SEC Rules Content

The SEC's Division of Examinations has published a Risk Alert summarizing its review of more than 50 fund complexes (covering more than 200 funds and/or series of funds) and nearly 100 advisers. These examinations targeted the following six categories that had been announced by the...

The Institute has filed a Complaint for Declaratory Relief in the Superior Court for the County of Sacramento to address members' concerns with the interpretation of the State's Unclaimed Property Law by the California State Controller's Office. The basis for the suit, which will...

Last week, the European Banking Authority (EBA) published its final report containing regulatory technical standards (RTS) on disclosure of investment policy by investment firms, substantially as proposed.[2] The RTS are meant to gather from investment firms disclosures designed to...

Last December, the SEC adopted new Rule 2a-5 under the Investment Company Act, which addresses the fair valuation responsibilities of funds and their boards and advisers, along with a companion recordkeeping rule. The final rules reflect the SEC's belief that "to determine the fair...

On October 20, 2021, the Federal Reserve Board (FRB), Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration, Office of the Comptroller of the Currency (OCC), and State Bank and Credit Union Regulators (collectively...

The UK Financial Conduct Authority (FCA) recently issued a consultation soliciting feedback on which legacy contracts and financial instruments it should permit to use the synthetic UK sterling and Japanese yen LIBOR rates and whether to prohibit most new uses of US dollar LIBOR after...

On October 13, 2021, the Department of Labor (DOL) released a proposal (the "Proposal") addressing the selection of investments for ERISA plans and proxy voting by plan fiduciaries. The Proposal would amend two rules finalized at the end of the Trump Administration, "Financial Factors...

Last week, the SEC reopened the comment period for its 2015 clawback proposal, which it never adopted. This will allow further opportunity to analyze and comment on the proposal in light of developments since its publication.

ICI's Board of Governors unanimously approved a statement on "Financing the Transition to Net Zero," identifying specific actions the industry can take to facilitate the economic transition to net zero emissions and meet investors' objectives.

Yesterday, ICI provided additional information in response to the SEC staff's request for feedback on funds' cross trading practices under Rule 17a-7 of the Investment Company Act (the "cross trading rule"). The attached report further informs the SEC's rulemaking efforts by providing...