In Notice 2021-40, the Internal Revenue Service (IRS) announced further extension of the temporary relief from the physical presence requirement for notarization of spousal consent (and other participant elections) previously provided in Notices 2021-03 and 2020-42. Notice 2020-42...
FINRA issued a notice last week reminding broker-dealer member firms of SEC and FINRA rules and guidance that state that payment for order flow must not interfere with their duty of best execution. FINRA notes that "payment for order flow" broadly includes different practices such as...
ICI's Internal Sales Managers Roundtable will meet via Zoom on Tuesday, July 20, 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.
Chair Gensler delivered prepared remarks yesterday on the SEC's rulemaking agenda, including those related to ESG, market structure, short sales, and securities lending. His remarks are summarized below.
Commissioner Roisman gave a speech today on the steps necessary for the Commission to take in advance of any climate change and human capital-related rulemaking for the rules to stand the test of time and fit into the SEC's historic frameworks.
We are pleased to inform you that the next meeting of the ICI Global Asia Regulated Funds Committee will take place virtually on Thursday, 29 July from 9:00 a.m. - 11:00 a.m. Hong Kong/Shanghai/Singapore time. A draft agenda and meeting registration information will be sent shortly.
Earlier this month, FINRA issued a Regulatory Notice requesting comment on potential enhancements to its short sale reporting program. Should FINRA determine to pursue these enhancements, it would then file a proposed SRO rule change with the SEC. FINRA states that the enhancements...
A reminder that on Wednesday, June 23rd, from 1-3:00 pm ET, ICI will hold a virtual meeting of the SEC Rules Committee. We are pleased to have as our guest speaker Jennifer McHugh, Senior Special Counsel, Disclosure Review and Accounting Office, SEC Division of Investment Management...
The European Securities and Markets Authority (ESMA) has issued a consultation report on potential reforms of the EU Money Market Funds Regulation (MMF Regulation). The consultation discusses potential reforms of the MMF Regulation in light of the experiences of money market funds...
In late March, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) on disclosure of investment policy by investment firms under Article 52 Regulation (EU) 2019/2033 on the prudential requirements of investment firms (IFR)...
The Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions on June 11. The agenda includes regulatory actions that the Securities and Exchange Commission and Commodity Futures Trading Commission expect to take...
On June 11, 2021, the Treasury Department and Internal Revenue Service (IRS) published a final regulation relating to the new mandatory 60-day postponement of certain time-sensitive tax-related deadlines by reason of a federally declared disaster, which was added by the Taxpayer...
The Department of Labor (DOL) and the Treasury Department and Internal Revenue Service (IRS) recently issued their updated Spring 2021 Semi-Annual Regulatory Agendas (Agendas), which include projected dates for issuance of proposed and final regulations. As described in more detail...
On 22 June at 16:00 BST/11:00 a.m. EDT, we will host a call to discuss the TCFD's consultation on two documents: Proposed Guidance on Climate-related Metrics, Targets, and Transition Plans and Measuring Portfolio Alignment [with the Paris Agreement]: Technical Supplement
On June 15, ICI submitted a response to the Financial Conduct Authority (FCA) consultation on how the FCA will use its powers over critical benchmarks, such as LIBOR.
On June 11, members of the Financial Stability Oversight Council discussed LIBOR transition during the open session of their meeting. As a reminder, USD LIBOR is set to cease publication on June 30, 2023 and the Alternative Reference Rate Committee has recommended SOFR, a rate based...
The Sustainability Accounting Standards Board (SASB) has proposed changes to its Asset Management & Custody Activities Standard on the issue of systemic risk management. ICI filed the attached comment letter in support of SASB's proposal.
We wanted to provide an update on recent developments regarding implementation of the SEC's May 2020 NMS Equity Data Governance Order. Last Wednesday, the SEC announced that it has extended the proceedings for reviewing the proposed CT Plan for an additional 60 days to August 9th.[1]...
The inaugural call of the ICI Global Foreign Direct Investment Working Group will take place on Tuesday, June 22, at 11:00 a.m. ET. The dial in details for the call are provided below.
We will hold our next committee meeting (virtually) on 24 June, 16:00 BST/11:00 am EDT (a calendar invite was sent to committee members). I will circulate the agenda closer to the call.
Registration for the July 14 and September 9 monthly Tax Committee calls is now open. Both calls will be held at 11:00 a.m. ET. We will not hold a call in August.
The next Bank, Trust and Retirement Advisory Committee (BTRAC) meeting will take place on Wednesday, July 14 through Thursday, July 15, 2021. The meeting will be held in four virtual sessions and a virtual networking event. The sessions will be facilitated using Zoom. Committee...
