On March 28, 2022, the Treasury Department and IRS published proposed regulations relating to the "unified plan rule" for multiple employer plans (MEPs).
As we previously reported, the Department of Labor (DOL) recently proposed amendments to the procedures governing the filing and processing of prohibited transaction exemption applications ("Proposal").
Last year, the Securities and Exchange Commission, in a 3-2 party-line vote, proposed amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940.
As we previously advised you, in February the SEC published for comment proposed rules that would require investment advisers, registered investment companies, and business development companies to have cybersecurity risk management programs.
Last week, the SEC announced the publication of the Division of Examinations' 2022 examination priorities. The examination priorities include a continued focus on ESG-related advisory services and investment products, including mutual funds, exchange-traded funds, and private fund...
The next Bank, Trust and Retirement Advisory Committee (BTRAC) meeting will take place on Wednesday, May 11 through Thursday, May 12, 2022. The meeting will be held in four virtual sessions and a virtual networking event.
On 4 April 2022, the European Commission published a Targeted Consultation on the Functioning of the ESG Ratings Market in the European Union and on the Consideration of ESG Factors in Credit ratings.
For the tenth year in a row, the SEC office responsible for conducting inspections of registrants, the Division of Examinations, has published its examination priorities for the coming year.
ICI has filed a comment letter with the SEC on its proposal to amend the rules governing beneficial ownership reporting on Schedules 13D and 13G ("Proposal").
Recently, the staff of the Securities and Exchange Commission issued a bulletin on the application of the standards of conduct applicable to broker-dealers and investment advisers (both, "financial professionals") when recommending account types for retail investors.
The ICI and twenty-four other trade associations submitted a joint letter to SEC Chair Gensler yesterday expressing serious concern that the Commission is not affording sufficient time for meaningful public input into the rulemaking process.
Effective April 4, 2022, IRS Form 8802 applicants, who receive a request from the IRS for a signed copy of their most return tax return, will only need to submit a signed copy of the current year base income tax return (i.e., the tax return without accompanying forms, schedules, or...
On March 29, 2022, the US House of Representatives approved, by a vote of 414 to 5, H.R. 2954, the "Securing a Strong Retirement Act of 2022" (or SECURE 2.0). The bill was introduced by House Ways and Means Committee Chairman Richard Neal (D-MA) and ranking member Kevin Brady (R-TX).
On March 30, 2022, the Superior Court of the Commonwealth of Massachusetts issued an order (attached) invaliding the Massachusetts regulation, finalized in 2020, that imposes a fiduciary duty on broker-dealers and agents. The court stayed the order for 30 days to give the...
The next meeting of the Transfer Agent Advisory Committee will be held on Tuesday, May 24 from 1:00 p.m. to 5:00 p.m. ET and on Wednesday, May 25 from 9:00 a.m. to 1:00 p.m. ET in conjunction with ICI's Leadership Summit. The in-person meeting will take place at the JW Marriott, 1331...
On 24 March 2022, the European Supervisory Authorities (ESAs) published an updated joint supervisory statement on the application of the Sustainable Finance Disclosure Regulation (SFDR).
Earlier today, ICI filed the attached comment letter on two sets of Securities and Exchange Commission rulemakings intended to: modernize share repurchase disclosure ("Share Repurchase Proposal"); and address potentially abusive practices associated with certain trading arrangements...
On 23 February 2022, the European Commission published a proposal, in a form of Directive, on corporate sustainability due diligence. The proposed Directive would introduce new obligations for large companies to carry out due diligence in relation to adverse environmental and human...
As we previously informed you, on November 25, 2021, the European Commission issued its proposal on four legislative files, collectively referred to as the "CMU Package."
ICI recently surveyed Tax Committee members on their firms' equalization approach, policies, and calculation methods. Please find attached the anonymized and aggregated results which will inform the Tax Committee call on equalization and other topics on April 5, 2022 at 11 a.m. ET.
In a letter to the Treasury Department and IRS, ICI joined several other trade organizations in requesting timing relief related to changes to the required minimum distribution (RMD) rules enacted under the Setting Every Community Up for Retirement Enhancement Act (the SECURE Act) of...
As we previously reported, the Department of Labor (DOL) recently proposed amendments to the procedures governing the filing and processing of prohibited transaction exemption applications ("Proposal").
The Commission voted 3-1 earlier this week in favor of issuing for comment a proposal that would enhance and standardize climate-related disclosure for public companies (including asset managers which are public companies). The disclosure would be required to appear in company...
The Commission voted 3-1 earlier this week in favor of issuing for comment a proposal that would enhance and standardize climate-related disclosure for public companies (including asset managers which are public companies). The disclosure would be required to appear in company...
We are pleased to invite you to participate in this year's annual ICI-EFAMA Meeting and the international dinner, taking place in person on May 24 in Washington, DC. These events will be followed by ICI's inaugural Leadership Summit taking place on May 25-26.
