The Investment Company Institute reiterated “significant concerns” after the DOL reopened the comment period on the Employee Benefits Security Administration’s proposed amendments to the Qualified Professional Asset Manager Exemption.
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In comments on the use of digital assets in illicit finance activities, the Bank Policy Institute and the American Bankers Association urged regulators to better understand the differences between risks associated with nonbank issued cryptocurrencies and stablecoins and traditional banking products and services.
In a comment letter on FinCEN's proposed rulemaking on access and safeguards to beneficial ownership information, the Investment Company Institute urged FinCEN to be mindful of the unique characteristics of mutual funds.
SIFMA requested that the DOL withdraw proposed amendments to a prohibited transaction class exemption. SIFMA argued that the amendments to the "QPAM Exemption" would impede access to markets and are unnecessarily burdensome and costly.
In response to a Treasury request for comment on the use of digital assets in illicit finance activities, SIFMA asserted that traditional financial institutions are well-prepared to manage the risk of digital assets being employed for improper purposes.