Operations Content

The Chinese Securities Regulatory Commission (CSRC) recently revised the regulatory framework governing the establishment and operation of public fund management businesses in China.

As we informed you last week, the Institute recently filed suit against the California Department of Financial Protection and Innovation (DFPI) to challenge the Department's authority to change the manner in which it assesses notice filing fees on investment companies.

Last week the Institute filed a Complaint for Declaratory and Injunctive Relief against California's Department of Financial Protection and Innovation, which administers California's Blue Sky Law.

On 29 April 2022, the China Securities Regulatory Commission (CSRC) released for public consultation the Measures for the Administration of Cybersecurity Relating to the Securities and Futures Industry (Draft for Comments) ("Draft Measures").

ICI recently filed a comment letter on the SEC proposal that would 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").

As we previously advised you, in February the SEC published for comment proposed rules that would require investment advisers, registered investment companies, and business development companies to have cybersecurity risk management programs.

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.

ICI has filed a comment letter with the SEC on its proposal to amend the rules governing beneficial ownership reporting on Schedules 13D and 13G ("Proposal").

Recently, the staff of the Securities and Exchange Commission issued a bulletin on the application of the standards of conduct applicable to broker-dealers and investment advisers (both, "financial professionals") when recommending account types for retail investors.

On March 29, 2022, the US House of Representatives approved, by a vote of 414 to 5, H.R. 2954, the "Securing a Strong Retirement Act of 2022" (or SECURE 2.0). The bill was introduced by House Ways and Means Committee Chairman Richard Neal (D-MA) and ranking member Kevin Brady (R-TX).