Small Funds Content

Last week, the SEC adopted a new incentive-based compensation "clawback" rule (the "rule") and related amendments by a 3-2 vote. The final rule could require certain listed registered management investment companies ("funds") to adopt clawback policies as required by their exchanges...

​​​​​​​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.

Please mark your calendar with the following Small Funds Committee meetings scheduled in 2023.

The Internal Revenue Service has released annual cost of living and other adjustments applicable to dollar limitations for pension and retirement plans. The news release is available here and Notice 2022-55, which also contains the updated limits, is available here. Notably, the...

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...

The Organisation for Economic Co-operation and Development (OECD) has released guidance regarding reporting and exchanging tax-related information on (1) crypto-asset transactions (under the Crypto-Asset Reporting Framework (CARF)) and (2) financial assets (under the updated Common...

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...