeting Adam Aderton and Kristy Littman, both partners at Willkie Farr & Gallagher.
ICI Global submitted the attached response to a consultation from Japan Financial Services Agency (FSA) on proposed partial amendments to the comprehensive supervisory guidelines for financial business operators regarding ESG Investment Trusts. The proposed revisions seek to provide...
The Financial Industry Regulatory Authority ("FINRA") recently issued its 2023 Report on FINRA's Examination and Risk Monitoring Program. The report addresses, among other topics, member firms' communications promoting ESG factors. It describes findings from recent oversight...
A joint meeting of the Accounting/Treasurers Committee and the Independent Accountants Advisory Group has been scheduled for Thursday, March 16 at the offices of KPMG LLC 1601 Market Street, Philadelphia, PA, 19103.
The next meeting of the Accounting Policy Subcommittee will take place on Wednesday, March 15 from 1:00 p.m. Eastern time until 5:30 p.m. Eastern time at Deloitte at 1700 Market St Suite 2700, Philadelphia, PA 19103.
To provide members of the Disclosure Working Group a forum to discuss disclosure matters, including SEC staff comments on prospectus disclosure, we will continue our conference calls using the Zoom platform.
Please note that we have finalized the date for the Institute's next ETF Advisory Committee meeting, which will take place in connection with the Institute's ETF Committee meeting on Tuesday, February 28 in New York City.
ICI Global submitted the attached letter to the Indian Government for consideration as they develop the 2023 Union Budget. The letter describes tax issues and proposes recommendations to address the global regulated fund industry's outstanding tax issues.
On January 17, the European Securities and Markets Authority (ESMA) published its fifth annual report on the costs and performance of European Union (EU) retail investment products. The report covers Undertakings for Collective Investment in Transferable Securities (UCITS), Retail...
ICI and ICI Global will be holding a members-only zoom meeting on Monday, February 13, 2023 to discuss India's 2023 Union Budget. Russell Gaitonde and Madhav Kanhere, from Deloitte Haskins & Sells LLP in Mumbai, will lead the discussion.
The Department of Labor (DOL) and the Treasury Department and Internal Revenue Service (IRS) recently issued their updated Fall 2022 Semi-Annual Regulatory Agendas (Agendas), which include projected dates for issuance of proposed and final regulations. As described in more detail...
Last month, the Securities and Exchange Commission adopted amendments that will impact certain insider trading plans under Rule 10b5-1 under the Securities Exchange Act of 1934 and related disclosure.
On Wednesday, February 22, from 12-3:30 pm ET, ICI will hold a members-only virtual meeting of the SEC Rules Committee. We are pleased to have as guest speakers for our virtual meeting Adam Aderton and Kristy Littman, both partners at Willkie Farr & Gallagher. Adam previously served...
