On October 25, 2021, the Department of Labor (DOL) issued Field Assistance Bulletin (FAB) 2021-02, announcing an extension of the temporary enforcement policy related to its prohibited transaction exemption for investment advice fiduciaries, PTE 2020-02. Under the temporary...
On October 21, the Financial Stability Oversight Council (FSOC or Council) released a report on Climate-Related Financial Risk. The report is the first time that the Council has identified climate change as an emerging and increasing threat to US financial stability and demonstrates...
Last week, SEC Chair Gensler delivered brief remarks before the Financial Stability Oversight Council, highlighting the Commission's work on drafting proposals on public company and fund climate risk-related disclosure.
We are pleased to announce that we will hold our next virtual meeting of this committee on Thursday, December 2, 2021. The meeting will begin at 1:00 pm ET and should conclude no later than 2:30 pm. We will be holding this meeting through Zoom with a dial-in available.
The SEC's Division of Examinations has published a Risk Alert summarizing its review of more than 50 fund complexes (covering more than 200 funds and/or series of funds) and nearly 100 advisers. These examinations targeted the following six categories that had been announced by the...
Due to COVID-19 concerns, our upcoming Accounting Policy Subcommittee will take place on Zoom. We have decided to break the meeting up into three sessions on November 29, 30 and December 1 each from 12:00 p.m. - 1:30 p.m. Eastern.
The Institute has filed a Complaint for Declaratory Relief in the Superior Court for the County of Sacramento to address members' concerns with the interpretation of the State's Unclaimed Property Law by the California State Controller's Office. The basis for the suit, which will...
On September 26, SEC staff issued a report examining the January 2021 trading activity in GameStop stock (GME), which has led regulators and other policymakers to focus on certain equity market structure issues. While the report does not address the underlying causes of the "meme...
Under the EU Capital Requirements Regulation (CRR), a banking organization must report to supervisory authorities its ten largest exposures to "shadow banking entities which carry out banking activities outside the regulated framework." The European Banking Authority (EBA) issued a...
The next meeting of the ETF Committee has been scheduled for Wednesday, December 1, 2021, 2:00-3:00 p.m. Eastern. Ben Johnson, director of global ETF fund research, Morningstar, will be our guest for the December meeting.
Last week, the European Banking Authority (EBA) published its final report containing regulatory technical standards (RTS) on disclosure of investment policy by investment firms, substantially as proposed.[2] The RTS are meant to gather from investment firms disclosures designed to...
ICI submitted the attached letter to the EU Commission regarding the Inception Impact Assessment on an upcoming proposal for a "new EU-wide common system for the avoidance of double taxation and prevention of tax abuse in the field of withholding taxes."
Last December, the SEC adopted new Rule 2a-5 under the Investment Company Act, which addresses the fair valuation responsibilities of funds and their boards and advisers, along with a companion recordkeeping rule. The final rules reflect the SEC's belief that "to determine the fair...
On October 20, 2021, the Federal Reserve Board (FRB), Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration, Office of the Comptroller of the Currency (OCC), and State Bank and Credit Union Regulators (collectively...
On October 18, the US Department of the Treasury released the results of a broad review of the economic and financial sanctions that it administers and enforces, and issued recommendations to preserve and enhance their effectiveness in supporting national security and US interests.
The UK Financial Conduct Authority (FCA) recently issued a consultation soliciting feedback on which legacy contracts and financial instruments it should permit to use the synthetic UK sterling and Japanese yen LIBOR rates and whether to prohibit most new uses of US dollar LIBOR after...
The Small Funds Sales & Marketing Sub-Committee meeting schedule for 2022 has been finalized. Please mark your calendar for the following meeting dates.
ICI's Internal Sales Managers Roundtable will meet via Zoom on Thursday, December 2, from 3:00 to 4:30 p.m. (ET). The meeting will feature an open discussion for the first half of the meeting, and then attendees will break into smaller groups for a deeper dive on those same topics. A...
The EU Commission released an Inception Impact Assessment in advance of its upcoming proposal on a "new EU-wide common system for the avoidance of double taxation and prevention of tax abuse in the field of withholding taxes." The initiative aims to facilitate cross-border investment...
Under the EU Capital Requirements Regulation (CRR), a banking organization must report to supervisory authorities its ten largest exposures to "shadow banking entities"—defined as entities that carry out banking activities outside an adequate prudential framework. The European Banking...
The Financial Stability Board (FSB) issued its final report (Report) on policy proposals to enhance money market fund resilience, including with respect to the appropriate structure of the sector and of underlying short-term funding markets.
On October 13, 2021, the Department of Labor (DOL) released a proposal (the "Proposal") addressing the selection of investments for ERISA plans and proxy voting by plan fiduciaries. The Proposal would amend two rules finalized at the end of the Trump Administration, "Financial Factors...
Last week, the SEC reopened the comment period for its 2015 clawback proposal, which it never adopted. This will allow further opportunity to analyze and comment on the proposal in light of developments since its publication.
