ICI has filed the attached comment letter with the SEC on its large security-based swap ("SB swap") position reporting proposal. The letter addresses proposed Rule 10B-1, which would require any person with an SB swap position of a certain size, based on specified calculations, to...
FINRA recently issued a regulatory notice expressing concerns associated with the sale of complex products and options to retail investors, and soliciting comment on related practices and rule enhancements.
The Department of Labor (DOL) recently finalized amendments to six prohibited transaction exemptions (PTEs) to remove references to credit ratings pursuant to the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
On March 10, the Department of Labor (DOL) issued Compliance Assistance Release No. 2022-01, providing guidance for 401(k) plan fiduciaries regarding plan investments in cryptocurrencies and similar types of digital assets.
IRS Announcement 2022-6 indicates that, effective March 14, 2022, and until further notice, the Internal Revenue Service (IRS) will not accept applications for opinion letters on prototype IRAs (traditional, Roth and SIMPLE IRAs), Simplified Employee Pensions (SEPs) (including salary...
On February 10, the Securities and Exchange Commission proposed amendments to its rules governing beneficial ownership reporting on Schedules 13D and 13G ("Proposal"). Comments on the Proposal are due on April 11, although ICI expects to file by April 7.
In December, the Securities and Exchange Commission proposed two sets of rulemakings intended to: improve the quality, relevance, and timeliness of issuer share repurchase information; and address potentially abusive practices associated with certain trading arrangements, grants of...
On 14 March 2022, the International Organization of Securities Commissions (IOSCO) announced details of its 2022 work plan to develop sustainable finance, covering topics on corporate reporting, assurance standards, carbon markets, and IOSCO's sustainability recommendations on asset...
The next meeting of the ICI Global Regulated Funds Committee will be held virtually on Wednesday, April 6, 2022, from 10:00 a.m. - 12:00 p.m. US Eastern / 3:00 p.m. - 5:00 p.m. London.
Attached is our response to the Call for Evidence on Market Characteristics of ESG Rating Providers in the European Union, which was conducted by the European Securities and Markets Authority (ESMA).
The next meeting of the Investment Company Institute's Small Funds Committee will be held on Tuesday, May 24 from 1:00 p.m. to 5:00 p.m. ET and Wednesday, May 25 from 9:00 a.m. to 1:00 p.m. ET in conjunction with the ICI Leadership Summit.
On 4 March 2022, the Hong Kong Securities and Futures Commission (SFC) hosted an industry workshop on ESG fund applications. During the workshop, SFC staff shared observations and regulatory expectations for how a fund could demonstrate its compliance with the Circular to management...
ICI submitted a letter responding to the Municipal Securities Rulemaking Board's request for information on environmental, social and governance (ESG) practices in the municipal securities market.
The Department of Labor (DOL) is proposing amendments to the procedures governing the filing and processing of prohibited transaction exemption applications. The project appeared on DOL's Fall 2021 Regulatory Agenda with the stated goal of improving operation of the prohibited...
ICI's Operations Committee will meet virtually on Wednesday, April 13th and Thursday, April 14th. The committee meeting will be broken into four 90-minute session via the Zoom platform.
The Tax Committee will hold a call on Tuesday, April 5, 2022, at 11:00 a.m. ET, to discuss equalization. To better inform the discussion, we are surveying members about their firms' equalization approach, policies, and calculation methods. Please complete one survey per member firm no...
A special session of the small funds committee will be held March 14 at 2:00 pm ET. Current events are putting a spotlight on cyber preparedness. At times being prepared can seem to be an overwhelming and costly effort, but it is a necessary area of focus in today's climate. Please...
Last week, the SEC filed a civil action against an SEC-registered investment adviser and its affiliated broker-dealer for the adviser recommending to clients mutual fund shares that generated millions of dollars in revenue-sharing payments to the broker-dealer when lower-cost share...
The United States government continues to take measures in response to Russia's invasion of Ukraine. This update summarizes the sanctions and other measures that are most relevant to regulated funds and asset managers through March 4, 2022.
On February 25, the SEC proposed new Rule 13f-2 to require institutional investment managers ("managers") to report certain gross short position and related activity data for equity securities on a monthly basis through a new confidential Form SHO.
As previously advised, on 6 December 2021 the UK Financial Conduct Authority (FCA) published a discussion paper (DP) on the UK Financial Services Compensation Scheme.
ICI will host a call on Tuesday, April 5, 2022, at 11:00 a.m. ET, to do a deep dive on equalization and other tax topics. Deloitte will lead the discussion, and CPE credit will be available.
The IRS and Treasury have released a long-awaited notice of proposed rulemaking that would amend the regulations governing required minimum distributions (RMDs) from retirement plans and IRAs to reflect changes made by the Setting Every Community Up for Retirement Enhancement Act (the...
