On November 2, the Securities and Exchange Commission adopted amendments to Form N-PX and related rules (collectively, "amendments") to enhance reporting of proxy voting information by registered investment companies ("funds") and institutional investment managers ("managers"). The...
A coalition of financial services industry organizations submitted the attached letter to the European Commission regarding a proposed withholding tax relief procedure. The letter, crafted by the ICI, summarizes several key observations and thoughts from coalition members that met in...
On Thursday, December 1, at 12:00 pm (ET), ICI will hold a virtual members-only meeting of the Derivatives Markets Advisory Committee. The meeting will end no later than 2:30 p.m. (ET).
ICI submitted the attached letter to the Internal Revenue Service (IRS) with recommendations on how to utilize funds provided under the Inflation Reduction Act. The letter recognizes that this historic funding has the potential to transform and modernize taxpayer service capabilities...
As previously reported, the Securities and Exchange Commission recently adopted amendments that will require open-end funds to (1) create and transmit summary shareholder reports highlighting key information to investors; and (2) tag the contents of shareholder reports in a structured...
Attached please find the agendas for the November 9-10 Tax Committee meetings; please register here. 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. Please note that these meetings will be held in...
The next meeting of the Investment Company Institute's Small Funds Sales & Marketing Sub-Committee "Shop Talk" will be held on December 8, 1:00–2:00 p.m. ET via Zoom.
The Bank, Trust, & Retirement Advisory Committee (BTRAC) meeting schedule for 2023 has been finalized. Please mark your calendar for the following meeting dates.
Last week, the SEC adopted a new incentive-based compensation "clawback" rule (the "rule") and related amendments by a 3-2 vote. The final rule could require certain listed registered management investment companies ("funds") to adopt clawback policies as required by their exchanges...
Earlier this month, the Financial Stability Oversight Council issued a report reviewing financial stability risks and regulatory gaps from digital assets, and providing recommendations to address such risks.
On September 29, 2022, the Financial Crimes Enforcement Network ("FinCEN") issued a final rule regarding beneficial ownership information reporting ("Rule"). FinCEN proposed the Rule in December 2021 to implement Section 6403 of the Corporate Transparency Act ("CTA"), which was...
We are pleased to announce that we will hold our next virtual meeting of this committee on Monday, December 12, 2022. The meeting will begin at 2:00 pm ET and should conclude no later than 4:00 pm ET. We will be holding this meeting through Zoom with a dial-in available.
As previously noted, the next meeting of the Closed-End Investment Company Committee will take place in person on Wednesday, November 16 at New York University's Wasserman Center for Career Development (133 East 13th Street, Second Floor, New York, NY 10003). The meeting will begin...
Earlier this week, the Securities and Exchange Commission adopted amendments that will require open-end funds to (1) create and transmit summary shareholder reports highlighting key information to investors and (2) tag the contents of shareholder reports in a structured data language.
On Wednesday, October 26, 2022, the SEC approved in a 3-2 vote a proposal for a new rule and related amendments to prohibit SEC-registered investment advisers from outsourcing certain services or functions to service providers without meeting minimum requirements. The SEC's stated...
On 21 October 2022, the Securities and Futures Commission (SFC) updated the March 2022 presentation materials from its industry workshop on ESG fund applications to provide guidance on whether a "Non-ESG Fund" can include a reference to "ESG" or "sustainable" or similar terms in its...
In July 2022, the Joint Committee (JC) of the Asia Region Funds Passport (ARFP) agreed to commence a review of the ARFP as provided for in the Memorandum of Cooperation, which governs the implementation and operation of the ARFP. The review will cover the current arrangements and also...
On October 25, ICI submitted the attached follow-up letter to SEC Chair Gary Gensler on the applicability of Rule 15c2-11 to fixed income securities, particularly to Rule 144A debt securities. ICI previously joined several industry associations last fall in submitting an initial...
Registration for the November 9 and 10 Tax Committee meetings 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 next week. Please note that this meeting...
The Broker-Dealer Advisory Committee meeting schedule for 2023 has been finalized. Please mark your calendar for the following meeting dates: January 25-26: Raymond James & Associates, St. Petersburg, FL
The Internal Revenue Service has released annual cost of living and other adjustments applicable to dollar limitations for pension and retirement plans. The news release is available here and Notice 2022-55, which also contains the updated limits, is available here. Notably, the...
In December 2020, the SEC adopted rule amendments that replaced the existing Investment Advisers Act advertising and cash solicitation rules for investment advisers and private funds with a single, combined "Marketing Rule." The new Marketing Rule does not apply to advertisements...
The attached draft submission follows up on a meeting that a coalition of business groups[1] held with the European Commission on September 28 regarding a proposed EU-wide withholding tax regime. The proposal, which is part of the European Union's Capital Markets Union (CMU)...
A joint meeting of the Accounting/Treasurers Committee and the Independent Accountants Advisory Group will be held in person on Wednesday, December 14 at the offices of the Investment Company Institute, 1401 H Street, NW, Washington, DC. The meeting will be held from 10:00 a.m...
