Investment Advisers Content

Attached for your review is ICI's draft comment letter on the SEC proposal regarding Safeguarding Advisory Client Assets, proposed on February 15, 2023.

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...

Earlier this week, the SEC settled a case against a registrant that could have, but did not, self-report to the SEC pursuant to its 2018 Share Class Selection Disclosure Initiative of the SEC's Enforcement Division. The facts of this case are very similar to the fact pattern the...

On January 11, 2023, the Securities and Exchange Commission Division of Investment Management staff issued a new FAQ regarding the presentation of gross and net performance of a single investment or a group of investments in a private fund under the Investment Adviser Marketing Rule.

The Office of Information and Regulatory Affairs released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions on January 4, 2023. The agenda includes regulatory actions that the Securities and Exchange Commission and Commodity Futures Trading Commission expect to take...

In late December, the New York Department of Financial Services issued an industry letter (Letter) requesting public comment on the presumption of control that applies to certain financial institutions regulated under the New York Banking Law. Comments must be submitted to the...

On December 23, 2022, the ICI filed a comment letter with the Securities and Exchange Commission on its proposal entitled "Outsourcing by Investment Advisers." The SEC has proposed a new rule, Rule 206(4)-11, under the Investment Advisers Act of 1940 (the "Advisers Act"), that would...

On December 23, ICI filed a comment letter with the Securities and Exchange Commission on its proposed rules ("Proposal") that would mandate the clearing and settlement of certain secondary market transactions in US Treasury securities in which one of the counterparties is a direct...

On November 30, the SEC staff provided updated no-action relief from the application of Rule 15c2-11 for broad categories of fixed income securities (the "letter"). The letter provides temporary relief with respect to those fixed income securities until January 4, 2025.

Over the past several years, certain investment advisers' proxy voting and engagement activities have drawn increased attention.