SEC Rules Content

​​​​​​​Earlier this month, the Financial Stability Oversight Council issued a report reviewing financial stability risks and regulatory gaps from digital assets, and providing recommendations to address such risks.

On September 29, 2022, the Financial Crimes Enforcement Network ("FinCEN") issued a final rule regarding beneficial ownership information reporting ("Rule"). FinCEN proposed the Rule in December 2021 to implement Section 6403 of the Corporate Transparency Act ("CTA"), which was...

Earlier this week, the Securities and Exchange Commission 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 data language.

On Wednesday, October 26, 2022, the SEC approved in a 3-2 vote a proposal for a new rule and related amendments to prohibit SEC-registered investment advisers from outsourcing certain services or functions to service providers without meeting minimum requirements. The SEC's stated...

On October 25, ICI submitted the attached follow-up letter to SEC Chair Gary Gensler on the applicability of Rule 15c2-11 to fixed income securities, particularly to Rule 144A debt securities. ICI previously joined several industry associations last fall in submitting an initial...

In December 2020, the SEC adopted rule amendments that replaced the existing Investment Advisers Act advertising and cash solicitation rules for investment advisers and private funds with a single, combined "Marketing Rule." The new Marketing Rule does not apply to advertisements...

Commissioner Lizàrraga recently addressed the Future of ESG Data 2022 conference. In his remarks, he provided his views on investor demand for high quality ESG data and the SEC's proposed rulemakings regarding enhanced climate risk disclosure by issuers (Public Company Climate...

Today, the SEC staff issued an FAQ relating to investment adviser considerations of diversity, equity and inclusion (DEI) factors in the selection or recommendation of other investment advisers. The FAQ states that, under its fiduciary duty, an investment adviser may consider a...

Earlier this week, ICI submitted supplemental comments (linked below) on the SEC's 2020 disclosure proposal for open-end funds ("funds"). On September 15, the SEC's Office of the Investor Advocate filed with the SEC a research paper on funds' choice of performance benchmarks and...

On September 27, the SEC's Division of Enforcement announced that it had charged fifteen broker-dealers and one investment adviser associated with one of the broker-dealers with "widespread and longstanding failures by the firms and their employees to maintain and preserve electronic...