On July 29, the ARRC issued a formal recommendation for the use of forward-looking term SOFR rates as part of market transition from USD LIBOR. Most tenors of USD LIBOR will cease on June 30, 2023.
On July 30, the Chair of the Securities and Exchange Commission (SEC), Gary Gensler, issued a statement expressing concern with recent developments in China and the overall risks for investors presented by the China-based variable interest entity (VIE) structure, including the fact...
On July 26, the Department of Labor (DOL) issued a brief set of frequently asked questions (FAQs) regarding implementation of the SECURE Act's lifetime income illustration requirement. As you may recall, DOL issued an interim final rule (IFR) in August 2020, implementing Section 203...
Attached for your reference is our response to the "IFRS Exposure Draft of Proposed Targeted Amendments to the IFRS Foundation Constitution to Accommodate an International Sustainability Standards Board to Set IFRS Sustainability Standards."
On July 19, 2021, the UK FCA published a "Dear Chair" letter to the chairs of authorized fund managers. The letter sets out the FCAs expectations on the design, delivery, and disclosure of environmental, social and governance (ESG) and sustainable investment funds. The letter includes...
SEC Chair Gensler spoke at a Principles for Responsible Investment-hosted webinar, which was attended by Fiona Reynolds, Margarita Pirovska, and Sagarika Chatterjee of PRI. He indicated that staff is developing a mandatory climate risk disclosure rule proposal for the Commission's...
On 22 June 2021, the UK Financial Conduct Authority (FCA) published a proposal to introduce climate-related financial disclosures by asset managers, life insurers, and FCA-regulated pension providers, aligned with the recommendations of the Financial Stability Board's Task Force on...
On July 26, the UK Financial Conduct Authority (FCA) issued PS21/9 on the implementation of the investment firms prudential regime (IFPR). The IFPR - a new prudential regime for investment firms authorized under the Markets in Financial Instruments Directive (MiFID) - creates a single...
On July 22, 2021, the Chairman of the Senate Finance Committee, Ron Wyden (D-OR), along with six other Senate Democrats, reintroduced the "Encouraging Americans to Save Act" or EASA. Among other provisions, the bill would reform the Saver's Credit by making it a refundable tax credit...
Attached for your review is a draft comment letter that ICI plans to file with FINRA on Wednesday, August 4 regarding potential enhancements to its short interest reporting program and a reporting framework for stock lending. We previously provided a summary of FINRA's Regulatory...
The SEC's Division of Examinations has published a Risk Alert highlighting its observations from conducting twenty examinations focused on ensuring that, in connection with the investment advisers' fixed income principal and cross trades, the advisers: (1) made trades that were in the...
The primary, secondary, and NRA layouts (all in excel spreadsheet form) for use by regulated investment companies ("RICs") in reporting 2021 year-end tax information to brokers and banks are available on the Institute's website.
We are currently responding to a European Commission's consultation, Retail Investment Strategy for Europe, which includes a number of questions on sustainable investing. The overall purpose of the consultation is to determine how to increase retail investor participation in the EU...
In remarks at a July 20, 2021, Brookings event, SEC Commissioner Hester Peirce set forth ten theses for consideration relating to the complexities and consequences of potential ESG rulemaking, which are summarized below.
Chair Gensler recently announced that Corey Klemmer, Adam Large, Mika Morse, Sirimal Mukerjee, and Sai Rao had joined the SEC, reporting to Policy Director Heather Slavkin Corzo. The background and responsibilities of the new personnel are summarized below.
On 11 May 2021, the European Commission ("the Commission") published a consultation on a retail investment strategy for Europe ("the consultation"). Attached is ICI Global's draft response which takes account of the feedback we received during the 10 June member call and our bilateral...
On 30 June 2021, the Board of the International Organization of Securities Commissions (IOSCO) released for public consultation the "Recommendations on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management" ("Consultation Report"). The consultation...
This week, the Commodity Futures Trading Commission (CFTC) Market Risk Advisory Committee (MRAC) unanimously adopted a recommendation that the full Commission consider a "SOFR First" plan as a market best practice for derivatives and swaps trading. SOFR First is a phased initiative...
On Wednesday, July 14th, 2021, ICI Global along with several trade associations, representing the buy-side, sell-side, and market infrastructures, jointly submitted the attached letter to the European Commission ("the Commission"), and the European Securities and Markets Authority (...
ICI submitted a response to the CFA Institute's Exposure Draft of ESG Disclosure Standards for Investment Products. The attached document provides ICI's responses to questions raised in the Exposure Draft.
For your fatal flaw review, attached is our revised draft response to the TCFD's Consultation on Proposed Guidance on Climate-related Metrics, Targets and Transition Plans. Please provide your input by 15 July COB.
On 27 May 2021, the European Securities and Markets Authority (ESMA) published its final report ("the report") on funds' marketing communications guidelines ("the Guidelines") under the Cross-border Distribution of Funds Regulation (CBDFR). The final report follows the publication of...
On 1 July 2021, the European Commission ("the Commission") published a report ("the Report") on the Central Securities Depositaries Regulation (CSDR). As outlined below, the Commission has identified where further action may be required to achieve the CSDR's objectives in a more...
On 20 July at 16:00 BST/11:00 a.m. EDT, we will host a call to discuss IOSCO's Consultation on Sustainability-Related Regulatory and Supervisory Expectations for Asset Managers. Please register for this meeting.
