The European Commission will delay the application of the Regulatory Technical Standards (RTS) under the Sustainable Finance Disclosure Regulation (SFDR) to 1 January 2023, as announced in a letter to the European Parliament and Council of the European Union.
On 22 October 2021, the European Supervisory Authorities (ESAs) published the final report on the draft regulatory technical standards (RTS) on the taxonomy-related disclosures for financial products subject to the disclosure requirements under Article 8 and Article 9 Sustainable...
The CFTC staff has issued a no-action letter to Korea Exchange, Inc. (KRX) with respect to the offer or sale of KOSPI 200 Futures Contracts and Mini KOSPI 200 Futures Contracts (together, "Contracts") to persons located within the United States.
On 23 November 2021, the Board of the International Organization of Securities Commissions (IOSCO) published final report (Final Report), containing ten recommendations applicable to ESG Ratings and Data Product Providers.
On 1 October 2021, the European Securities and Markets Authority (ESMA) published a call for evidence (CfE) on certain retail investor protection issues. The CfE is described in detail below.
Global regulators and policymakers continue to address LIBOR transition by market participants. Below, we discuss two recent developments: a UK Financial Conduct Authority (FCA) confirmation of its policy on the use synthetic versions of UK sterling and Japanese yen LIBOR when those...
As discussed on previous tax committee calls, the Indian Government is seeking input for the 2022 Union Budget. ICI Global intends to submit a letter with recommendations to address the global regulated fund industry's outstanding tax issues, in priority order.
Nareit has informed us that it no longer will publish on its website the year-end reporting layouts of its member real estate investment trusts (REITs). To the extent available, Nareit will publish links to member REITs' press releases or website pages regarding tax treatment of 2021...
As previously reported, on September 29, the Securities and Exchange Commission proposed amendments to enhance reporting of proxy voting information by registered investment companies ("funds") and institutional investment managers ("managers").
In October, the SEC re-opened the comment period for its 2015 clawback proposal, which it never adopted. Yesterday, ICI submitted the attached comment letter, once again reiterating that all registered investment companies ("funds") should be excluded from any final rule.
We will hold our next committee meeting, virtually, on 10 December 2021, at 16:00-17:30 GMT/17:00-18:30 CET/11:00 a.m. - 12:30 pm EST, and we are pleased to announce our guest speaker - Will Beach, US financial attaché to the European Union.
On November 17, the Commodity Futures Trading Commission issued a request for information and comment (RFI) on amending its swap clearing requirements in light of the upcoming cessation of LIBOR (and other IBORs). The CFTC is soliciting information and comments.
On November 17, the SEC proposed changes to its 2020 proxy advice amendments by a 3-2 vote. Most notably, the proposal would rescind provisions in the 2020 amendments.
The Securities and Exchange Commission recently proposed rule 10c-1 ("proposed rule") under the Securities Exchange Act of 1934 ("Exchange Act") to increase transparency and efficiency in the securities lending market. The proposed rule is summarized below.
The Basel Committee on Banking Supervision, the Committee on Payments and Market Infrastructure, and the International Organization of Securities Commissions (collectively, the "regulators") late last month published a joint consultation ("report") .
ICI will hold a virtual meeting of the Registered Fund CPO Advisory Committee on Tuesday, December 7 from 1:00-2:00 pm ET. We are pleased to announce that Ruth Epstein, a Partner at Stradley Ronon and ICI's counsel on CPO issues, will join us for the meeting.
On 10 November 2021, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability and Capital Markets Union announced a proposed way forward for central clearing, including European Union (EU) recognition of UK-based central counterparties (CCPs).
The Securities and Exchange Commission yesterday adopted amendments to its proxy rules that will require the use of a "universal proxy card" in contested director elections. Importantly, as ICI strongly recommended, these universal proxy rules will apply only to non-exempt...
On 2 November 2021, the Board of the International Organization of Securities Commissions (IOSCO) published a report setting out five recommendations for securities regulators and policymakers in improving sustainability-related practices, policies, procedures and disclosures in the...
On 3 November 2021, the UK Financial Conduct Authority (FCA) released a discussion paper (paper) on Sustainability Disclosure Requirements (SDR) and investment labels. The FCA is asking for comments on this paper by 7 January 2022.
On 7 October 2021, the G20 Sustainable Finance Working Group (SFWG) released their 2021 Synthesis Report (Report). The Report aims at characterizing challenges, reviewing existing practices, and proposing a set of recommendations to further progress in specific priority areas set out...
On November 8, the Inter-Agency Working Group for Treasury Market Surveillance (IAWG) issued a progress report on its efforts to evaluate recent disruptions and potential reforms in the US Treasury market (the "Report").
On Wednesday, December 15, from 12-2:30 pm ET, ICI will hold a virtual members-only meeting of the Derivatives Markets Advisory Committee. We are pleased to announce that our guest speakers will be Phil Hinkle, Partner, and Karen Stretch, Partner, Dechert LLP.
The Securities and Exchange Commission recently issued an exemptive order ("Final Order")[1] that provides conditional relief from certain provisions of the Securities Exchange Act of 1934 ("1934 Act") in connection with a program to portfolio margin customer and affiliate positions...
