Fund Operations Content

On August 23, the SEC reopened the comment period for its proposal on Safeguarding Advisory Client Assets ("proposal"). The proposal would amend and redesignate Rule 206(4)-2 under the Investment Advisers Act ("custody rule") to enhance investor protections relating to the...

On August 7, 2023, the Investment Company Institute and Independent Directors Council filed a joint comment letter in response to the Public Company Accounting Oversight Board's (PCAOB) proposed amendments to the auditing standards related to a company's noncompliance with laws and...

On 5 July, the Financial Stability Board (FSB) and International Organization of Securities Commissions (IOSCO) each published consultations on liquidity risk management in open-ended funds (OEFs). The FSB and IOSCO are accepting feedback on the consultations by 4 September.

The Office of Information and Regulatory Affairs released the Spring 2023 Unified Agenda of Regulatory and Deregulatory Actions on June 13, 2023. The agenda includes regulatory actions that the Securities and Exchange Commission and Commodity Futures Trading Commission expect to take...

On June 13, 2023, ICI filed a comment letter with the SEC with regards to the supplemental information and reopening of the comment period for its proposal that would, among other things, amend Rule 3b-16 under the Exchange Act, which defines certain terms used in the statutory...

At ICI's 2023 Leadership Summit, SEC Chair Gensler delivered remarks which focused on fund dilution and liquidity and how it relates to financial stability, outstanding SEC rule proposals related to money market funds and liquidity risk management, hard close, and swing pricing, and...

On May 8, ICI filed the attached comment letter on the SEC's proposal on Safeguarding Advisory Client Assets, issued by the SEC on February 15, 2023. The SEC's proposal would amend and redesignate Rule 206(4)-2 under the Advisers Act rule as new rule 223-1 under the Advisers Act...

On April 20, 2023, the Securities and Exchange Commission ("Commission" or SEC) staff issued a third staff bulletin ("Staff Bulletin") providing guidance on the duty of care obligations under Regulation Best Interest ("Reg BI") for broker-dealers and under the fiduciary duty standard...