Committees

The 529 Plan Advisory Committee consists of representatives of ICI’s members who handle issues relating to the states’ 529 college savings plans. This is the Committee that the ICI will consult with when we review and comment on regulatory proposals of the SEC, the Municipal Securities Rulemaking Board, the Internal Revenue Service, or the states relating to 529 plans. It is also the Committee that we will notify of such proposals and initiatives.

The ABLE Act Working Group consists of representatives of ICI’s members who handle issues relating to the states’ ABLE Act programs under Section 529A of the Internal Revenue Code.

The Accounting Policy Subcommittee: Advises ICI on accounting, financial reporting and auditing proposals issued by the SEC, FASB, PCAOB, or the AICPA. May also develop accounting and financial reporting guidance for particular securities or transactions.

The Accounting/Treasurers Committee deals with accounting and financial reporting issues affecting open-end and closed-end investment companies and related SEC and GAAP regulations. The committee may also consider SEC reporting obligations, audit, and security valuation issues.

The Advertising Compliance Advisory Committee deals with SEC and FINRA regulatory and compliance issues that affect investment company and investment adviser advertising and marketing.

The Alternative Closed-End Fund Working Group provides a forum to raise, discuss, and address legal and operational issues related to interval funds, tender offer funds, and business development companies.

The AML Compliance Working Group provides input to FinCEN and/or other regulators with respect to their AML rulemaking and other activities. Seeks guidance from regulators on AML requirements that raise particular issues for mutual funds. Serves as a forum for discussion of members’ U.S. AML and Countering Terrorist Financing (“CTF”) programs, as well as select global AML/FATF matters. Includes representatives from the legal, compliance, transfer agency and operations areas.

The Asia Regulatory and Policy Committee addresses key regulatory, legislative, and policy issues affecting regulated funds, their management companies, and their investors, as well as retail investors focused on the major jurisdictions in the Asia-Pacific.

The Bank, Trust and Retirement Advisory Committee (BTRAC) provides a forum to identify ways to improve the distribution, operational processing, servicing, and support of mutual fund products. BTRAC’s efforts to better serve the needs of the industry and mutual fund shareholders focus particularly on the bank/trust and retirement distribution channels.

The Bank-Affiliated Member Advisory Committee provides a forum to discuss legal, regulatory, compliance, and legislative issues for regulated funds with a bank-affiliated sponsor/adviser.

The BDAC/BTRAC Joint DTCC Multi-Batch Networking Task Force reviews DTCC networking services and determine if moving from a single EOD process to a multi-batch will facilitate improved processing networking transactions such as establish accounts, maintenance accounts, and transfer assets. If it is determined to move forward the group will establish a project plan and coordinate necessary enhancements.

The Broker/Dealer Advisory Committee (BDAC) provides a forum to identify ways to improve the distribution, operational processing, servicing, and support of registered fund products. Such efforts are to better serve the needs of both shareholders and the larger funds industry.

ICI’s Chief Compliance Officer (CCO) Committee consists of CCOs of ICI member firms. The Committee includes those persons who serve as a CCO of a fund, adviser, or both. The Committee provides a forum for its members to discuss and interact on a variety of issues relating to the CCO function in a fund complex.

The CCO Advisory Issues Subcommittee is a subgroup of ICI’s CCO Committee. It consists of those members of the CCO Committee who are interested in issues relating to fund advisers and sub-advisers. While ICI’s CCO Committee addresses a variety of issues impacting CCOs, this Subcommittee will focus on issues of particular interest to CCOs of fund advisers and sub-advisers in manager-of-manager arrangements.

Chief Information Security Officer Committee (CISO), whose mission is to provide: a trusted forum for ICI members and critical industry partners to collaborate on cyber security issues and challenges; provide additional resources on cyber security matters for ICI members, with a view towards mitigating operational and reputational risks, in an effort to protect funds and shareholder value; and provide coordination, as appropriate, with information sharing centers, public/private partnerships, associations, and other organizations tasked with sharing and disseminating cyber security related data.

The Chief Risk Officer (CRO) Committee consists of those representatives of ICI members firms whose core focus is risk. The Committee provides these senior risk officers of fund complexes a forum to discuss the panoply of risk issues – including operational, investment, global, and enterprise-wide concerns – that arise within a fund complex.

The CIT Administration Subcommittee is a forum for members to discuss their operational and service matters affecting their collective investment trust (CIT) business. This subcommittee intends to provide an assembly for members’ staff responsible for the administration of CITs, to discuss topics unique to CITs and across business areas. The subcommittee will be administered by ICI’s Operations Division and open to member participants from various business lines.

The CIT Advisory Committee focuses on the legal, regulatory, legislative, and compliance issues affecting registered investment advisers that serve as advisers/sub-advisers to collective investment trusts that are investment options in defined contribution plans (CITs). It provides a forum for members to discuss how the unique characteristics and interests of CITs would be affected by relevant legal, regulatory, and legislative proposals and discuss particular policy objectives. It provides a forum for members to discuss compliance-related obligations and issues unique to CITs.

The Closed-End Investment Company Committee discusses and addresses regulatory and compliance issues affecting the management and operations of closed-end funds.

The Public Communications Advisory Committee serves as a forum for discussing public relations issues that affect the industry and its shareholders. It seeks to develop and maintain a positive public image and increase public awareness and understanding of investment companies.

The Compliance Advisory Committee consists of those representatives of ICI members who are senior compliance professionals within fund complexes but who are not CCOs and therefore not eligible to serve on the Institute’s CCO Committee. This Advisory Committee.

The Crypto Working Group is being formed to respond to the SEC’s request for comment on crypto and to discuss any impact regulatory actions may have on members now and in the future.

The Derivatives Markets Advisory Committee provides a forum to examine the legal, regulatory and legislative issues affecting the market structure for derivatives. It provides a forum for members to discuss particular policy objectives
and addresses regulatory issues affecting the derivatives market

The working group will discuss legislative, regulatory, market, and other developments related to funds having the option to provide their retail shareholders with the opportunity to inform the fund manager of their views on how portfolio company proxies should be voted.

The Disclosure Working Group provides a forum for members to discuss disclosure-related issues for all types of US registered funds, including comments received from SEC staff during the disclosure review process.

Forum for members to share ideas and practices related to advancing workforce inclusion and engagement.

The Equity Markets Advisory committee provides a forum to examine the legal, regulatory and legislative issues impacting institutional investors relating to the trading of securities and the structure of the securities markets. The committee consists of primarily senior equity traders and other individuals involved in trading and trading compliance issues.

The ESG Advisory Group consists of firms represented on the ICI Board of Governors. Members actively contribute to identifying and reviewing ESG-related issues of fund industry-wide concern and work towards developing potential solutions through creation of industry publications, and recommendations to regulators, regulatory advisory committees, legislators, and others as appropriate.

The ESG State Issues Working Group is designed to provide a forum for member companies to receive updates on legislative and regulatory activity at the state level.

The ETF (Exchange-Traded Funds) Committee provides a forum for members to reflect on the growth and importance of ETFs, their characteristics and the Institute's desire to address the needs and interests of ETF member sponsors. It examines the legal, regulatory, legislative, and market issues affecting ETFs. It provides a forum for members to discuss policy objectives.

The ETF Advisory Committee examines regulatory, legislative, and market issues affecting the management and operations of exchange-traded funds.

The EU Corporate Sustainability Due Diligence Directive (CSDDD) Working Group focuses on impacts of this developing legislation on asset managers and investment funds. This group will routinely share its work and findings with the Europe Regulatory and Policy Committee.

The EU Retail Investment Strategy Working Group focuses on the various elements of the European Commission’s Retail Investment Strategy package of legislative reforms. Meetings are held virtually on an ad hoc basis, and this group will routinely share its work and findings with the Europe Regulatory and Policy Committee.

The EU Sustainable Finance Disclosure Regulation (SFDR) Working Group focuses primarily on the European Commission’s review of the SFDR Level 1 legislative text. It will also occasionally focus on Level 2 and Level 3 developments and changes. This group will routinely share its work and findings with the Europe Regulatory and Policy Committee.

The Europe Regulatory and Policy Committee (Europe RPC) addresses key European regulatory, legislative, and policy issues affecting regulated funds, their management companies and their investors, as well as retail investors more broadly.

The Financial Innovation Advisory Committee (FIAC) will serve as ICI’s primary forum for asset management leaders to collaborate in better understanding the impact of emerging technologies on the asset management industry. More specifically, FIAC will focus on assessing the near-term and long-term impacts of a key set of emerging technologies in select business areas. FIAC’s mission is to promote dialogue on, among other things, the regulatory and operational challenges and opportunities associated with those technologies and how they can best serve investors, as well as help guide ICI’s advocacy on innovation-related policy initiatives.

The Financial Stability and OEF Working Group examines in detail the work of international organizations, such as the Financial Stability Board, International Organization of Securities Commissions, and the International Monetary Fund, as well as the key national regulators and policymakers involved in those organizations. Meetings are held virtually on an ad hoc basis, and this group will routinely share its work and findings with the Europe Regulatory and Policy Committee and the Asia Regulatory and Policy Committee.

The Fixed-Income Advisory Committee provides a forum to examine the legal, regulatory, and legislative issues impacting fixed-income securities and the fixed-income markets generally. It provides a forum for members to discuss particular policy objectives and it undertakes projects related to fixed-income securities.

The Fund Names Rule Implementation Working Group will provide a forum for members to discuss the SEC’s recently adopted (September 2023) amendments to the fund names rule with a view towards achieving consensus among the working group members as to ways to implement various requirements, including through potentially seeking guidance from the SEC staff.

Global Information Security Officer Committee – London serves to collaborate on cybersecurity issues and challenges in London.

Global Information Security Officer Committee – London serves to collaborate on cybersecurity issues and challenges in London.

Global Information Security Officer Committee - Tokyo (Global ISOC - Tokyo) serves to collaborate on cybersecurity issues and challenges.

The Global Markets and Investing Working Group focuses on issues that arise for funds as investors in markets around the world, such as market access, foreign portfolio investor and foreign direct investment issues, sanctions, and custody. Meetings are held virtually on an ad hoc basis, and this group will routinely share its work and findings with the Europe Regulatory and Policy Committee and the Asia Regulatory and Policy Committee.

The Global Operations Advisory Committee (GOAC) provides a forum to discuss and identify ways to improve cross-border and “single country” investment fund operational challenges.

The Global Public Communications Committee serves as a forum for discussing public relations issues relevant to the global regulated fund industry and its shareholders. It seeks to develop and maintain a positive public image and increase public awareness and understanding of registered investment companies worldwide

The goal of the committee is to connect members from different regions (strategists, researchers, lawyers, product developers) to facilitate an exchange of knowledge about pension systems globally and create opportunities of discussion with each other, regulators, international organisations, and other stakeholders in the global retirement savings community. The committee also will work to identify and prioritise short- and long-term priorities for ICI Global in this area.

Global tax activities will include three co-branded meetings and monthly calls with the Tax Committee. Separate Global Tax Committee meetings in London also are envisaged. These Global Tax Committee meetings in London will be modelled after the Tax Advisory Group, which is composed of both members and outside consultants. Additional phone calls will be held as necessary.

Through both the Tax Committee and the Global Tax Committee, we will address tax issues affecting funds arising from global, regional, and national legislative and regulatory initiatives.

The ICI EMEA Steering Council, a group of senior business leaders who provides strategic direction to ICI’s international program in the Asia-Pacific region.

The ICI EMEA Steering Council, a group of senior business leaders who provides strategic direction to ICI’s international program.

The Internal Audit Committee consists of senior staff from our members’ internal audit departments in the United States. [We have a separate Committee, ICI’s International Internal Audit Advisory Committee, for our members’ internal auditors outside the US. These committees frequently participate in joint sessions.] The Committee provides a forum for its members to discuss a variety of issues relating to the internal audit function, including, for example, the annual audit planning function, the changing roles and responsibility of auditors, the coordination of activities with other departments within a complex (e.g., compliance, risk), changes to controls and processes, and interactions with external auditors.

The Internal Sales Managers Roundtable provides a forum for members to explore challenges and issues related to the distribution of mutual funds via internal and hybrid wholesalers.

The International Compliance Advisory Committee consists of those senior staff from our members’ compliance departments who oversee the member’s compliance with regulatory requirements imposed by non-US regulators (e.g., the FCA). The Advisory Committee provides a forum for members to discuss such requirements, including the challenges presented from operating in multiple jurisdictions, and sound compliance practices for firms with a global presence. From time-to-time, the Committee will also receive presentations from regulatory officials or experts on topics of interest to the Committee.

The International Internal Audit Advisory Committee consists of those senior staff from our members’ internal audit departments who have a presence outside the US and who must comply with requirements imposed on the member’s internal audit function by non-US regulators. The Advisory Committee provides a forum for its members to discuss such requirements, including issues arising from the integration of multiple national requirements, the challenges they present for members operating in multiple jurisdictions, and sound internal audit practices for firms with a global presence.

ICI’s working group on investment adviser and broker-dealer standards of conduct (“Standards of Conduct Working Group”) provides a forum for ICI members to discuss issues raised by application of the SEC’s standards of conduct for broker-dealers and investment advisers, including Reg BI, Form CRS, and the fiduciary duty standard. The Standards of Conduct Working Group also provides a forum to discuss related issues including developments regarding state law standards of conduct.

The Investment Advisers Committee addresses regulatory and compliance matters affecting investment advisers
Legislative issues concerning federally registered investment advisers and their representatives.

The Management Company Tax Subcommittee deals with legislative, regulatory, and compliance issues (in federal, state, and international contexts) affecting the taxation of fund management companies and their affiliates.

The Money Market Funds Advisory Committee examines the regulatory and legislative issues affecting money market funds, including issues arising under Rule 2a-7 under the Investment Company Act of 1940. It examines the implications of changes to, and developments in the money market. It provides a forum for members to discuss policy objectives.

The Municipal Securities Advisory Committee provides a forum to examine the regulatory and legislative issues affecting municipal mutual funds. It examines the implications of, changes to, and developments in the municipal securities market. It provides a forum for members to discuss particular policy objectives.

The ICI Operational Resilience Committee is a forum of senior leaders from ICI member firms with responsibility for ensuring the resilience of critical business services at the enterprise level. The Committee’s mission is to promote the exchange of insights, experiences, and leading practices that enhance the industry’s ability to anticipate, withstand, and recover from severe but plausible disruptions. Recognizing Business Continuity Planning (BCP) as a foundational element of operational resilience, the Committee will also continue to address crisis management, technology recovery, third-party resilience, and regulatory expectations. Its work is intended to strengthen operational resilience, safeguarding the continuity of essential services to investors and the broader financial markets, while encouraging adaptive capabilities that promote market stability and investor confidence.

The Operations Committee addresses a variety of operations topics including back office operations, shareholder servicing, and distribution-related issues.

The Pension Committee, working with the ICI Retirement Policy team, promotes a sound policy framework for the retirement security of Americans who are invested in mutual funds and collective investment trusts through 401(k) plans, 457 plans, 403(b) arrangements, and IRAs.

The Pension Operations Advisory Committee works on addressing operational and compliance issues relating to retirement plans such as 401(k) plans, 403(b) arrangements, 457 plans and IRAs that invest in mutual funds or collective investment trusts.

The Privacy Issues Working Group consists of the representatives of ICI’s members who handle privacy issues in mutual fund complexes. This is the Group that the ICI will consult with when we review and comment on regulatory proposals relating to privacy that may impact funds and their shareholders. It is also the group that we will notify of such proposals and initiatives.

Note: Issues relating to members’ data security and cyber security concerns are addressed through ICI’s Chief Information Security Officer Advisory Committee, not through the Privacy Issues Working Group. The Working Group’s focus is on regulatory issues relating to privacy.

The Proxy Issues Working Group provides a forum to examine how legislative, regulatory, and other developments related to proxy voting and governance issues affect registered investment companies (“funds”) and registered investment advisers. It assists ICI in formulating views on legislation or rule proposals to ensure that funds’ and investment advisers’ unique perspectives inform and influence policy; and  considers these matters from the perspective of funds’ dual roles as issuers (funds soliciting proxy votes from their shareholders) and institutional investors (funds voting proxies issued by their portfolio companies).

The Registered Fund CPO Advisory Committee focuses on the legal, regulatory, and legislative issues affecting investment advisers that are registered as commodity pool operators or commodity trading advisors for one or more registered investment companies. It considers issues relating to the CPO exclusion for advisers to registered investment companies in CFTC Rule 4.5. It provides a forum for members to discuss particular policy objectives.

The Retail SMA Advisory Committee focuses on the legal, regulatory, legislative, and compliance issues affecting registered investment advisers to retail separately managed accounts (SMAs). It provides a forum for members to discuss how the unique characteristics and interests of retail SMAs would be affected by relevant legal, regulatory, and legislative proposals and discuss particular policy objectives. It provides a forum for members to discuss compliance-related obligations and issues unique to retail SMAs.

The Risk Advisory Committee consists of representatives of ICI members who are interested in or have limited responsibility for risk oversight in fund complexes but who are not Chief Risk Officers.

The Rule 13f-2 Short Sale Reporting Implementation Working Group will provide a forum for members to discuss the SEC’s recently adopted (October 2023) rules on short position and short activity reporting by institutional investment managers with a view towards achieving consensus among the working group members on how to implement various requirements of the rule.

The Sales and Marketing Committee provides a forum for members to discuss developments and issues related to the distribution of mutual funds through intermediaries.

The Savings and Investments Union Working Group (SIUWG) will provide a forum for members to explore the feasibility of regulatory initiatives aimed at fostering broader economic growth within the EU, considering both bottom-up and top-down initiatives that could improve the regulatory ecosystem, facilitate cross-border distribution of UCITS, and support increased retail investment in the EU.

The SEC Rules Committee addresses SEC regulations and other regulatory and legislative issues, other than tax-related, affecting registered investment companies and registered investment advisers.

The primary objective of SOAC is to provide advice and input to the Institute on current regulatory and industry initiatives affecting portfolio securities operations for mutual fund members.

The Security Valuation Advisory Subcommittee (SVAS) provides strategic direction and oversight for initiatives related to mutual fund security valuation. It supports modernization, regulatory compliance, and industry improvements in alignment with the work of the Security Valuation Operations Committee (SVOC).

The Security Valuation Operations Committee deals with valuation of portfolio securities, dissemination of daily mutual fund prices to the general public, and interaction with independent accountants as part of the annual audit of the fund’s financial statements and security values. Auditors, NASDAQ, market data vendors and the media are invited on an as needed basis.

The Series Trust Advisory Committee provides a forum where multi series trust mutual fund members can freely discuss relevant business, operational, legislative, regulatory, and general industry developments through a multi series trust lens. It provides opportunities for senior-level participants to network and exchange ideas and experiences as entrepreneurial financial services providers. It identifies key subject experts who can deliver value to the Committee through presentations or discussions.

The Small Funds Committee provides a forum where small independent mutual fund members can freely discuss relevant business, operational, legislative, regulatory, and general industry developments. The committee provides opportunities for senior-level participants to network and exchange ideas and experiences as entrepreneurial financial services providers. It also identifies key subject experts who can deliver value to the Committee through presentations or discussions.

The Security Valuation Private Credit and Alternative Working Group provides support and education to members for initiatives related to valuation of private credit and alternative securities. It works to educate members and improve operations around these security types.

The T+1 UK/EU Implementation Working Group will communicate key information from industry steering committees, technical working groups, and authorities to members. Aim to provide a forum for member discussion during the implementation period and enable ICI staff to identify common issues and questions from members that need to be raised in the industry steering committees, technical working groups, or with authorities.

The Tax Advisory Committee deals with legislative, regulatory, and compliance issues (in federal, state, and international contexts) affecting the taxation of investment companies and their shareholders.

The Tax Committee deals with legislative, regulatory, and compliance issues (in federal, state, and international contexts) affecting the taxation of investment companies and their shareholders.

The Technology Committee provides a forum for the discussion of emerging technologies that could impact the mutual fund industry and more.

The Transfer Agent Advisory Committee provides information on transfer agency operational practices, processes, and procedures.

The Transition Finance Working Group focuses on regulatory and standard setting body initiatives impacting ICI Global members’ investment and transition planning activities.

The Treasury Clearing Working Group will focus on 40 Act-related matters arising from the Treasury clearing mandate and support buy-side implementation of the SEC’s Treasury clearing final rule.

The Unit Investment Trust Committee deals with regulatory, tax and compliance issues that specifically affect unit investment trusts.

The Variable Insurance Products Advisory Committee provides a forum to examine the legal, regulatory and legislative issues affecting registered funds underlying variable life insurance and variable annuity products. It provides a forum for members to discuss particular policy objectives and undertakes projects related to variable insurance products.