The IRS and Treasury Department published final regulations regarding income tax withholding on certain distributions from retirement plans and IRAs under Internal Revenue Code ("Code") section 3405(a) and (b).
On October 21, 2024, ICI submitted a comment letter to nine federal agencies, including the Securities and Exchange Commission, on their proposal to jointly establish data standards for collections of information reported to the Agencies under the Financial Data Transparency Act of...
The IRS recently released Notice 2024-73, providing guidance on the treatment of long-term part-time (LTPT) employees under 403(b) plans. The Notice also announces that the pending final regulations for 401(k) plan LTPT employees will apply no earlier than plan years beginning on or...
ICI submitted a letter to the ERISA Advisory Council on the topic "Qualified Default Investment Alternatives—Start to Finish, Default to Payout," in connection with its October 22, 2024, meeting. The Council's focus is on the effectiveness of QDIAs in both the accumulation and...
ICI submitted the attached letter to the Office of Management and Budget in response to a revised information collection request submitted to OMB by the Department of Labor.
For review is a draft ICI comment letter to the proposal issued by nine federal agencies including the Securities and Exchange Commission, to jointly establish data standards for collections of information reported to the Agencies under the Financial Data Transparency Act of 2022.
ICI submitted an analysis of tax implications resulting from recent SEC money market fund reforms to the U.S. Treasury and requested a meeting to discuss these tax issues.
The Missouri Secretary of State has voluntarily dismissed its appeal in a recently decided case concerning Missouri Securities Division rules that would have required specified financial professionals to obtain a client's written consent on state-scripted documents before providing...
On October 4, 2024, the SEC issued an order instituting proceedings to determine whether to approve or disapprove a proposed rule change, originally filed on June 21, 2024, to amend Section 302.00 of the New York Stock Exchange Listed Company Manual to exempt closed-end funds...
On September 9, 2024, the SEC announced that it settled charges against nine registered investment advisers for violations of Advisers Act Rule 206(4)-1. All nine firms have agreed to pay a combined $1,240,000 in civil penalties, ranging from $60,000 to $325,000.
On 27 September, the United Kingdom Accelerated Settlement Taskforce Technical Group published a consultation report, with draft operational recommendations to facilitate the UK's move to shorten its settlement cycle from two days after the trade date (T+2) to one day (T+1).
On September 27, 2024, the Securities and Exchange Commission adopted rule and form amendments related to EDGAR (Electronic Data Gathering, Analysis, and Retrieval system) as part of the "EDGAR Next" initiative.
On September 18, 2024, the SEC, in a unanimous vote, adopted amendments to Regulation NMS that would impact the minimum quoted price increments for NMS securities, the access fee caps that registered securities exchanges could charge, and odd lot transparency.
On September 16, 2024, the SEC issued an order disapproving proposed changes to the National Market System (NMS) Plan to Address Extraordinary Market Volatility (the "Plan") filed by the Plan participants, which consists of the national securities exchanges and the Financial Industry...
On September 18, 2024, the CFTC adopted a final rule that amends CFTC Regulation 4.7, a provision that provides exemptions from certain compliance requirements for commodity pool operators with respect commodity pool offerings to qualified eligible persons and for commodity trading...
The Financial Industry Regulatory Authority and the Municipal Securities Rulemaking Board's proposals, as amended, related to reducing the trade reporting outer-limit timeframe for certain transactions reported to FINRA's Trade Reporting and Compliance Engine and MSRB's Real-Time...
On September 12, 2024, the Department of Labor published a revised Information Collection Request modifying its earlier proposed ICR, which proposed to collect information from plan administrators voluntarily in order to establish the Retirement Savings Lost and Found online...
On September 19, 2024, the SEC instituted public administrative and cease-and-desist proceedings against an asset manager arising from "material misstatements concerning how it managed investments for clients.
On Sept. 5, 2024, the IRS and Treasury issued Notice 2024-65, Request for Comment Regarding Implementation of Saver's Match Contributions. The Notice poses 29 broad questions seeking detailed input from all interested stakeholders to inform IRS and Treasury as they work to implement...
ICI sent a comment letter to the IRS and Treasury, responding to the notice of proposed rulemaking that would amend the regulations governing required minimum distributions from retirement plans and IRAs to reflect changes made by the SECURE 2.0 Act.
The Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury issued a final rule requiring certain investment advisers to establish anti‑money laundering/countering the financing of terrorism (AML/CFT) programs pursuant to the Bank Secrecy Act and to...
ICI filed a comment letter on the SEC's proposal to make technical changes to the EDGAR system. The proposal includes requiring electronic filers to authorize and maintain designated individuals as account administrators and manage their accounts on a dashboard on EDGAR.
