Fixed-Income Advisory Content

n March 28, the Securities and Exchange Commission (SEC or "Commission") proposed new rules ("Proposal") that would further define the phrase "as part of a regular business," as used in the definitions of "dealer" and "government securities dealer" under Sections 3(a)(5) and 3(a)(44)...

In April, the International Organization of Securities Commissions (IOSCO) issued a discussion paper on the corporate bond markets, focusing on their experiences during the COVID-19 induced market stress of March 2020.

ICI has filed the attached comment letter with the SEC on its Government Securities ATS and "Exchange" Definition rule proposal. The letter addresses proposed amendments to Rule 3b-16, which would, among other things, deem a "communication protocol system" to be within the definition...

On March 28, the Securities and Exchange Commission (SEC or "Commission") proposed new rules ("Proposal") that would further define the phrase "as part of a regular business," as used in the definitions of "dealer" and "government securities dealer" under Sections 3(a)(5) and 3(a)(44)...

For the tenth year in a row, the SEC office responsible for conducting inspections of registrants, the Division of Examinations, has published its examination priorities for the coming year.

On February 9, the Securities and Exchange Commission proposed rules to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date ("T+2") to one business day after the trade date ("T+1").

On February 9, the Securities and Exchange Commission voted to propose new rules and amendments under the Investment Advisers Act of 1940 with respect to private fund advisers. The proposal passed by a vote of three-to-one. The proposal's goals are to improve private fund adviser...

On January 26, the SEC re-proposed its 2020 amendments to Regulation ATS to require an alternative trading system (ATS) that trades government securities or repos and reverse repos on government securities ("Government Securities ATS") to comply with Regulation ATS and Regulation SCI.

The SEC's Office of Credit Ratings recently issued its annual report on nationally recognized statistical rating organizations for calendar year 2021.[1] The Report, among other matters, summarizes the staff's findings from its most recently completed examination of each NRSRO...

On January 26, the SEC approved proposed amendments to Form PF in an open meeting through a three-to-one vote. Generally, Form PF is filed by investment advisers to private funds to provide confidential information to the SEC and the Financial Stability Oversight Council (FSOC) about...