Operations Content

Attached for your review is a draft ICI comment letter to U.S. Department of the Treasury's "Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector". Treasury issued the RFI on June 12th, please see the ICI memo...

The Department of the Treasury published in the Federal Register a request for information on uses, opportunities, and risks of artificial intelligence (AI) in the financial services sector. The RFI uses a broad definition AI, which Treasury views as encompassing "a wide range of...

On May 16, 2024, the SEC unanimously adopted amendments to Rule 248.30 in Regulation S-P (the "amendments"). Since its adoption in 2000, Regulation S-P has required the safeguarding of customer records and information and the disposal of consumer report information.

On April 23, 2024, the Department of Labor (DOL) released a final version of its regulatory package on fiduciary investment advice ("Final Package"). The Final Package includes an amendment to the regulation defining who is a "fiduciary" under section 3(21) of ERISA and section 4975(e...

[35678] April 15, 2024 TO: ICI Members AML Compliance Working Group SUBJECTS: Anti-Money Laundering Compliance Intermediary Oversight Investment Advisers Operations Risk Oversight Transfer Agency RE: ICI Files Comment Letter on FinCEN Proposal regarding AML/CFT Program and Reporting...

On April 8, 2024, a group of ICI staff participated in a telephone meeting with representatives from the White House's Office of Management and Budget (OMB) and the Department of Labor (DOL) to discuss DOL's fiduciary investment advice package.

On March 27, three SEC divisions issued notices relating to the upcoming May 28, 2024 implementation of the T+1 standard settlement cycle under Rule 15c6-1. First, the Divisions of Trading and Markets and Investment Management issued a FAQ that responds to questions about the standard...

On January 18, 2024, Robinhood Financial LLC settled charges brought by the Massachusetts Securities Division in connection with an August 2023 Massachusetts Supreme Judicial Court decision upholding a Massachusetts rule, finalized in 2020, that imposes a fiduciary duty on broker...

On March 18, 2024, the Investment Company Institute and Independent Directors Council filed a joint supplemental comment letter on the Public Company Accounting Oversight Board's (PCAOB) proposed amendments to the auditing standards related to a company's noncompliance with laws and...

On Wednesday, February 7, the SEC approved a rule filing from the Municipal Securities Rulemaking Board (MSRB) to amend MSRB Rule G-12 to require dealers effecting municipal securities transactions subject to the T+1 settlement cycle to (1) enter into written agreements with "relevant...