Portfolio Oversight Content

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...

ICI Global has filed comments with the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) regarding their recent Consultations on liquidity risk management in open-ended funds (OEFs). This memorandum summarizes ICI Global's comments.

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.

Earlier this month, ICI joined several other trade associations in a letter to the SEC addressing whether certain syndicated loans are securities. In Kirschner v. JP Morgan Chase Bank, N.A. et al. (2d Cir., No. 21-2726), the Second Circuit Court of Appeals is considering that question...

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...

ICI is pleased to announce publication of its white paper, Reaching the Debt Limit: Certain Fund Operational and Legal Considerations. If the US debt limit is not increased in a timely and orderly fashion, the US Government may be considered in default on its obligations as they...

On November 30, the SEC staff provided updated no-action relief from the application of Rule 15c2-11 for broad categories of fixed income securities (the "letter"). The letter provides temporary relief with respect to those fixed income securities until January 4, 2025.

On November 2, 2022, by a 3-2 vote, the SEC approved a proposal that would: amend Rule 22e-4 (the "liquidity rule"), which applies to open-end funds; require mutual funds to adopt swing pricing; and change all Form N-PORT filers' reporting obligations