ICI's Transfer Agent Advisory Committee will meet virtually on Wednesday, February 8th and Thursday, February 9th. The committee meeting will be broken into four 90-minute sessions via the Zoom platform.
ICI is pleased to announce an update to its Navigating Intermediary Relationships white paper, presented in conjunction with the Independent Directors Council (IDC). The paper's purpose is to describe the participation of and effect by intermediaries on mutual fund distribution.
Over the last month, FINRA has proposed or adopted three separate reporting requirement changes to the Trade Reporting and Compliance Engine (TRACE). On December 13, 2022, FINRA adopted amendments to require the reporting of transactions in US dollar-denominated foreign sovereign debt...
The next Bank, Trust and Retirement Advisory Committee (BTRAC) meeting will take place on Wednesday, February 8 through Thursday, February 9, 2023. The meeting will be held in four virtual sessions and a virtual networking event.
On December 23, 2022, the ICI filed a comment letter with the Securities and Exchange Commission on its proposal entitled "Outsourcing by Investment Advisers." The SEC has proposed a new rule, Rule 206(4)-11, under the Investment Advisers Act of 1940 (the "Advisers Act"), that would...
ICI's response to the Financial Stability Board's (FSB) consultative document on Achieving Greater Convergence in Cyber Incident Reporting (CIR) is attached.
The release containing the SEC's proposed liquidity rule, swing pricing, hard close, and Form N-PORT reporting amendments has been published in the Federal Register, and comments are due to the SEC by February 14.
On December 15, 2022, the Financial Crimes Enforcement Network ("FinCEN") issued a proposed rule ("Proposed Rule") regarding access to beneficial ownership information ("BOI"). The Proposed Rule follows a recently adopted BOI reporting rule ("BOI Reporting Rule") and is the second of...
On December 23, ICI filed a comment letter with the Securities and Exchange Commission on its proposed rules ("Proposal") that would mandate the clearing and settlement of certain secondary market transactions in US Treasury securities in which one of the counterparties is a direct...
At a public session on December 19, the US Financial Stability Oversight Council (FSOC or Council) issued its 2022 annual report to Congress. As required by statute, the FSOC report addresses significant financial market and regulatory developments, provides an assessment of those...
The next meeting of the Broker/Dealer Advisory Committee will take place in-person on Wednesday, January 25, 2023, and Thursday, January 26, 2023, at the Tower 3 Learning Center of Raymond James located at 880 Carillon Parkway, St. Petersburg, FL 33716.
On December 14, 2022, the SEC issued four new proposals that if adopted would represent the most sweeping overhaul of the U.S. equity market structure since the adoption of Regulation NMS in 2005.
EU Member States reached an agreement to implement the OECD Pillar Two proposal through the adoption of the EU Minimum Tax Directive. The Directive was adopted as part of a package along with aid to Ukraine and the disbursement of EU funding to Hungary.
On December 8, the European Securities and Markets Authority (ESMA) published a peer review report on National Competent Authorities' (NCAs) handling of firms' relocation to the European Union (EU) in the context of the United Kingdom's (UK) withdrawal from the EU.
As we previously informed you, on August 26, 2022, the Public Company Accounting Oversight Board (PCAOB) announced that it signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People's Republic of China regarding the PCAOB's...
Commissioner Peirce recently delivered remarks which include her views on the SEC's proposed climate change disclosure rule for public companies. She noted, among other things, that "the SEC should not inundate investors with immaterial items, but should focus their attention...
ICI submitted the attached letter asking the Treasury Department and the Internal Revenue Service (IRS) to provide regulatory relief exempting certain registered investment funds from the tax provisions enacted by the Inflation Reduction Act of 2022 (the "Act"). Specifically, the new...
On Monday, December 12, 2022, from 2:00–4:00 p.m. ET, ICI will hold a members-only meeting of the Variable Insurance Products Advisory Committee. We will be holding this meeting through Zoom with a dial-in available.
On November 30, the SEC staff provided updated no-action relief from the application of Rule 15c2-11 for broad categories of fixed income securities (the "letter"). The letter provides temporary relief with respect to those fixed income securities until January 4, 2025.
On 18 November, the European Securities and Markets Authority (ESMA) published a consultation on proposed guidelines introducing quantitative criteria for funds with names using ESG- or sustainability-related terms.
In a settled enforcement action, the SEC sanctioned an investment adviser for failing to establish and follow established policies and procedures involving two mutual funds and one separately managed account strategy marketed as Environmental, Social, and Governance ("ESG")...
On November 22, 2022, the Department of Labor (DOL) released its final rule on "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights" which addresses the consideration of environmental, social, and governance (ESG) factors in selecting plan investments...
