Attached for your review is an Investment Company Institute (ICI) draft letter requesting that the Internal Revenue Service (IRS) delay 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).
The next Bank, Trust and Retirement Advisory Committee (BTRAC) meeting will take place on Wednesday, October 6 through Thursday, October 7, 2021. The meeting will be held in four virtual sessions and a virtual networking event.
Attached for your review is ICI's draft response to the CFA Institute's Exposure Draft of Verification Procedures for CFA Institute ESG Disclosure Standards for Investment Products (Verification Procedures Exposure Draft).[1] Please provide your comments to Annette Capretta at...
On September 1, SEC Chair Gensler spoke to the European Parliament Committee on Economic and Financial Affairs on three topics: (i) Predictive Data Analytics, Digital Engagement Practices, and Financial Stability; (ii) Crypto Assets; and (iii) Issuer Disclosures. Chair Gensler's...
On August 6, the SEC issued an order approving a modified NMS plan governing consolidated equity market data ("Final CT Plan"). The CT Plan implements the SEC's May 2020 order to the SROs to provide non-SRO representation on the Operating Committee and other enhancements. ICI...
ICI Global will host another SFDR (+Taxonomy +MiFID) implementation workshop on Wednesday, September 22 at 2:00 p.m. BST (9:00 a.m. EDT). A calendar invitation has been sent to members of the EU ESG Disclosure Regulation Working Group. If you have not received an invitation but would...
On 28 June 2021, the Board of the International Organization of Securities Commissions (IOSCO) released a final report on issuers' sustainability-related disclosures. The report identifies core elements of IOSCO's vision for the International Sustainability Standards Board (ISSB) to...
On August 12, the International Organization of Securities Commissions (IOSCO) published the results of its examination of the behavior of exchange-traded funds (ETFs) during the COVID-19 induced market stress (the "Report").
On August 27, the Securities and Exchange Commission issued a request for information and public comment on broker-dealer and investment adviser digital engagement practices (RFI). The RFI, which is summarized below, includes questions about broker-dealer and investment adviser use of...
Earlier this week, the SEC sanctioned eight firms in three actions for failures in their data security practices relating to cloud-based email accounts. While the respondents in these actions neither admitted nor denied the alleged violations, below are the findings from the SEC's...
The OBO/NOBO Working Group, an industry working group created at the SEC staff's request, yesterday submitted the attached report to the SEC staff ("Report"). Significantly, Working Group participants representing broker-dealers, public companies, and funds agreed that the SEC should...
Eight fund industry associations today sent to the Organisation for Economic Co-operation and Development (OECD) the attached coalition letter that we crafted; the letter makes specific recommendations for applying to funds the OECD's proposed "Pillar Two" minimum tax. The specific...
ICI has filed a comment letter with the SEC on the proposed amendment to the Consolidated Audit Trail National Market System Plan ("CAT NMS Plan") to revise the CAT funding model. ICI recommends that the SEC disapprove the proposed amendment and encourage the SROs to work with...
ICI has filed a comment letter with FINRA on the Regulatory Notice requesting comment on potential enhancements to FINRA's short interest reporting program. We previously provided a summary of the Regulatory Notice. ICI's letter is attached and summarized below.
We are planning to re-group to develop our advocacy work on the Corporate Sustainability Reporting Directive. As a first step, we will host a member call on 16 September, 16:00 BST/11:00 EDT to start developing our advocacy position and issue list. The committee members should have...
We want to draw your attention to a short consultation a stocktaking exercise, being conducted by the OECD with respect to its Guidelines for Multinational Enterprises, which closes on 14 September. The guidelines are growing in importance, and both the Taxonomy Regulation and the...
On August 26, 2021, the US Government Accountability Office (GAO) released a report titled "401(k) Retirement Plans, Many Participants Do Not Understand Fee Information, but DOL Could Take Additional Steps to Help Them." The report responds to a request from Senator Patty Murray...
Attached for your comments is our draft response to IOSCO consultation on ESG ratings and data providers. Please provide your comments on the attached by 6 September, to adriggs@ici.org. (Also attached for your reference is a brief summary of IOSCO Consultation Paper, along with a...
The Treasury Department of the Australian Government is evaluating the operation of its recently adopted foreign investment reforms that went into effect on January 1, 2021 and issued a consultation seeking feedback by August 31, 2021. The foreign investment reforms sought to address...
On 20 August 2021, the Hong Kong Securities and Futures Commission (SFC) published the Consultation Conclusions to its October 2020 Consultation on the Management and Disclosure of Climate-related Risks by Fund Managers (Consultation) The Consultation proposed amendments to the Fund...
On 20 August 2021, the Standing Committee of the National People's Congress (NPC), China's top legislative authority, adopted the Personal Information Protection Law of the People's Republic of China, the first law specifically regulating the protection of personal data in China.
