Equity Markets Advisory Content

On October 18, 2023, the Securities and Exchange Commission (SEC or "Commission") issued a proposal ("Proposal") to prohibit exchanges from offering volume-based transaction pricing in connection with agency-related orders in certain stocks. The SEC describes this practice as an...

On October 10, the SEC adopted final amendments to its rules governing beneficial ownership reporting on Schedules 13D and 13G ("Final Rules"). We are pleased that the Final Rules reflect many of ICI's comments. The Final Rules were approved by the Commission by a 4-1 vote...

ICI Global has filed comments with the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) regarding their recent Consultations on liquidity risk management in open-ended funds (OEFs). This memorandum summarizes ICI Global's comments.

As previously reported, the SEC and the CFTC recently proposed amendments to the rules for covered clearing agencies (CCAs) and derivatives clearing organization (DCOs), respectively, related to resiliency, and recovery and wind-down plans (RWPs).

On September 6, 2023, the SEC issued an order, in a 3-2 vote, approving amendments related to the National Market System (NMS) Plan governing the funding model for the Consolidated Audit Trail (CAT). The full order is available here, the fact sheet is available here, and the press...

Last Friday, the SEC issued a new amended order to direct the SROs (exchanges and FINRA) to submit a new NMS governance plan for consolidated equity market data. The SROs must submit the new proposed plan to the SEC within 45 days after the amended order is published in the Federal...

On May 17, 2023, the Securities and Exchange Commission (SEC) proposed amendments regarding covered clearing agencies' (CCAs) resilience and recovery and wind-down plans. The Commodities Futures Trading Commission (CFTC), on June 7, similarly proposed rule amendments related to...

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 June 13, 2023, ICI filed a comment letter with the SEC with regards to the supplemental information and reopening of the comment period for its proposal that would, among other things, amend Rule 3b-16 under the Exchange Act, which defines certain terms used in the statutory...