Portfolio Oversight Content

On February 12, 2025, the SEC staff rescinded prior guidance, reinstated previously rescinded guidance, and issued new guidance on the shareholder proposal rule (Rule 14a-8). Rule 14a-8 under the Exchange Act conditionally permits a company's shareholders to include proposals (i.e...

The SEC adopted amendments to the Fund Names Rule in September 2023. The compliance dates for the Amendments are currently December 11, 2025 for larger entities and June 11, 2026 for smaller entities.

Last week, ICI sent a letter (linked below) to SEC Chair Gensler, requesting that the SEC (i) suspend the compliance dates for certain recent regulatory actions, (ii) halt work on not-yet-finalized rulemaking, and (iii) extend soon-to-expire relief that would have a significant impact...

Last week, the SEC staff extended indefinitely compliance relief from Exchange Act Rule 15c2-11 (the "rule") for brokers and dealers publishing or submitting quotations for fixed income securities. The prior SEC staff relief—which the 2024 Letter withdraws—would have expired in...

The SEC adopted amendments to fund reporting requirements on Forms N-PORT and N-CEN and issued guidance on open-end funds' liquidity risk management programs.

On 8 July, the European Securities Market Authority issued two consultations regarding liquidity management tools with proposed regulatory technical standards and guidelines for Undertakings for the Collective Investment in Transferable Securities and Alternative Investment Funds...

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

In early August, President Biden issued an Executive Order on "Addressing United States Investments in Certain National Security Technologies and Products of Countries of Concern." That same day Treasury issued an Advance Notice of Proposed Rulemaking (ANPRM) regarding the...