U.S. Representatives French Hill (R-AR), David Scott (D-GA), and Ann Wagner (R-MO) urged the DOL to "cease its efforts" to adopt the "Retirement Security Rule" proposal "to prevent needlessly inflicting harm on millions of retirement savers across the country."
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SIFMA and SIFMA Asset Management Group urged the DOL to withdraw its latest version of the "Retirement Security Rule" proposal and accompanying prohibited transaction exemption amendments that would expand the activities resulting in a person being deemed an "Investment Advice Fiduciary."
ISDA CEO Scott O’Malia reported that ISDA continues to work with global policymakers to improve margining practices that can mitigate the impact of "extreme" volatility.
The Alternative Reference Rates Committee updated its recommendations on permissible usage of Term SOFR.
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.