Closed-End Investment Company Content

Yesterday, the SEC published for comment proposed revisions to Rule 248.30 in Regulation S-P. This is the section of the regulation that requires the safeguarding of customer records and information and the disposal of consumer report information. The proposed revisions are summarized...

ICI is circulating the draft comment letter regarding the Securities and Exchange Commission's (the "Commission" or SEC) proposals for Regulation Best Execution and the Order Competition Rule, both of which were proposed on December 14, 2022.

Please note that we have finalized the dates for the Spring virtual and Fall in-person meetings of the Closed-End Investment Company Committee.

Last month, the Securities and Exchange Commission adopted amendments that will impact certain insider trading plans under Rule 10b5-1 under the Securities Exchange Act of 1934 and related disclosure.

On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") proposed Regulation Best Execution ("Proposal"), which would establish a new Commission standard regarding a broker-dealer's duty of best execution.

On December 14, 2022, the SEC proposed the Order Competition Rule ("Proposal"), which would add proposed Rule 615 to Regulation National Market System ("Reg NMS"). The Proposal would require that individual investor orders be exposed to "qualified auctions," as established by proposed...

On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") issued a proposal ("Proposal") to update the disclosure required under Rule 605 of Regulation National Market System ("Reg NMS") that would: (1) expand the scope of entities subject to the rule; (2)...

On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") issued a proposal ("Proposal") to amend certain rules of Regulation National Market System ("Reg NMS") under the Securities Exchange Act of 1934 ("Exchange Act") to adopt variable minimum pricing...

Yesterday, ICI filed the attached comment letter supplementing our strong recommendation that the Securities and Exchange Commission exclude exchange-traded closed-end investment companies ("funds") from its amendments to modernize share repurchase disclosure ("proposal").