The U.S. Securities and Exchange Commission has published for comment proposed rules that will require registered investment companies, investment advisers, and business development companies to "adopt and implement written policies and procedures that are reasonably designed to...
The Advertising Compliance Advisory Committee will have its next quarterly conference call on Wednesday, March 2, from 3:00-4:30 p.m. Eastern Time. Please note that the call will start one hour later than usual. Please register for the call here: https://cvent.me/o75XeV.
On January 26, the SEC re-proposed its 2020 amendments to Regulation ATS to require an alternative trading system (ATS) that trades government securities or repos and reverse repos on government securities ("Government Securities ATS") to comply with Regulation ATS and Regulation SCI.
On 3 February 2022, the European Securities and Markets Authority (ESMA) published a Call for Evidence on Market Characteristics for ESG Rating Providers in the European Union (EU), which is in a form of a survey addressed to three target groups: ESG rating providers, users of ESG...
This memorandum catalogues significant ESG related developments that have occurred since December. It references ICI memoranda that provide a more fulsome description of each matter.
Last week, the Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking to establish a limited-duration pilot program permitting certain financial institutions (FIs)—including mutual funds—to share their suspicious activity reports (SARs) with certain...
IRS Notice 2022-08 provides the 2022 Cumulative List of Changes in Section 403(b) Requirements for use by providers of pre-approved 403(b) plans applying for IRS opinion letters during the second remedial amendment cycle (Cycle 2) under the IRS's section 403(b) pre-approved plan...
On January 27, the SEC's Division of Examinations ("EXAMS") issued a Risk Alert on private fund adviser compliance deficiencies. The alert compiles results from past exams as seen through the lens of advisers' fiduciary duties and requirements under the Advisers Act prohibiting untrue...
The SEC reopened for comment a proposal to amend its executive compensation disclosure rule to require certain registrants (including business development companies but not registered investment companies) to describe, in response to Item 402 of Regulation S-K, how their executive...
The SEC reopened for comment a proposal to amend its executive compensation disclosure rule to require certain registrants (including business development companies but not registered investment companies) to describe, in response to Item 402 of Regulation S-K, how their executive...
The Department of Labor (DOL) recently submitted a helpful report to members of the House and Senate Appropriations Committees in support of the electronic disclosure safe harbor regulation that DOL finalized in May 2020.
The SEC's Office of Credit Ratings recently issued its annual report on nationally recognized statistical rating organizations for calendar year 2021.[1] The Report, among other matters, summarizes the staff's findings from its most recently completed examination of each NRSRO...
ICI and ICI Global will be holding a members-only zoom meeting on Monday, February 7 to discuss India's 2022 Union Budget, which the Indian Finance Minister unveiled on February 1st.
On 6 December 2021, the UK Financial Conduct Authority (FCA) published[1] a discussion paper[2] on the UK Financial Services Compensation Scheme (FSCS).
On January 26, the SEC approved proposed amendments to Form PF in an open meeting through a three-to-one vote. Generally, Form PF is filed by investment advisers to private funds to provide confidential information to the SEC and the Financial Stability Oversight Council (FSOC) about...
On Thursday, February 17 at 9:00 a.m. EST/2:00 p.m. GMT, ICI Global will hold a call to update members on sustainable finance policy developments over the last few months and to look ahead at anticipated developments in 2022. We will cover international, European Union, UK, and Asia...
As previously advised, on 29 November 2021 the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a discussion paper (DP) on access to central clearing and portability. A draft of ICI Global's response...
On Wednesday, February 23, from 12-3:30 p.m. ET, ICI will hold a virtual members-only meeting of the SEC Rules Committee. We are pleased to announce that our guest speakers will be Sarah ten Siethoff, Associate Director, and Brian Johnson, Assistant Director, of the SEC's Division of...
The Small Funds Committee March sessions open for registration are: Government Affairs Update, March 8th 1:00–2:00 ET Research Update, March 9th 1:00–2:00 ET
The next meeting of the Investment Company Institute's Small Funds Sales & Marketing Sub-Committee “Shop Talk” will be held on March 10, 1:00–2:00 p.m. ET via Zoom.
ICI has filed the attached comment letter in response to a joint consultation ("report") on the review of margining practices from the Basel Committee on Banking Supervision, the Committee on Payments and Market Infrastructures, and the International Organization of Securities...
On January 24, the US Supreme Court issued an opinion in Hughes v. Northwestern, a case regarding the investment lineup and fees in two 403(b) plans. At issue in this appeal is whether the petitioners stated a plausible claim for relief against the plan fiduciaries for breach of the...
The fund industry has been busy implementing Rule 2a-5, the SEC's new fair value rule for funds. As part of their due diligence and outreach, members have expressed interest in ICI arranging a meeting with pricing services to better understand the changes they're making in response to...
ICI has filed a comment letter with the Commodity Futures Trading Commission providing feedback on the CFTC's request for information and comment (RFI) on amending its swap clearing requirements in light of the upcoming cessation of LIBOR and other IBORs.
