Compliance Content

On September 11, 2023, ICI, along with 13 other trade associations, filed a letter with the Securities and Exchange Commission (SEC or "Commission") raising serious concerns regarding the Commission's recent proposal on conflicts of interest associated with the use of predictive data...

On August 23, the SEC reopened the comment period for its proposal on Safeguarding Advisory Client Assets ("proposal"). The proposal would amend and redesignate Rule 206(4)-2 under the Investment Advisers Act ("custody rule") to enhance investor protections relating to the...

We recently submitted the attached letter to the SEC noting that it has issued a wide range of interconnected rule proposals (the "Interconnected Rules") over the last two-and-a-half years but has failed to consider and analyze the Interconnected Rules holistically.

On August 7, 2023, the Investment Company Institute and Independent Directors Council filed a joint comment letter in response to the Public Company Accounting Oversight Board's (PCAOB) proposed amendments to the auditing standards related to a company's noncompliance with laws and...

On July 31, the SEC Division of Examinations ("Division") published a risk alert ("Risk Alert") regarding anti-money laundering ("AML") compliance examinations of broker-dealers. The Risk Alert highlights the Division's observations that: some broker-dealers "did not appear to devote...

The Public Company Accounting Oversight Board (PCAOB) recently issued a proposal for public comment, which would amend auditing standard AS 2405 pertaining to an auditor's responsibility in assessing a company's noncompliance with laws and regulations, including instances of fraud...

Earlier this month, ICI joined several other trade associations in a letter to the SEC addressing whether certain syndicated loans are securities. In Kirschner v. JP Morgan Chase Bank, N.A. et al. (2d Cir., No. 21-2726), the Second Circuit Court of Appeals is considering that question...

The Office of Information and Regulatory Affairs released the Spring 2023 Unified Agenda of Regulatory and Deregulatory Actions on June 13, 2023. The agenda includes regulatory actions that the Securities and Exchange Commission and Commodity Futures Trading Commission expect to take...

On May 4, 2023, the SEC brought a settled enforcement action against a registered investment adviser and its part-owner and investment adviser representative (together, "Respondents") for alleged breach of the fiduciary duty of care and compliance violations under the Investment...