CCO Resource Hub: SEC IM Guidance Updates

Chief Compliance Officer Committee

SEC IM Guidance Updates

From time to time, the SEC’s Division of Investment Management publishes “IM Guidance Updates” on a particular topic. These publications express the views of the staff on a topic and are not intended to impose new regulatory requirements outside of those found in the laws or rules administered by the SEC or the interpretation of such requirements by the courts. In 2015, the Division of Investment Management began adding the following statements at the end of their Guidance:

IM Guidance Updates are recurring publications that summarize the staff’s views regarding various requirements of the federal securities laws.  The Division generally issues IM Guidance Updates as a result of emerging asset management industry trends, discussions with industry participants, reviews of registrant disclosures, and no-action and interpretive requests.

The statements in this IM Guidance Update represent the views of the Division of Investment Management.  This guidance is not a rule, regulation, or statement of the Securities and Exchange Commission.  Further, the Commission has neither approved nor disapproved its content.  Future changes in rules, regulations and/or staff no-action and interpretive positions may supersede some or all of the guidance in a particular IM Guidance Update.

Notwithstanding these disclaimers, it should be noted that, in conducting reviews of registrants, OCIE staff may ask registrants how they are addressing issues raised in recently issued IM Guidance Updates.  Accordingly, it may be advisable for registrants to be familiar with any IM Guidance Update published by the Commission that is relevant to the registrant’s operations. The IM Guidance relevant to ICI members includes the following:   

The documentation provided by ICI that may be accessed by committee and task force members is restricted to members use only and not for distribution or reproduction. Documentation may be used internally at member organizations as needed to facilitate committee and task force initiatives.