Compliance Content

[36004] January 30, 2025 TO: ICI Members Chief Compliance Officer Committee Chief Information Security Officer Committee Chief Risk Officer Committee Global Information Security Officer Committee - London Global Information Security Officer Committee - Tokyo Operational Resiliency...

Several ICI member firms have reported receiving notifications from the Internal Revenue Service (IRS) informing them that their funds' tax information was leaked as part of the "Littlejohn" data breach at the IRS. These notices state that a former IRS contractor "has been charged...

In September 2023, the Securities and Exchange Commission adopted amendments to Rule 35d-1 under the Investment Company Act of 1940. The Names Rule was initially adopted in 2001, and, at that time, the SEC staff issued related guidance in the form of frequently asked questions. In the...

On December 27, the Federal Reserve Board (FRB), Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Commission (FDIC and collectively, Agencies) issued a statement (Statement) extending previously issued no-action relief under Regulation O.

On December 19, 2024, the Department of the Treasury published a report on the Uses, Opportunities, and Risks of Artificial Intelligence in Financial Services Sector.

The SEC adopted amendments to the Fund Names Rule in September 2023. The compliance dates for the Amendments are currently December 11, 2025 for larger entities and June 11, 2026 for smaller entities.

The Corporate Transparency Act, enacted in 2021 and effective January 1, 2024, requires certain entities to file reports with the Financial Crimes Enforcement Network identifying their beneficial owners, among other information. FinCEN adopted a rule in September 2022 to implement...

The Commodity Futures Trading Commission's Divisions of Clearing and Risk, Data, Market Oversight and Market Participants issued a staff advisory on the use of artificial intelligence (AI) in CFTC-regulated markets by registered entities and registrants.

Last week, ICI sent a letter (linked below) to SEC Chair Gensler, requesting that the SEC (i) suspend the compliance dates for certain recent regulatory actions, (ii) halt work on not-yet-finalized rulemaking, and (iii) extend soon-to-expire relief that would have a significant impact...