International Content

The International Organization of Securities Commissions (IOSCO) published on January 27, 2023, the second edition of its Investment Funds Statistics Report (IFSR). The report contains an analysis of national-level aggregated data, which is sourced directly from supervisory data. This...

On December 16, 2022, the Board of Governors of the Federal Reserve System (the "Board") issued a final rule ("Final Rule") implementing the US Adjustable Interest Rate (LIBOR) Act, which was enacted on March 15, 2022. The Final Rule establishes the benchmark replacements that will...

On January 12, 2023, the Hong Kong Securities and Futures Commission (SFC) hosted a second industry workshop on ESG funds. The workshop focused on practical difficulties and questions that fund managers have encountered during the ESG fund application process, and in complying with...

ICI Global submitted the attached response to a consultation from Japan Financial Services Agency (FSA) on proposed partial amendments to the comprehensive supervisory guidelines for financial business operators regarding ESG Investment Trusts. The proposed revisions seek to provide...

ICI Global submitted the attached letter to the Indian Government for consideration as they develop the 2023 Union Budget. The letter describes tax issues and proposes recommendations to address the global regulated fund industry's outstanding tax issues.

On January 17, the European Securities and Markets Authority (ESMA) published its fifth annual report on the costs and performance of European Union (EU) retail investment products. The report covers Undertakings for Collective Investment in Transferable Securities (UCITS), Retail...

On December 19, 2022, the Japan Financial Services Agency (JFSA) published Partial Amendments to the "Comprehensive Supervisory Guidelines for Financial Instruments Business Operators, etc." (Draft Amendments). Comments on the Draft Amendments are due on January 27, 2023.

On December 15, 2022, Japan's Financial Services Agency (JFSA) released the final Code of Conduct for ESG Evaluation and Data Providers ("Code of Conduct"). The Code of Conduct includes six principles applicable to ESG evaluation and data providers, building upon the discussions...

EU Member States reached an agreement to implement the OECD Pillar Two proposal through the adoption of the EU Minimum Tax Directive. The Directive was adopted as part of a package along with aid to Ukraine and the disbursement of EU funding to Hungary.

On December 8, the European Securities and Markets Authority (ESMA) published a peer review report on National Competent Authorities' (NCAs) handling of firms' relocation to the European Union (EU) in the context of the United Kingdom's (UK) withdrawal from the EU.