Transfer Agent Advisory Content

ICI recently filed a comment letter on the SEC proposal that would shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date ("T+2") to one business day after the trade date ("T+1").

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").

Recently, the staff of the Securities and Exchange Commission issued a bulletin on the application of the standards of conduct applicable to broker-dealers and investment advisers (both, "financial professionals") when recommending account types for retail investors.

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.

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...

The next meeting of the Transfer Agent Advisory Committee will be held on Tuesday, May 24 from 1:00 p.m. to 5:00 p.m. ET and on Wednesday, May 25 from 9:00 a.m. to 1:00 p.m. ET in conjunction with ICI's Leadership Summit. The in-person meeting will take place at the JW Marriott, 1331...

On February 9, the Securities and Exchange Commission proposed rules to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date ("T+2") to one business day after the trade date ("T+1").