On September 14, SEC Chair Gary Gensler testified before the Senate Banking, Housing, and Urban Affairs Committee as part of that committee's oversight of the SEC. His testimony covered four topics from the SEC's unified agenda: (i) funds and investment management; (ii) market...
On 6 July 2021, the European Commission published a package of revised sustainable finance strategy measures. This package included a proposed Regulation laying the foundation for a common framework of rules regarding the use of the designation 'European green bond' or 'EuGB' for...
The IRS and Treasury Department have released their 2021-2022 Priority Guidance Plan listing their priorities for tax regulations and other administrative guidance through June 2022.
On September 23, ICI joined several industry associations in submitting the attached letter to the SEC on the applicability of Rule 15c2-11 to the fixed income markets. The rule concerns the publishing of quotes for securities in OTC markets and requires broker-dealers to collect...
ICI's Transfer Agent Advisory Committee will meet virtually on Wednesday, November 3rd and Thursday, November 4th. The committee meeting will be broken into four 90-minute session via the Zoom platform.
The next meeting of the ICI Global Regulated Funds Committee will be held virtually on Thursday, October 28, 2021, from 10:00 a.m. - 12:00 p.m. US Eastern / 3:00 p.m. - 5:00 p.m. GMT.
The Investment Company Institute and Nareit submitted the attached letter to the Internal Revenue Service (IRS) requesting a delay to the mandatory use of the new boxes (2e and 2f) on IRS Form 1099-DIV to report section 897 gain attributable to US real property interests (USRPIs).
On September 14, 2021, the federal agencies with authority over employer-sponsored benefit plans—the Department of Labor (DOL), Internal Revenue Service (IRS), and Pension Benefit Guaranty Corporation (PBGC)—jointly released proposed revisions to the Form 5500 Annual Return/Report...
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 are registered for trading...
ICI submitted a response to the CFA Institute's Exposure Draft of Verification Procedures for CFA Institute ESG Disclosure Standards for Investment Products (Verification Procedures Exposure Draft). The attached document provides ICI's response to questions raised in the Exposure...
The IRS has issued Revenue Procedure 2021-37 and Revenue Procedure 2021-38, updating the procedures for its pre-approved plan programs. Rev. Proc. 2021-37 announces the opening of Cycle 2 for submissions of 403(b) pre-approved plans and modifies the 403(b) pre-approved plan program...
We are pleased to announce that, on November 16, from 11-1 pm ET, ICI will hold a virtual joint meeting of the SEC Rules Committee and the Chief Information Security Officer (CISO) Committee. For the first hour of the meeting, we will be joined by Rob Cohen, a partner at Davis Polk...
The next Operations Committee meeting will take place on Wednesday, October 20 and Thursday, October 21, 2021. Due to the current challenges and travel restrictions, the meeting will be held via virtual sessions.
Join Adam Glidden from Impax Asset Management, David Halligan from MARS and John Randall, ICI November 9 at 2:00 pm ET for a discussion about Impax's journey implementing the MARS CRM with sales and asset reporting.
The Treasury Department and the Internal Revenue Service ("IRS") have released the 2021-2022 Priority Guidance Plan, listing their priorities for tax regulations and other administrative guidance through June 30, 2022. The plan includes a few projects that were requested by the...
On 16 September 2021, ICI Global and several other trade associations wrote to Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and Capital Markets, asking for an extension of the EU's temporary equivalence decision for UK CCPs which is due to...
Earlier this week, Securities and Exchange Commission Chair Gary Gensler testified before the Senate Banking, Housing, and Urban Affairs Committee as part of that committee's oversight of the SEC. During the hearing, several senators and Chair Gensler discussed the SEC's anticipated...
The Investment Company Institute's Broker/Dealer Advisory Committee will meet virtually October 12-14, 2021 in four online sessions. The dates and times are listed below (all times ET).
On 10 September 2021, the Cross-boundary Wealth Management Connect Pilot Scheme ("Cross-boundary WMC") in the Guangdong-Hong Kong-Macao Greater Bay Area ("GBA") was officially launched.
ICI Global submitted a response (attached) on the IOSCO's "Environmental, Social and Governance (ESG) Ratings and Data Product Providers Consultation Report" (July 2021), in which we supported most of the report's recommendations and made some suggestions, particularly regarding...
On 12 July 2021, the European Commission's Platform on Sustainable Finance (PSF) published a survey seeking public feedback on the draft report on a proposal for a social taxonomy (Draft Report). The survey closed on 6 September 2021.
The Small Funds Committee Regulatory Update will take place on Wednesday, September 22 from 4:00-5:00 pm ET. ICI guest speaker for the update will be Kristin Snyder SEC Co-Deputy Director Division of Examinations.
The Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area was launched earlier this afternoon. ICI Global was invited to attend the launch ceremony, co-organized by the People's Bank of China, the People's Government of Guangdong...
