Small Funds Content

As we previously advised you, in February the SEC published for comment proposed rules that would require investment advisers, registered investment companies, and business development companies to have cybersecurity risk management programs.

For the tenth year in a row, the SEC office responsible for conducting inspections of registrants, the Division of Examinations, has published its examination priorities for the coming year.

ICI has filed a comment letter with the SEC on its proposal to amend the rules governing beneficial ownership reporting on Schedules 13D and 13G ("Proposal").

The ICI and twenty-four other trade associations submitted a joint letter to SEC Chair Gensler yesterday expressing serious concern that the Commission is not affording sufficient time for meaningful public input into the rulemaking process.

Effective April 4, 2022, IRS Form 8802 applicants, who receive a request from the IRS for a signed copy of their most return tax return, will only need to submit a signed copy of the current year base income tax return (i.e., the tax return without accompanying forms, schedules, or...

On March 29, 2022, the US House of Representatives approved, by a vote of 414 to 5, H.R. 2954, the "Securing a Strong Retirement Act of 2022" (or SECURE 2.0). The bill was introduced by House Ways and Means Committee Chairman Richard Neal (D-MA) and ranking member Kevin Brady (R-TX).

On March 30, 2022, the Superior Court of the Commonwealth of Massachusetts issued an order (attached) invaliding the Massachusetts regulation, finalized in 2020, that imposes a fiduciary duty on broker-dealers and agents. The court stayed the order for 30 days to give the...

Earlier today, ICI filed the attached comment letter on two sets of Securities and Exchange Commission rulemakings intended to: modernize share repurchase disclosure ("Share Repurchase Proposal"); and address potentially abusive practices associated with certain trading arrangements...

The Commission voted 3-1 earlier this week in favor of issuing for comment a proposal that would enhance and standardize climate-related disclosure for public companies (including asset managers which are public companies). The disclosure would be required to appear in company...

FINRA recently issued a regulatory notice expressing concerns associated with the sale of complex products and options to retail investors, and soliciting comment on related practices and rule enhancements.