As we previously informed you, in March, then Acting Chair Allison Herren Lee requested public input on how the Commission can best regulate, monitor, review, and guide climate change disclosures in order to provide more consistent, comparable, and reliable information for investors...
We prepared a couple of summaries of recent developments that relate to EU's work on Taxonomy-alignment disclosure for corporate issuers subject to the Non-Financial Reporting Directive (NFRD).
Last month, the Securities and Exchange Commission re-opened the comment period for its 2016 universal proxy proposal. The proposal would amend the proxy rules to mandate the use of universal proxy cards in contested director elections at shareholder meetings.
In a May 24 speech, SEC Commissioner Allison Herren Lee provided her views on the myths and misconceptions about materiality, which are summarized below.
The Committee will have its next quarterly conference call on Wednesday, June 2, from 2:00-3:30 p.m. Eastern Time. If you would like to participate, please register for the call at https://cvent.me/n9xxPY. Once registered, you will be able to access the meeting invitation and...
In March, the European Commission launched a consultation[1] on supervisory convergence and the single rule book. Input to the consultation will feed into the preparation of a report required by the Capital Markets Union,[2] which will also cover the review required under the European...
On 21 May 2021, ICI Global submitted a response to the consultation issued by Her Majesty's Treasury (HMT) on expanding the resolution regime for UK Central Counterparties (UK CCPs).[1] The response takes account of member feedback on the draft response.
On April 30, NYU Law Institute for Corporate Governance and Finance hosted a roundtable, titled "Given that it looks like the SEC will mandate ESG disclosure, what should it mandate?" April Klein, Robert Jackson, and Edward Rock hosted the event. Former SEC Commissioner Robert Jackson...
CFA Institute is developing voluntary, global industry standards—CFA Institute ESG Disclosure Standards for Investment Products—to establish disclosure requirements for investment products with environmental, social, and governance (ESG)-related features. In August 2020, it released a...
Notice 2021-18 invites public comment on recommendations for Treasury’s 2021-2022 Priority Guidance Plan. The requests for guidance in this letter are largely based on prior recommendations except for an addition regarding “IRS Form SS-4 Responsible Party Requirements and Limitations...
On May 18, the Office of Foreign Assets Control (OFAC) issued General License 1B "Authorizing Transactions Involving Securities of Certain Communist Chinese Military Companies"[1] with respect to Executive Order 13959 of November 12, 2020, Addressing the Threat From Securities...
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.[1] The draft RTS are meant to gather from investment firms disclosures designed to help stakeholders...
On 10 May 2021, the Hong Kong Securities and Futures Commission (SFC) released the proposed revisions to its 2019 Circular on green or ESG funds[1] (Draft Revised Circular). The SFC intends to update the 2019 Circular and enhance the scope and the disclosure requirements on ESG funds...
A joint meeting of the Accounting/Treasurers Committee and the Independent Accountants Advisory Group has been scheduled for Thursday, June 17, 2021. The meeting will be held on Zoom from 11:00 a.m. - 1:30 p.m. Eastern time.
In March, the European Commission launched a consultation on supervisory convergence and the single rule book, seeking feedback by May 21. Input to the consultation will feed into the preparation of a report required by the Capital Markets Union, which will also cover the review...
The IFRS Foundation recently released proposed amendments to its constitution to accommodate the creation of the International Sustainability Standards Board (ISSB or Board) to develop international sustainability reporting standards.
Due to COVID-19 concerns, our upcoming Accounting Policy Subcommittee will take place on Zoom. We have decided to break the meeting up into three sessions on June 14, 15 and 16 each from 12:00 p.m. - 1:30 p.m. Eastern.
Yesterday, we submitted a response (attached) to a consultation by the three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) on proposed regulatory technical standards (RTS) under the Sustainable Finance Disclosure Regulation (SFDR) for taxonomy-related disclosures for...
On May 13, ICI filed the attached letter urging the SEC to reform the processing fee framework that governs the fees that intermediaries may charge funds for delivering proxy and other disclosure materials to fund shareholders who hold shares through such intermediaries.
We will hold the next workshop (#6) to facilitate member discussion about how the SFDR implementation is going and where members see the most challenges. We can also discuss the impact of recent MiFID II and UCITS amendments on the SFDR implementation work (a summary of the amendments...
ICI's AML Compliance Working Group will hold a videoconference meeting via Zoom on Tuesday, June 22, from 2:00 p.m. to 3:30 p.m. ET. We encourage attendees to use the video option during the meeting. If you prefer not to use the Zoom platform, you may dial into the meeting.
The Securities and Exchange Commission earlier today published a notice of withdrawal of an New York Stock Exchange proposed rule change that would have established limits on listed closed-end fund investments in private funds.
