Fixed Income Securities Content

Linked below is the comment letter that ICI filed today with the SEC, which expresses serious concerns with how the SEC's proposed amendments to the liquidity rule would affect mutual funds and ETFs investing in bank loans. This letter elaborates on points made about bank loan funds...

On December 13, the SEC adopted a final rule to mandate central clearing and settlement of certain secondary market transactions in US Treasury securities—cash Treasuries and Treasury repo and reverse repo—in which one of the counterparties is a direct participant of a covered...

On November 27, 2023, the Securities and Exchange Commission (SEC or "Commission"), on a 4-1 vote by seriatim, adopted Rule 192 ("Final Rule") under the Securities Act of 1933 ("Securities Act"), which implements the prohibition under Section 621 of the Dodd-Frank Act on material...

On October 30, the SEC issued an order granting exemptive relief to Rule 144A fixed income securities from SEC Rule 15c2-11.

On November 3, FINRA filed a proposed rule change with the SEC to amend its rules to allow it to disseminate transaction-level data in US Treasury securities that are On-the-Run Nominal Coupons on an end-of-the-day basis. Comments on the proposal are due on Thursday, November 30, 2023...

For the twelfth 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. While the Division has commonly published its examination priorities near the beginning of...

As previously reported, the SEC and the CFTC recently proposed amendments to the rules for covered clearing agencies (CCAs) and derivatives clearing organization (DCOs),1 respectively, related to resiliency, and recovery and wind-down plans (RWPs).2 Yesterday, ICI filed the attached...

In its August 24, 2023 decision, a three-judge panel of the United States Circuit Court of Appeals for the Second Circuit held in Kirschner v. JP Morgan that notes issued as part of a syndicated term loan transaction ("Notes") were not securities. In doing so, the court applied the...