The ICI Spreadsheets and instructions for use in reporting 2024 tax information are available on the ICI website, at: https://www.ici.org/year-end-tax-reporting. ICI members populate tax information in these spreadsheets on behalf of the regulated investment companies that they manage...
The SEC adopted amendments to fund reporting requirements on Forms N-PORT and N-CEN and issued guidance on open-end funds' liquidity risk management programs.
On June 28, the Financial Crimes Enforcement Network proposed amendments that would enhance anti-money laundering/countering the financing of terrorism program requirements for financial institutions already subject to AML/CFT requirements, including mutual funds. The Proposal is...
ICI submitted a comment letter (linked below) on the National Association of Insurance Commissioners' Financial Analysis Handbook Exposure Draft of the Financial Analysis Solvency Tools Working Group.
IRS on August 19, 2024, issued Notice 2024-63, "Guidance Under Section 110 of the SECURE 2.0 Act with Respect to Matching Contributions Made on Account of Qualified Student Loan Payments.
On August 22, 2024, the Securities Division of the Indiana Secretary of State entered a Cease and Desist Order against an asset manager, asserting that it "appears that [asset manager and its affiliates] have committed securities fraud in violation of" the Indiana Code.
As required by the Financial Data Transparency Act of 2022, several federal financial regulators, including the SEC, published a proposal to establish joint data standards. The purpose of the Proposal is to promote the interoperability of financial regulatory data across the Agencies.
The US Department of Labor (DOL) on August 12, 2024, issued a technical correction[1] to the amended QPAM prohibited transaction class exemption ("QPAM Exemption") that was published in the Federal Register on April 3, 2024.
On August 14, 2024, the US District Court for the Western District of Missouri ordered that a set of challenged Missouri Securities Division rules, which required specified financial professionals to obtain a client's written consent on state-scripted documents before providing advice...
On July 30, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a notice of proposed rulemaking (NPR) that would amend the agency's existing regulations under the Change in Bank Control Act (CBCA). The NPR reflects concerns expressed by various FDIC Board...
On August 7, ICI Global submitted a response to the European Securities and Markets Authority's (ESMA) call for evidence on the review of the UCITS Eligible Assets Directive, which was adopted in 2007.
On August 12, 2024, ICI submitted the attached comment letter to the U.S. Department of the Treasury's ("Treasury") on the "Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector" (the "RFI"). Treasury issued the RFI on...
The Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) recently filed with the Securities and Exchange Commission (SEC) amended proposed rule changes related to reducing the trade reporting timeframe for certain transactions reported...
On August 2, ICI submitted a response to the U.S. Department of Treasury's Notice of Proposed Rulemaking (NPRM) on the Provisions Pertaining to U.S. Investments in Certain National Security Technologies and Products in Countries of Concern. The proposed rule, press release, and fact...
On July 18, 2024, the leaders of the Chinese government concluded its four-day 20th Third Plenary Session (also known as the "Third Plenum). Traditionally held every five years, the third plenums provide an outline of the broad reforms expected in the next political cycle, for example...
In late July, the SEC approved, then shortly thereafter stayed, amendments to FINRA Rule 2210. The amendments would allow a FINRA member firm to project investment performance or provide a targeted return in limited circumstances and subject to certain conditions.
The IRS and Treasury have released a long-awaited set of rulemakings to amend the regulations governing required minimum distributions from retirement plans and IRAs.
On July 30, 2024, ICI submitted a comment letter to the SEC in support of NYSE's proposed amendments to Section 302.00 of the NYSE Listed Company Manual ("Manual") that would exempt closed-end funds ("CEFs") listed on the NYSE from holding an annual meeting ("Proposal").
On July 30, 2024, ICI submitted the attached comment letter to the Securities and Exchange Commission on the Financial Industry Regulatory Authority's proposed FINRA Rule 6500 series that would implement FINRA's Securities Lending and Transparency Engine.
On July 29, 2024, ICI joined the International Swaps and Derivatives Association, the Securities Industry and Financial Markets Association, the Asset Management Group of the Securities Industry Financial Markets Association, and the American Council of Life Insurers in a request to...
On July 17, the Financial Conduct Authority issued a policy statement setting out its response to the feedback received to Consultation Paper CP23/26, proposing rules and guidance necessary to implement the Overseas Funds Regime.
ICI has filed a comment letter to the SEC on FICC's proposed rule change to modify its GSD Rules relating to the adoption of a trade submission requirement.
In May, the Securities and Exchange Commission (SEC) and the Financial Crimes Enforcement Network (FinCEN) jointly proposed new rules (Adviser CIP Proposal) requiring SEC-registered investment advisers and exempt reporting advisers (collectively, investment advisers) to establish...
