The Internal Revenue Service (IRS) has posted a draft copy of the Instructions for Forms 1099-R and 5498 (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) for the 2022 tax year.
Yesterday, the SEC staff rescinded prior guidance and also issued new guidance on the shareholder proposal rule (Rule 14a-8). Rule 14a-8 under the Exchange Act conditionally permits a company's shareholders to include proposals (i.e., recommendations or requirements that a company and...
The Small Funds Committee Government Affairs update will take place on Wednesday, December 9, 1:00 to 2:00 pm ET. The session will be facilitated using Zoom. Committee members are encouraged to log into the meeting using the Zoom application and the voice over internet protocol (VOIP)...
As we previously informed you the Financial Accounting Standards Board (FASB) recently released an exposure draft of a proposed accounting standards update that would amend ASC Topic 820, Fair Value Measurement. The proposed amendments address the fair value of equity securities that...
Last week, SEC Chair Gensler delivered brief remarks before the Financial Stability Oversight Council, highlighting the Commission's work on drafting proposals on public company and fund climate risk-related disclosure.
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...
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...
ICI submitted the attached letter to the EU Commission regarding the Inception Impact Assessment on an upcoming proposal for a "new EU-wide common system for the avoidance of double taxation and prevention of tax abuse in the field of withholding taxes."
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...
