SEC Rules Content

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.

On December 14, 2022, the SEC proposed the Order Competition Rule ("Proposal"), which would add proposed Rule 615 to Regulation National Market System ("Reg NMS"). The Proposal would require that individual investor orders be exposed to "qualified auctions," as established by proposed...

On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") issued a proposal ("Proposal") to update the disclosure required under Rule 605 of Regulation National Market System ("Reg NMS") that would: (1) expand the scope of entities subject to the rule; (2)...

On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") issued a proposal ("Proposal") to amend certain rules of Regulation National Market System ("Reg NMS") under the Securities Exchange Act of 1934 ("Exchange Act") to adopt variable minimum pricing...

Yesterday, ICI filed the attached comment letter supplementing our strong recommendation that the Securities and Exchange Commission exclude exchange-traded closed-end investment companies ("funds") from its amendments to modernize share repurchase disclosure ("proposal").

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...

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...

The release containing the SEC's proposed liquidity rule, swing pricing, hard close, and Form N-PORT reporting amendments has been published in the Federal Register, and comments are due to the SEC by February 14.

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 December 14, 2022, the SEC issued four new proposals that if adopted would represent the most sweeping overhaul of the U.S. equity market structure since the adoption of Regulation NMS in 2005.