Compliance Content

The Securities and Exchange Commission recently announced that a registered investment adviser to an exchange-traded fund has agreed to pay a $1.75 million civil penalty to settle charges that the adviser failed to properly disclose a licensing arrangement it had with the ETF's index...

The SEC's Division of Enforcement has announced that it has sanctioned sixteen registrants for "widespread and long-standing recordkeeping failures" relating to their failure to maintain "off channel" communications sent via text messages.[1] The respondents in these cases include...

The staff of the Securities and Exchange Commission's Division of Investment Management recently issued a set of frequently asked questions on the Commission's final tailored shareholder reports rulemaking. The FAQs address twelve questions, including several that ICI and its members...

The staff of the SEC's Division of Investment Management recently provided its views that exchange-traded funds must disclose their foreign currency holdings fully and transparently on their websites each day. The disclosure should enable market participants to effectively arbitrage...

[35589] January 21, 2024 TO: Broker/Dealer Advisory Committee Investment Adviser and Broker-Dealer Standards of Conduct Working Group Investment Advisers Committee Retail SMA Advisory Committee SEC Rules Committee SUBJECTS: Advertising Compensation/Remuneration Compliance Disclosure...

The SEC has announced its settlement of an enforcement action against a dually-registered broker-dealer and investment adviser for violations of a Whistleblower rule under the Securities Exchange Act of 1934, Rule 2F-17(a). This rule prohibits any SEC registrant from taking any action...

On December 15, 2023, the SEC issued a staff report on the accredited investor definition. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") directs the SEC to undertake a review of the accredited investor definition at least once every four years to...

On January 2, 2024, ICI submitted a letter to the Department of Labor (DOL) commenting on its recent regulatory package on fiduciary investment advice ("Proposal"). The Proposal includes proposed amendments to the regulation defining who is a "fiduciary" under section 3(21) of ERISA...

Linked below is the comment letter that ICI filed today with the SEC, which expresses serious concerns with how the SEC's proposed amendments to the liquidity rule would affect mutual funds and ETFs investing in bank loans. This letter elaborates on points made about bank loan funds...

Earlier this week, the U.S. Court of Appeals for the Fifth Circuit struck down Securities and Exchange Commission amendments that would have required enhanced disclosure when an issuer repurchases its own equity securities ("Share Repurchase Rule").