Compliance Advisory Content

In December 2020, the SEC adopted rule amendments that replaced the existing Investment Advisers Act advertising and cash solicitation rules for investment advisers and private funds with a single, combined "Marketing Rule." The new Marketing Rule does not apply to advertisements...

Earlier this week, ICI submitted supplemental comments (linked below) on the SEC's 2020 disclosure proposal for open-end funds ("funds"). On September 15, the SEC's Office of the Investor Advocate filed with the SEC a research paper on funds' choice of performance benchmarks and...

On September 27, the SEC's Division of Enforcement announced that it had charged fifteen broker-dealers and one investment adviser associated with one of the broker-dealers with "widespread and longstanding failures by the firms and their employees to maintain and preserve electronic...

Earlier this week, the SEC announced its settlement of enforcement actions against 15 broker-dealers and one investment adviser for failing to comply with recordkeeping requirements to maintain and preserve certain "off-channel communications."

Earlier this week the SEC charged investment adviser Toews Corporation (the "adviser") with violations of the Advisers Act and the proxy voting rule thereunder in connection with the adviser's proxy voting-related conduct.

On September 20, 2022, the SEC settled an enforcement action against a dually-registered broker-dealer and investment adviser for violating Regulation S-P by failing to ensure the proper disposal of customers' non-public personal information (NPPI) when it decommissioned various...

In July, the SEC proposed amendments to Rule 14a-8 (the shareholder proposal rule) by a 3-2 vote.

In July, the SEC proposed amendments to Rule 14a-8 (the shareholder proposal rule) by a 3-2 vote. The proposal would narrow three bases upon which companies may exclude shareholder proposals from their proxy statements: the "substantial implementation," "duplication," and...

On August 26, 2022, the Public Company Accounting Oversight Board (PCAOB) announced that it had signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People's Republic of China regarding the PCAOB's ability to completely...

On July 28, ICI filed a letter supplementing our April comment letter on the Securities and Exchange Commission's proposed cybersecurity risk management rules for funds and advisers (attached).