Operations Content

On March 30, 2022, the Superior Court of the Commonwealth of Massachusetts issued an order (attached) invaliding the Massachusetts regulation, finalized in 2020, that imposes a fiduciary duty on broker-dealers and agents. The court stayed the order for 30 days to give the...

ICI's Operations Committee will meet virtually on Wednesday, April 13th and Thursday, April 14th. The committee meeting will be broken into four 90-minute session via the Zoom platform.

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 February 10, the SEC, by seriatim approval, proposed amendments to its rules governing beneficial ownership reporting on Schedules 13D and 13G ("Proposal"). Comments on the proposal are due the later of: (i) April 11, 2022 (60 days following the publication of the proposing release...

The U.S. Securities and Exchange Commission has published for comment proposed rules that will require registered investment companies, investment advisers, and business development companies to "adopt and implement written policies and procedures that are reasonably designed to...

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...

ICI has filed a comment letter with the Securities and Exchange Commission on proposed rule 10c-1 ("Proposal") under the Securities Exchange Act of 1934, which would require the reporting of securities loans to FINRA.

As summarized below, the IRS has posted updated versions of various tax forms and instructions (some in draft form) related to pension and retirement plan distributions.

In November, the SEC issued two proposals. One would mandate the electronic filing of certain forms that currently must be filed on paper, as well as update certain other forms and processes. The other would require electronic filing through EDGAR of documents that currently may be...