Fund Regulation Content

October 25, 2023—Closed-end funds (CEFs) trying to fend off hostile hedge funds and other activist investors are facing another headwind from an unexpected corner: proxy advisory firms.

ICI President and CEO Eric Pan released the following statement regarding the Securities and Exchange Commission’s (SEC) vote to adopt money market fund reforms.

Policymakers are laser-focused on a concept in open-ended funds called dilution, suggesting that it poses financial stability risks. In a nutshell, dilution occurs when fund shareholders redeem and the transaction costs of meeting those redemptions—such as bid-ask spreads or the...

Over the past 80 years, closed-end funds (CEFs) have helped millions of Americans achieve their long-term financial goals. Representing $252 billion in assets as of year-end 2022, CEFs are professionally managed, subject to a robust regulatory framework, and have several unique...

The Investment Company Institute fully agrees with the Commission’s goals to protect the integrity of investor assets from risk of loss, misuse, theft, or misappropriation. ICI believes, however, that the Proposal places onerous new responsibilities on custodians and advisers and...

ICI President and CEO Eric Pan released the following statement regarding the Securities and Exchange Commission’s (SEC) proposed enhanced safeguarding rule for registered investment advisers. “The SEC has articulated a worthy goal in its proposal to improve the integrity of investor...

The 2023 Investment Management Conference (IMC) brought together industry and government leaders to share best practices and better understand compliance and financial regulation. In case you couldn’t attend or just want to recap the action, here is what we learned at the conference...

On August 8, ICI filed this letter with the Securities and Exchange Commission to supplement our comments on the proposed reforms to money market funds. We added to our comments regarding the swing pricing requirements in the proposal. Our primary concern focused on ensuring that the...

The Independent Directors Council appreciates the opportunity to comment on the Securities and Exchange Commission’s proposal to amend Rule 35d-1 under the Investment Company Act of 1940 (the “Names Rule”). The proposal seeks to expand the universe of funds that are required to adopt...