ICI filed the attached letter in support of the Cboe BZX Exchange, Inc. taking steps to permit the generic listing and trading of multi-class ETF Shares.
Notice 2024-28 invited public comment on recommendations for Treasury's 2024-2025 Priority Guidance Plan. ICI submitted the attached letter largely based on prior recommendations except for an addition regarding the SEC's final Money Market Fund Rule and the requirement for regulated...
As we previously reported, on April 25, 2024, the US Department of Labor published a final version of its regulatory package on fiduciary investment advice.
Governor Newsom signed into law the "California Climate Accountability Package" on October 7, 2023. Under the Climate Corporate Data Accountability Act, reporting entities doing business in California will have to annually disclose their Scopes 1 and 2 greenhouse gas emissions...
On May 20, 2024, the National Futures Association (NFA) issued a Notice to Members, Notice I-24-10, declaring the effective date of the recently adopted NFA Compliance Rule 2-52, related Interpretive Notice 9082, and amended Bylaw 301 to be October 15, 2024.
The US Government Accountability Office recently published a report (Report) focused on guidance for Target Date Funds offered as investment options in 401(k) plans.
IRS recently released Fact Sheet 2024-19, which provides guidance (in the form of FAQs) under section 331 of the SECURE 2.0 Act on disaster relief distributions from retirement plans and IRAs, and for retirement plan loans, for individuals impacted by federally declared major...
On May 17, 2024, the Department of Labor (DOL) published interim final rules and a related amendment to Prohibited Transaction Exemption (PTE) 2006-06, amending DOL's Abandoned Plan Program. The amendments finalize proposed amendments issued in 2012.
On May 23, 2024, the Commodity Futures Trading Commission's Division of Data published updated post-initial appropriate minimum block sizes and post-initial cap sizes as determined under Part 43 of the Commission's regulations. At the same time, the CFTC's Division of Market Oversight...
On May 16, 2024, the SEC unanimously adopted amendments to Rule 248.30 in Regulation S-P (the "amendments"). Since its adoption in 2000, Regulation S-P has required the safeguarding of customer records and information and the disposal of consumer report information.
On May 22, 2024, ICI submitted the attached letter the Department of Labor (DOL), the Treasury Department, and the Pension Benefit Guaranty Corporation (PBGC) (collectively, the "Agencies") in response to a joint agency request for information (RFI) issued in January.
ICI is surveying members investing in India regarding their experience either undergoing or considering a reorganization and the India tax implications for their funds.
On May 13, the Financial Crimes Enforcement Network and Securities and Exchange Commission proposed new rules (Joint CIP Proposal or proposal) requiring SEC-registered investment advisers and exempt reporting advisers (collectively, investment advisers) to establish Customer...
As part of the SEC's Conference on Emerging Trends in Asset Management, Chair Gensler delivered a keynote address titled, "Jack Bogle, Haystacks, and Putting the Interest of the Clients First." His remarks covered a number of subject areas, including the growth of investment products...
On May 7, 2024, the Securities and Exchange Commission published a notice to solicit comments on a proposed rule change filed, pursuant to Securities Exchange Act Rule 19b-4, by the Financial Industry Regulatory Authority to adopt a new rule series to require reporting of securities...
Governor Newsom signed into law the "California Climate Accountability Package" on October 7, 2023. Under the Climate Corporate Data Accountability Act, reporting entities doing business in California will have to annually disclose their Scopes 1 and 2 greenhouse gas emissions...
On April 23, 2024, the Department of Labor (DOL) released a final version of its regulatory package on fiduciary investment advice ("Final Package"). The Final Package includes an amendment to the regulation defining who is a "fiduciary" under section 3(21) of ERISA and section 4975(e...
On April 12, the SEC announced that it had charged five investment advisers[1] with violations of Rule 206(4)-1 under the Investment Advisers Act ("Marketing Rule") for "advertis[ing] hypothetical performance to the general public on their websites without adopting and implementing...
On April 17, the staff ("staff") of the SEC's Division of Examinations ("Division") published a risk alert ("Risk Alert") setting forth the staff's observations regarding compliance with the Investment Advisers Act Marketing Rule (Rule 206(4)-1).[1] The Risk Alert states that the...
On 4 April, the International Organization of Securities Commissions (IOSCO) published a consultation report on the evolution of exchange operation, governance, and business models.[1] IOSCO describes exchanges as "lynchpins of the financial system"[2] with the focus of the report...
Last week, the Board of Directors (Board) of the Federal Deposit Insurance Corporation (FDIC) met to discuss proposed resolutions related to the Change in Bank Control Act (CIBC Act). This discussion was prompted in part by an FDIC Director's public statements expressing concern about...
On April 9, 2024, the Public Company Accounting Oversight Board (PCAOB) released two proposals for public comment aimed at enhancing audit firm transparency. The first proposal mandates registered public accounting firms auditing large accelerated filers and accelerated filers to...
On April 24, the staff of the SEC Division of Investment Management's Analytics Office published a new report titled "Registered Fund Statistics" that "provides statistics and trends for SEC-registered investment companies that file reports of portfolio holdings on Form N-PORT each...
