SEC Rules Content

On September 9, 2024, the SEC announced that it settled charges against nine registered investment advisers for violations of Advisers Act Rule 206(4)-1. All nine firms have agreed to pay a combined $1,240,000 in civil penalties, ranging from $60,000 to $325,000.

On September 18, 2024, the SEC, in a unanimous vote, adopted amendments to Regulation NMS that would impact the minimum quoted price increments for NMS securities, the access fee caps that registered securities exchanges could charge, and odd lot transparency.

On September 19, 2024, the SEC instituted public administrative and cease-and-desist proceedings against an asset manager arising from "material misstatements concerning how it managed investments for clients.

ICI submitted a comment letter (linked below) on the National Association of Insurance Commissioners' Financial Analysis Handbook Exposure Draft of the Financial Analysis Solvency Tools Working Group.

On August 22, 2024, the Securities Division of the Indiana Secretary of State entered a Cease and Desist Order against an asset manager, asserting that it "appears that [asset manager and its affiliates] have committed securities fraud in violation of" the Indiana Code.

As required by the Financial Data Transparency Act of 2022, several federal financial regulators, including the SEC, published a proposal to establish joint data standards. The purpose of the Proposal is to promote the interoperability of financial regulatory data across the Agencies.

On July 30, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a notice of proposed rulemaking (NPR) that would amend the agency's existing regulations under the Change in Bank Control Act (CBCA). The NPR reflects concerns expressed by various FDIC Board...

On August 12, 2024, ICI submitted the attached comment letter to the U.S. Department of the Treasury's ("Treasury") on the "Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector" (the "RFI"). Treasury issued the RFI on...

On July 30, 2024, ICI submitted the attached comment letter to the Securities and Exchange Commission on the Financial Industry Regulatory Authority's proposed FINRA Rule 6500 series that would implement FINRA's Securities Lending and Transparency Engine.

In Securities and Exchange Commission v. Jarkesy, the Supreme Court held that when the SEC seeks civil penalties against a defendant for securities fraud, the Constitution's Seventh Amendment entitles the defendant to a jury trial.