The next meeting of the Accounting Policy Subcommittee will take place on Tuesday, December 13 from 1:00 p.m. Eastern time until 5:30 p.m. Eastern time in the first-floor conference room. Lunch will be available beginning at 12:30 p.m. The Accounting/Treasurers Committee meeting will...
Commissioner Lizàrraga recently addressed the Future of ESG Data 2022 conference. In his remarks, he provided his views on investor demand for high quality ESG data and the SEC's proposed rulemakings regarding enhanced climate risk disclosure by issuers (Public Company Climate...
The Organisation for Economic Co-operation and Development (OECD) has released guidance regarding reporting and exchanging tax-related information on (1) crypto-asset transactions (under the Crypto-Asset Reporting Framework (CARF)) and (2) financial assets (under the updated Common...
On October 13, the International Organization of Securities Commissions (IOSCO) released a survey on index providers directed at asset managers and index providers, focused on examining the nature of the interactions between these two parties. Responses, which will remain anonymous to...
Attached please find a draft 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...
Today, the SEC staff issued an FAQ relating to investment adviser considerations of diversity, equity and inclusion (DEI) factors in the selection or recommendation of other investment advisers. The FAQ states that, under its fiduciary duty, an investment adviser may consider a...
Earlier this week, ICI submitted supplemental comments (linked below) on the SEC's 2020 disclosure proposal for open-end funds ("funds"). On September 15, the SEC's Office of the Investor Advocate filed with the SEC a research paper on funds' choice of performance benchmarks and...
On September 27, the SEC's Division of Enforcement announced that it had charged fifteen broker-dealers and one investment adviser associated with one of the broker-dealers with "widespread and longstanding failures by the firms and their employees to maintain and preserve electronic...
On October 11, 2022, the Institute sent the attached comment letter to the Department of Labor (DOL) in response to its proposed amendments to Prohibited Transaction Class Exemption 84-14 ("PTE 84-14"), a longstanding exemption governing financial institutions acting as qualified...
On October 7, 2022, the Internal Revenue Service (IRS) released Notice 2022-53, providing limited interim guidance in advance of issuing final regulations on retirement plan required minimum distributions (RMDs) under Internal Revenue Code ("Code") section 401(a)(9).
ICI Global participated earlier this month in the EUROFI conference held in Prague during which we had a significant number of meetings with key European and international policymakers.
[34306] October 10, 2022 TO: Derivatives Markets Advisory Committee Equity Markets Advisory Committee RE: ICI Files Comment Letter to CFTC and SEC on CCP Governance and Conflicts of Interest Proposals ICI has filed the attached comment letter with the CFTC on its DCO governance rule...
On 3 October, ICI co-signed a letter with several associations (the Associations) in response to a consultation by the Prudential Regulatory Authority of the Bank of England (PRA) and the Financial Conduct Authority (FCA). The consultation sought comments on the proposal to amend on...
[34302] October 3, 2022 TO: ICI Members 529 Plan Advisory Committee ABLE Act Working Group SUBJECTS: 529 Plans Tax RE: IRS Addresses Questions Regarding ABLE Accounts The Internal Revenue Service (IRS) has released an Information Letter which addresses several questions that had been...
In August, the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) issued proposals and requested comment regarding reducing the trade reporting timeframe for certain transactions reported to the Trade Reporting and Compliance Engine...
IRS Notice 2022-45 (the Notice) announces an extension of the deadlines for amending retirement plans and IRAs to reflect provisions of section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (providing special tax treatment with respect to coronavirus...
Earlier this week, the SEC announced its settlement of enforcement actions against 15 broker-dealers and one investment adviser for failing to comply with recordkeeping requirements to maintain and preserve certain "off-channel communications."
On September 14, the SEC proposed rules 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 participant of a covered clearing agency for such securities ("Treasury CCA").
Attached for your review is ICI's draft comment letter to the CFTC's DCO governance rule proposal and the SEC's clearing agency governance and conflicts of interest proposal.
Earlier this week the SEC charged investment adviser Toews Corporation (the "adviser") with violations of the Advisers Act and the proxy voting rule thereunder in connection with the adviser's proxy voting-related conduct.
On September 20, 2022, the SEC settled an enforcement action against a dually-registered broker-dealer and investment adviser for violating Regulation S-P by failing to ensure the proper disposal of customers' non-public personal information (NPPI) when it decommissioned various...
The Norwegian Tax Administration (NTA) has been denying claims filed by RICs for recovery of tax withheld in excess of the treaty-provided rate for Norwegian dividends.
