Attached for your review is a draft letter with recommendations to address the global regulated fund industry's outstanding tax issues, in priority order for consideration in India's 2023 Union Budget. Many of these issues have been raised in prior ICI Global submissions. The current...
On January 5, the US Treasury Department's Office of Financial Research (OFR) proposed a rule to establish a data collection program covering non-centrally cleared bilateral transactions in the US repurchase agreement ("repo") market (the "Proposed Rule"). The Proposed Rule would...
In December, HM Treasury and the Financial Conduct Authority (FCA) each released a paper for consultation that is a step in the UK Government's process of establishing an alternative disclosure regime for the United Kingdom (UK) that fosters retail investor participation and repeals...
[34813] January 20, 2023 TO: ICI Global Members Global Regulated Funds Committee Global Regulated Funds Committee - Asia SUBJECTS: International/Global Operations Pension RE: Recent Development of China's Voluntary Private Pension Scheme China’s State Council released a high-level...
ICI Global submitted a response to the online questionnaire for the ESAs Call for Evidence on Better Understanding Greenwashing. The attached document reflects the answers we provided to select questions in the questionnaire.
On December 12, 2022, the Australian Treasury released a consultation paper seeking initial feedback on the design and implementation of a new climate-related financial disclosure regime for listed entities and financial institutions in Australia. This climate disclosure framework...
The Investment Company Institute and the Independent Directors Council invite your fund complex to participate in the ICI/IDC Directors Practices Study. The Directors Practices Study, conducted since 1996, collects and reports data on fund board practices and independent director...
To provide members of the Advertising Compliance Advisory Committee a forum to discuss advertising issues, we will continue our quarterly conference calls in 2023. The first call will be from 2:00-3:30 p.m. Eastern Time on Wednesday, March 1st. The remaining calls will be held at the...
On December 19, 2022, the Japan Financial Services Agency (JFSA) published Partial Amendments to the "Comprehensive Supervisory Guidelines for Financial Instruments Business Operators, etc." (Draft Amendments). Comments on the Draft Amendments are due on January 27, 2023.
The Internal Revenue Service (IRS) issued a proposed regulation that would provide permanent relief from the physical presence requirement for spousal consents required to be witnessed by a plan representative or a notary public. The proposal includes conditions very similar to the...
On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") proposed Regulation Best Execution ("Proposal"), which would establish a new Commission standard regarding a broker-dealer's duty of best execution.
On January 11, 2023, the Securities and Exchange Commission Division of Investment Management staff issued a new FAQ regarding the presentation of gross and net performance of a single investment or a group of investments in a private fund under the Investment Adviser Marketing Rule.
On December 14, 2022, the SEC proposed the Order Competition Rule ("Proposal"), which would add proposed Rule 615 to Regulation National Market System ("Reg NMS"). The Proposal would require that individual investor orders be exposed to "qualified auctions," as established by proposed...
On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") issued a proposal ("Proposal") to update the disclosure required under Rule 605 of Regulation National Market System ("Reg NMS") that would: (1) expand the scope of entities subject to the rule; (2)...
On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") issued a proposal ("Proposal") to amend certain rules of Regulation National Market System ("Reg NMS") under the Securities Exchange Act of 1934 ("Exchange Act") to adopt variable minimum pricing...
Yesterday, ICI filed the attached comment letter supplementing our strong recommendation that the Securities and Exchange Commission exclude exchange-traded closed-end investment companies ("funds") from its amendments to modernize share repurchase disclosure ("proposal").
On December 29, 2022, the President signed the Consolidated Appropriations Act, 2023 (H.R. 2617), which includes the SECURE 2.0 Act of 2022 ("SECURE 2.0 Act" or the "Act"). The US Senate approved the year-end spending package by a 68-29 vote on December 22, 2022 and the US House of...
On December 15, 2022, Japan's Financial Services Agency (JFSA) released the final Code of Conduct for ESG Evaluation and Data Providers ("Code of Conduct"). The Code of Conduct includes six principles applicable to ESG evaluation and data providers, building upon the discussions...
Please note that we have finalized the dates for the Institute's three planned 2023 ETF Committee meetings, which will take place on the last Tuesday of February, May, and October.
The Office of Information and Regulatory Affairs released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions on January 4, 2023. The agenda includes regulatory actions that the Securities and Exchange Commission and Commodity Futures Trading Commission expect to take...
ICI's Securities Operations Advisory Committee will meet virtually on Monday, February 27th from 9:00–10:30 am 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.
ICI's Securities Operations Advisory Committee will meet virtually on Wednesday, February 15th from 11:00 a.m.–12:30 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.
The Investment Company Institute's Sales and Marketing Committee will meet on Thursday, February 22 & 23, 2023, at Invesco's offices located at 225 Liberty St, New York, NY 10281. February 22 there will be a networking event starting at 6:30 pm. February 23, the meeting will run from...
In late December, the New York Department of Financial Services issued an industry letter (Letter) requesting public comment on the presumption of control that applies to certain financial institutions regulated under the New York Banking Law. Comments must be submitted to the...
