On October 21, 2021, Governor Kathy Hochul signed New York Assembly Bill A3213 which transforms the New York State Secure Choice Savings Program—a voluntary payroll deduction IRA program for private-sector workers in New York enacted in 2018 under A9505—into a mandatory automatic...
ICI today filed the attached complaint with the European Commission (EC) against Italy for violating European law by withholding tax on dividends paid to investment funds organized in the United States and certain other countries when tax is not imposed on comparable Italian funds.
As we discussed with the Tax Committee during our November Committee call, we are surveying members investing in India regarding their filing experiences.
As we previously informed you the Financial Accounting Standards Board (FASB) recently released an exposure draft of a proposed accounting standards update that would amend ASC Topic 820, Fair Value Measurement.
In October, the SEC re-opened the comment period for its 2015 clawback proposal,[2] which it never adopted. ICI intends to submit a comment letter. If you have comments on the attached draft, please provide them by November 18, COB.
On 18 October 2021, HM Treasury published its latest policy paper titled, "Greening Finance: A Roadmap to Sustainable Investing" ("Roadmap"). It refers to the UK Government's long-term goal to green the financial system and align it with the HK's net-zero commitment.
On Tuesday, December 14, from 12:30-3:30 pm ET, ICI will hold a virtual members-only meeting of the SEC Rules Committee. We are pleased to announce that our guest speaker will be John Coates, Professor of Law and Economics at Harvard Law School.
This memorandum summarizes the most significant aspects of the updated implementation guidance published by the Financial Stability Board's Task Force on Climate-related Financial Disclosures ("TCFD").
The IRS has posted the latest in a series of early release drafts of the 2022 IRS Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments.
As we previously informed you, in September the Securities and Exchange Board of India (SEBI) issued a circular introducing T+1 rolling settlement on an optional basis for Indian equities with an effective date of January 1, 2022.
On November 1, 2021, the CFA Institute published its voluntary "Global ESG Disclosure Standards for Investment Products" (Standards), which it states is designed to enable investors, consultants, advisors, and distributors to better understand, compare, and evaluate ESG investment...
The President's Working Group on Financial Markets, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the "Agencies") recently released a 23-page report on stablecoins ("report").
The Internal Revenue Service (IRS) has posted a draft copy of the Instructions for Forms 1099-R and 5498 (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) for the 2022 tax year.
The Internal Revenue Service has released annual cost of living and other adjustments applicable to dollar limitations for pension and retirement plans. The news release is available here and Notice 2021-61, which also contains the updated limits, is available here.
Summarized briefly below are several recent ESG-related developments that we bring to your attention. A brief description with links to the relevant documents are provided below. We will provide more fulsome memoranda describing these developments in the near future.
Yesterday, the SEC staff rescinded prior guidance and also issued new guidance on the shareholder proposal rule (Rule 14a-8). Rule 14a-8 under the Exchange Act conditionally permits a company's shareholders to include proposals (i.e., recommendations or requirements that a company and...
The Small Funds Committee Government Affairs update will take place on Wednesday, December 9, 1:00 to 2:00 pm ET. The session will be facilitated using Zoom. Committee members are encouraged to log into the meeting using the Zoom application and the voice over internet protocol (VOIP)...
ICI recently filed the attached amicus brief in Hughes v. Northwestern, urging the US Supreme Court to affirm the Seventh Circuit's decision and clarify for the lower courts that its well- established and common-sense pleading standards apply to excessive fee cases.
On October 29, 2021, the Institute submitted the attached comment letter to the Department of Labor (DOL) on the proposed revisions to the Form 5500 Annual Return/Report forms required for employee pension and welfare benefit plans. The proposed revisions were jointly released by DOL...
ICI's Diversity and Inclusion Committee will have a video conference meeting via Zoom on Thursday, December 16, 2021, from 2:00-3:15 p.m. (ET). Meeting registration is available here. A preliminary agenda is attached.
As we previously informed you the Financial Accounting Standards Board (FASB) recently released an exposure draft of a proposed accounting standards update that would amend ASC Topic 820, Fair Value Measurement. The proposed amendments address the fair value of equity securities that...
A joint meeting of the Accounting/Treasurers Committee and the Independent Accountants Advisory Group has been scheduled for Thursday, December 2, 2021. The meeting will be held on Zoom from 11:00 a.m. - 1:30 p.m. Eastern time.
