Last week, the SEC staff extended indefinitely compliance relief from Exchange Act Rule 15c2-11 (the "rule") for brokers and dealers publishing or submitting quotations for fixed income securities. The prior SEC staff relief—which the 2024 Letter withdraws—would have expired in...
On November 18, 2024, the Department of Labor announced the start of its information collection in order to establish the Retirement Savings Lost and Found online searchable database as directed under §303 of the SECURE 2.0 Act.
On November 7, the Securities and Exchange Commission adopted conforming amendments that are intended to correct certain errors in the following rules and forms: Rule 482 under the Securities Act of 1933, Forms N-1A, N-2, N-CSR and N-MFP, and Rule 204-2 under the Investment Advisers...
ICI and SIFMA AMG submitted a letter to SEC Chair Gensler, reiterating our shared concerns about applying Rule15c2-11 under the Exchange Act to fixed income securities.
ICI submitted comments to the Treasury Department and Internal Revenue Service on the proposed regulations for the Corporate Alternative Minimum Tax (CAMT, REG-112129-23).
Earlier this month, the Securities and Exchange Commission's Division of Examinations issued a Risk Alert: (i) providing insights into the risk-based selection process it uses to choose which registered investment companies to examine; (ii) highlighting key deficiencies and weaknesses...
On 11 November 2024, the International Organization of Securities Commissions published two related consultations on liquidity risk management in open-end funds. Comments on both Consultations are due on 11 February 2025 and must be submitted by electronic form.
On November 7th, the Securities and Exchange Commission's Division of Investment Management Disclosure Review and Accounting Office issued Account and Disclosure Information 2024-141 to address common issues observed in the implementation of the SEC's new requirements for mutual funds...
ICI on November 7, 2024, submitted a comment letter to Treasury and IRS providing preliminary recommendations for regulations to implement the Saver's Match contribution requirements of section 103 and 104 of the SECURE 2.0 Act.
Later this month, ICI intends to submit a letter to the SEC, reiterating our concerns about applying Rule 15c2-11 under the Exchange Act to fixed income securities. Market participants historically have not understood the rule to apply to, and its provisions are not well-suited for...
On November 8, 2024, the SEC instituted public administrative and cease-and-desist proceedings against an asset manager arising from misleading statements concerning the company-wide percentage of assets under management by it and its affiliates that was "ESG integrated," a term that...
On 17 October, the Financial Stability Board (FSB) published a consultation report on a Format for Incident Reporting Exchange (FIRE). Responses to the Consultation are requested by 19 December 2024 and ICI plans to submit a response.
The Internal Revenue Service (IRS) has released annual cost of living and other adjustments applicable to dollar limitations for pension and retirement plans.
After its previously promulgated rules seeking to impose certain conditions on financial professionals were enjoined, the Missouri Secretary of State filed an emergency amendment and an emergency rule, each effective November 6, 2024, identifying practices in the brokerage industry...
On October 28, 2024, the US Department of the Treasury issued a final rule to implement Executive Order 14105 of August 9, 2023, "Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern."
The Investment Company Institute submitted its views on the Accelerated Settlement Taskforce Technical Group’s draft recommendations and report. The Report sets forth draft operational recommendations to facilitate the UK’s move to shorten its settlement cycle, focusing on the...
On October 28, 2024, the US Government Accountability Office released a report entitled "401(k) Plans: Reported Impacts of Fee Disclosure Regulations, and DOL Efforts to Support Implementation of Regulations". According to the GAO, the Report addresses (1) literature and selected...
On October 24th, the Supreme Court of the State of Washington issued an opinion that could subject investment funds to the state's Business and Occupation (B&O) tax.[1] The tax implications for funds could be significant.
ICI and ICI Southwest have submitted a comment letter to the Federal Deposit Insurance Corporation on its proposal to amend the agency's existing regulations under the Change in Bank Control Act. This memorandum briefly explains the Proposal and summarizes the letter.
The North American Securities Administrators Association has been encouraging states to require mutual funds to submit state registration filings through an electronic filing system called Electronic Filing Depository that NASAA developed and maintains. Mutual funds are currently...
Last month, the Securities and Exchange Commission settled charges with a registered investment adviser for overvaluing certain fixed-income securities, inappropriately cross trading them among affiliated accounts, and related disclosures deemed false and misleading. The adviser...
For the thirteenth year in a row, the Securities and Exchange Commission's Division of Examinations has published its examination priorities for the coming year. While the Division has historically published these exam priorities near the beginning of the calendar year, this is the...
On October 21, 2024, the SEC instituted public administrative and cease-and-desist proceedings against an asset manager arising from statements made regarding three exchange-traded funds that it marketed as incorporating environmental, social, and governance factors. To settle the...
