On March 18, 2024, the SEC announced that it settled separate charges against two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., each for making false and misleading statements about their alleged use of artificial intelligence ("AI") to inform their investment...
The SEC's Investor Advisory Committee ("IAC") held a meeting on March 7, 2024 which featured a continued discussion on the draft recommendations of its Disclosure Subcommittee (the "Subcommittee") regarding digital engagement practices ("DEPs"), including the SEC's predictive data...
On Wednesday, March 6, the SEC adopted a final rule to update the execution quality disclosures required for market centers under Rule 605 of Regulation NMS. The SEC has stated that the amendments are meant to "provide individual investors, institutional customers, and broker-dealers...
On Tuesday, March 26, 2024, ICI submitted the attached comment letter to the Federal Energy Regulatory Commission in response to its Notice of Inquiry on Federal Power Act Section 203 Blanket Authorizations for Investment Companies.
On January 18, 2024, Robinhood Financial LLC settled charges brought by the Massachusetts Securities Division in connection with an August 2023 Massachusetts Supreme Judicial Court decision upholding a Massachusetts rule, finalized in 2020, that imposes a fiduciary duty on broker...
Attached for member review is a draft letter to be signed by 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.
Over the last several months, the ICI Fund Names Rule Implementation Working Group has had dynamic discussions about many of the pressing issues facing funds as they implement the amended SEC Fund Names Rule. ICI has created an online resource center dedicated to the Names Rule to...
On March 18, 2024, the Investment Company Institute and Independent Directors Council filed a joint supplemental comment letter on the Public Company Accounting Oversight Board's (PCAOB) proposed amendments to the auditing standards related to a company's noncompliance with laws and...
ICI Global coordinated the nine national, regional, and global industry associations that made a submission to the Australian Treasury addressing concerns with an updated draft proposal to require large multinational enterprises (MNEs) to publicly report selected tax items on either a...
[35651] March 18, 2024 TO: ICI Members Fixed-Income Advisory Committee Money Market Funds Advisory Committee SEC Rules Committee SUBJECTS: Fixed Income Securities Trading and Markets RE: FINRA to Start Disseminating US Treasury End-of-Day Transaction Data on March 25 FINRA has...
Parts of the rules package proposed by Wyoming Secretary of State Chuck Gray on Environmental, Social, and Governance ("ESG") investment disclosure and consent went into immediate effect on February 27, 2024 and require compliance as of that date.
In late February, FINRA proposed to further amend Rule 2210. The amended proposal would permit a FINRA member to project performance or provide a targeted return with respect to a security or asset allocation or other investment strategy in an institutional communication solely to...
The attached memorandum summarizes the tax implications for a stable-NAV money market fund that uses RDM in a negative yield environment. RDM allows a fund to prevent NAV declines attributable to negative yields by instead reducing daily the number of shares outstanding, thereby...
On March 14, 2024, the ICI submitted a comment letter in support of the proposed amendments to the National Market System (NMS) Plan to Address Extraordinary Market Volatility (the "Plan") at issue in the SEC's order instituting proceedings to determine whether to approve or...
On March 6, 2024, the SEC voted 3-2, along party lines, to adopt final rules on The Enhancement and Standardization of Climate-Related Disclosures for Investors. The rules apply to public companies.
On February 8, 2024, the Securities and Exchange Commission (SEC or the "Commission") adopted amendments to Form PF, the confidential reporting form for certain registered investment advisers to private funds including those that also are registered with the Commodity Futures Trading...
On 8 March, ICI Global filed a response to the UK Financial Conduct Authority's (FCA) consultation on updating the regime for money market funds (MMFs) (the Consultation).[1] The Consultation proposed revisions to the retained Money Market Fund Regulation (MMFR), with an intent to...
This morning, the SEC voted 3-2, along party lines, to adopt final rules on The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule applies to public companies.
ICI today submitted a Statement for the record to the US House Committee on Education and the Workforce Subcommittee on Health, Employment, Labor, and Pensions, in connection with its February 15, 2024 hearing on Protecting American Savers and Retirees from DOL's Regulatory Overreach.
[35634] February 27, 2024 TO: ICI Members ICI Global Members SUBJECTS: International/Global RE: ICI Global 2024 Policy Priorities Dear Members, With the start of the new year, we wanted to share the ICI Global 2024 policy priorities that we formulated through our engagement with all...
On February 12, 2024, the National Futures Association (NFA) issued a Notice to Commodity Pool Operator (CPO) and Commodity Trading Adviser (CTA) Members providing an update on educational resources, common exam deficiencies, and links to recent amendments to NFA Rules and...
The Australian Treasury is seeking comments on an updated proposal to require large multinational enterprises (MNEs) to publicly report selected tax items on either a country-by-country (CBC) or aggregated basis.
On January 25, 2024, the CFTC's Divisions of Market Oversight, Clearing and Risk, Market Participants, and Data and the Office of Technology Innovation issued a request for comment ("RFC") to better inform them on the current and potential uses and risks of artificial intelligence (...
