On March 6, 2024, the Securities and Exchange Commission adopted final rules on The Enhancement and Standardization of Climate-Related Disclosures for Investors.
On March 26, 2024, the Securities Division of the Mississippi Secretary of State's Office entered a Summary Cease and Desist Order and Notice of Intent to Impose Administrative Penalty (the "Order") against an asset manager, alleging that it "has made and continues to make untrue...
Parts of the rules package proposed by Wyoming Secretary of State Chuck Gray on Environmental, Social, and Governance investment disclosure and consent went into immediate effect on February 27, 2024, and require compliance as of that date.
On Thursday, April 25, 2024, ICI submitted a comment letter to the Federal Energy Regulatory Commission in response to initial comments regarding its Notice of Inquiry on Federal Power Act Section 203 Blanket Authorizations for Investment Companies.
On 17 April, the Financial Stability Board (FSB) published a consultation on liquidity preparedness for margin and collateral calls. Comments are due 18 June 2024. This memorandum provides an overview of the Consultation.
On April 22, 2024, the Securities and Exchange Commission issued orders instituting proceedings to determine whether to approve or disapprove proposed rule changes filed, pursuant to Exchange Act Rule 19b-4, by the Financial Industry Regulatory Authority (FINRA) and the Municipal...
On April 16, 2024, the Department of Labor (DOL) published a proposed Information Collection Request (ICR)[1] proposing to collect information from plan administrators voluntarily in order to establish the Retirement Savings Lost and Found online searchable database as directed under...
On 15 April, ICI Global responded to three consultations from international standard setters on enhancing margin practices. These responses are summarised in this memo.
The Commodity Futures Trading Commission's Global Markets Advisory Committee (GMAC) and Market Risk Advisory Committee (MRAC) each held public meetings on March 6 and April 9, respectively. Reports and recommendations from each meeting are summarized in the memo.
On April 16, 2024, the Internal Revenue Service (IRS) issued Notice 2024-35, extending IRS's existing relief for missed required minimum distributions related to IRS's interpretation of changes made by the Setting Every Community Up for Retirement Enhancement Act (the SECURE Act) of...
The Investment Company Institute and ICI Southwest sent the attached letter to the SEC last week, supplementing our prior comments on the ESG Fund and Adviser Proposal, in light of the recent adoption and subsequent stay of the Public Company Climate Rule.
Late last year, the Securities and Exchange Commission adopted final rules under the Securities Exchange Act of 1934 to improve the governance of clearing agencies registered with the Commission by reducing the likelihood of that conflicts of interest may influence the board of...
The US Department of Labor (DOL) on April 2, 2024, issued Final Amendments to the QPAM Class Exemption, PTE 84-14—the final amendments were published in the Federal Register the following day. DOL also prepared a fact sheet describing the amendments. The QPAM Exemption is a...
[35678] April 15, 2024 TO: ICI Members AML Compliance Working Group SUBJECTS: Anti-Money Laundering Compliance Intermediary Oversight Investment Advisers Operations Risk Oversight Transfer Agency RE: ICI Files Comment Letter on FinCEN Proposal regarding AML/CFT Program and Reporting...
The Treasury Department released proposed regulations on the stock buyback excise tax on April 9th. The proposed regulations confirm that repurchases by a RIC or REIT of its own shares are exempt from tax. The ICI's prior recommendation to extend this exemption to 40-Act funds that...
On April 3, 2024, the Securities and Exchange Commission announced that it settled charges against a registered investment adviser for failures to maintain and preserve certain electronic communications and enforce its code of ethics.
Last week, Deputy Director Sanjay Wadhwa of the Securities and Exchange Commission's Division of Enforcement provided a non-dispositive list of factors the Division evaluates when assessing penalties in off-channel communication and investment adviser marketing rule actions.
ICI recently submitted the comments in response to the Internal Revenue Service's (IRS) strategic operating plan and their stated commitment to enable taxpayers to resolve potential compliance issues up front.
ICI crafted and coordinated a submission on behalf of global fund industry associations urging the Indian Government to enact legislation that would permit all foreign regulated funds to undergo tax neutral reorganizations with respect to Indian securities.
On April 10th the ICI submitted the attached comment letter to the Washington Office of the Code Reviser, recommending revisions to an example in the proposed regulations for the Washington Capital Gain Excise Tax.
On April 8, 2024, a group of ICI staff participated in a telephone meeting with representatives from the White House's Office of Management and Budget (OMB) and the Department of Labor (DOL) to discuss DOL's fiduciary investment advice package.
On March 6, 2024, the Securities and Exchange Commission adopted final rules on The Enhancement and Standardization of Climate-Related Disclosures for Investors. Following adoption, the Final Rules were subjected to a number of legal challenges. On April 4, 2024, the Commission issued...
On March 27, three SEC divisions issued notices relating to the upcoming May 28, 2024 implementation of the T+1 standard settlement cycle under Rule 15c6-1. First, the Divisions of Trading and Markets and Investment Management issued a FAQ that responds to questions about the standard...
On March 21, the SEC issued two sets of proposed rule changes from the Fixed Income Clearing Corporation (FICC) to its Government Securities Division (GSD) rulebook that would modify aspects of its clearing access models, including membership qualification requirements; and amend...
On March 26, 2024, the Securities Division of the Mississippi Secretary of State's Office entered a Summary Cease and Desist Order and Notice of Intent to Impose Administrative Penalty (the "Order") against an asset manager, alleging that it "has made and continues to make untrue...
