CCO Advisory Issues Subcommittee Content

In March 2021, the Securities and Exchange Commission (SEC) adopted interim final rules to implement the Holding Foreign Companies Accountable Act (HFCA Act), which requires the SEC to identify issuers that have filed annual reports with audit reports issued by a registered audit firm...

On December 7, staff of the US Securities and Exchange Commission issued guidance on key LIBOR transition considerations for market participants. The guidance follows the staff's previously issued guidance issued in July 2019.

In October, the SEC re-opened the comment period for its 2015 clawback proposal, which it never adopted. Yesterday, ICI submitted the attached comment letter, once again reiterating that all registered investment companies ("funds") should be excluded from any final rule.

On November 17, the SEC proposed changes to its 2020 proxy advice amendments by a 3-2 vote. Most notably, the proposal would rescind provisions in the 2020 amendments.

The Securities and Exchange Commission yesterday adopted amendments to its proxy rules that will require the use of a "universal proxy card" in contested director elections. Importantly, as ICI strongly recommended, these universal proxy rules will apply only to non-exempt...

Yesterday, the SEC staff rescinded prior guidance and also issued new guidance on the shareholder proposal rule (Rule 14a-8). Rule 14a-8 under the Exchange Act conditionally permits a company's shareholders to include proposals (i.e., recommendations or requirements that a company and...

The SEC's Division of Examinations has published a Risk Alert summarizing its review of more than 50 fund complexes (covering more than 200 funds and/or series of funds) and nearly 100 advisers. These examinations targeted the following six categories that had been announced by the...

Last week, the European Banking Authority (EBA) published its final report containing regulatory technical standards (RTS) on disclosure of investment policy by investment firms, substantially as proposed.[2] The RTS are meant to gather from investment firms disclosures designed to...

The UK Financial Conduct Authority (FCA) recently issued a consultation soliciting feedback on which legacy contracts and financial instruments it should permit to use the synthetic UK sterling and Japanese yen LIBOR rates and whether to prohibit most new uses of US dollar LIBOR after...

Yesterday, ICI provided additional information in response to the SEC staff's request for feedback on funds' cross trading practices under Rule 17a-7 of the Investment Company Act (the "cross trading rule"). The attached report further informs the SEC's rulemaking efforts by providing...