ICI on July 16, 2024, submitted a comment letter to the Department of Labor responding to certain requests for comment in DOL’s Interim Final Rules amending the Abandoned Plan Program. ICI earlier submitted comments to DOL on abandoned plan rules in 2005, 2007, and 2013.
The Office of Information and Regulatory Affairs recently released its Spring 2024 Unified Agenda of Regulatory and Deregulatory Actions, which includes updated Agency Rule Lists from the Department of Labor (DOL) and the Treasury Department and Internal Revenue Service including...
On 8 July, the European Securities Market Authority issued two consultations regarding liquidity management tools with proposed regulatory technical standards and guidelines for Undertakings for the Collective Investment in Transferable Securities and Alternative Investment Funds...
The Internal Revenue Service and US Treasury Department issued final procedural regulations on the stock buyback excise tax on June 28th. The final regulations generally require a covered corporation to file an excise tax return (on Form 7208) reporting share repurchases and issuances...
In Securities and Exchange Commission v. Jarkesy, the Supreme Court held that when the SEC seeks civil penalties against a defendant for securities fraud, the Constitution's Seventh Amendment entitles the defendant to a jury trial.
Attached for your review is a draft ICI comment letter to U.S. Department of the Treasury's "Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector". Treasury issued the RFI on June 12th, please see the ICI memo...
ICI filed a comment letter on the notice of proposed rulemaking on Cyber Incident Reporting for Critical Infrastructure Act. Reporting Requirements from the Cybersecurity and Infrastructure Security Agency of the Department of Homeland Security.
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 rules, including mutual funds.
The Office of Information and Regulatory Affairs released the Spring 2024 Unified Agenda of Regulatory and Deregulatory Actions on July 8, 2024. The agenda includes regulatory actions that the Securities and Exchange Commission and Commodity Futures Trading Commission expect to take...
On June 26th, the Fifth Circuit Court of Appeals vacated those 2022 SEC proxy advice amendments that rescinded the 2020 amendments—called the "notice-and-awareness" conditions.
Commissioner Peirce delivered remarks which include her views on issues related to environmental, social, and governance (ESG) matters as they pertain to asset managers, companies and governments.
ICI, along with a number of other trade associations who represent different participants in the U.S. capital markets, developed a white paper,"Investors and the Markets First: Reforms to Restore Confidence in SEC", which (i) identifies areas where the SEC's current rulemaking agenda...
The SEC's Investor Advisory Committee held a meeting on June 6, 2024, which featured a discussion on the draft recommendations of its Disclosure Subcommittee regarding the protection of self-directed investors when trading complex products and utilizing complex strategies. The meeting...
On June 20, 2024, the Internal Revenue Service issued Notice 2024-55, which provides guidance regarding two provisions of the SECURE 2.0 Act—Withdrawals for Certain Emergency Expenses and Penalty-Free Withdrawal from Retirement Plans for Individual in Case of Domestic Abuse. Both...
On June 27, 2024, FINRA published a regulatory notice reminding member firms that as they incorporate the use of generative artificial intelligence (Gen AI) or similar tools into their businesses, "they should be mindful of the potential implications for their regulatory obligations."
On June 5th, 2024, a three-judge panel of the United States Fifth Circuit Court of Appeals issued a unanimous decision to vacate the SEC's Private Fund Adviser Rule in its entirety on the grounds that the Commission lacked statutory authority to adopt the rule.
The US Government Accountability Office last month issued a report entitled "401(k) Retirement Plan Tax Notices: Federal Actions Can Help Participants Understand Their Distribution Options. The GAO Report is required under section 336 of the SECURE 2.0 Act, which requires GAO to...
ICI submitted a response to the consultation launched by the Hong Kong ESG Ratings and Data Products Providers Voluntary Code of Conduct Working Group, sponsored by the Securities and Futures Commission on a draft voluntary code of conduct for ESG ratings and data product providers.
ICI Global responded to the Financial Stability Board's recent consultation on non-bank market participants' liquidity preparedness for margin and collateral calls. The FSB's consultation presented eight cross-sectoral policy recommendations that are addressed to non-bank financial...
The Investment Company Institute submitted comments on the proposed Information Collection Request issued by the Department of Labor, which proposes to collect information voluntarily in order to establish the Retirement Savings Lost and Found database, as directed by Section 303 of...
The Department of the Treasury published in the Federal Register a request for information on uses, opportunities, and risks of artificial intelligence (AI) in the financial services sector. The RFI uses a broad definition AI, which Treasury views as encompassing "a wide range of...
ICI has drafted the 2024 ICI Spreadsheets for year-end tax reporting, including the Primary Layout (used to populate IRS Form 1099-DIV), the Secondary Layout (used for state tax reporting and other relevant tax-related items), and the NRA Layout (used to populate IRS Form 1042-S)...
On May 22, the European Commission (EC) released a consultation paper assessing the adequacy of macroprudential policies for non-bank financial intermediation. The consultation is open until November 22, 2024. ICI will prepare a response to the consultation over the coming months.
