SEC Rules Content

​​​​​​​Commissioner Peirce recently delivered fund-related remarks, highlighting that each fund "is distinct from their investors, their asset managers, and the other funds in the same complex but that too often, funds' interests are treated as being identical to those of their...

This memorandum catalogues significant ESG related developments that have occurred since April 11, 2022. It references ICI memoranda that provide a more fulsome description of each matter. You can find all of these memoranda on our website in our ESG Resource Center.

On November 10, the Financial Stability Board (FSB) issued a progress report on work to enhance the resilience of non-bank financial intermediation (NBFI). The FSB's NBFI work program, first published as part of its Holistic Review of the March Market Turmoil in November 2020, spans...

As we previously informed you, on October 13, the International Organization of Securities Commissions (IOSCO) released a survey on index providers directed at asset managers and index providers, focused on examining the nature of the interactions between these two parties. Responses...

On Wednesday, December 7, from 12-3:30 pm ET, ICI will hold a members-only meeting of the SEC Rules Committee. We plan to hold the meeting in person in Washington, DC, with the option to participate virtually. For members attending the meeting in person, we plan to hold a happy hour...

On November 2, 2022, by a 3-2 vote, the SEC approved a proposal that would: amend Rule 22e-4 (the "liquidity rule"), which applies to open-end funds; require mutual funds to adopt swing pricing; and change all Form N-PORT filers' reporting obligations

On 25 October, the UK Financial Conduct Authority (FCA) issued a Consultation Paper on Sustainability Disclosure Requirements (SDR) and Investment Labels. Comments on the proposal are due on 25 January 2023. The proposal notes that the FCA intends to issue final rules by the end of...

On November 2, the Securities and Exchange Commission adopted amendments to Form N-PX and related rules (collectively, "amendments") to enhance reporting of proxy voting information by registered investment companies ("funds") and institutional investment managers ("managers"). The...

As previously reported, the Securities and Exchange Commission recently adopted amendments that will require open-end funds to (1) create and transmit summary shareholder reports highlighting key information to investors; and (2) tag the contents of shareholder reports in a structured...

Last week, the SEC adopted a new incentive-based compensation "clawback" rule (the "rule") and related amendments by a 3-2 vote. The final rule could require certain listed registered management investment companies ("funds") to adopt clawback policies as required by their exchanges...