News & Insights

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July 13, 2015

SIFMA submitted comments to the MSRB regarding the delayed compliance date for the first Form G-45 filings that are required under MSRB Rule G-45 ("Reporting of Information on Municipal Fund Securities"). SIFMA advised the MSRB to focus on the quality of the filing system itself as opposed to the speed of its implementation. See: SIFMA Comment Letter; MSRB Rule G-45.Related news: MSRB to Collect Additional Data Regarding 529 College Savings Plans (Reg. Notice 2014-03) (February 17, 2015); SEC Approves MSRB Rule G-45 as Modified by Amendment No. 1 (February 24, 2014).

June 29, 2015

The SEC's revisions to the EDGAR Filer Manual and related rules were published in the Federal Register. The revisions reflect updates to the EDGAR system. The revisions add new submission form types N-CR and N-CR/A for the Current Report of Money Market Fund Material Events. Additionally, they update submission form types ABS-15G and ABS-15G/A for asset-backed securities reporting based on Rule 15Ga-2. Although the EDGAR system is scheduled to be upgraded to support this new functionality on June 15, 2015, the effective date of the revisions is June 29, 2015. See: 80 FR 36913.

May 20, 2015

The SEC approved two rulemaking proposals at its open meeting about the modernization of investment company and investment adviser reporting. The proposals pertained to the reporting and disclosure of information. Investment Adviser Act Rule Changes, Including to Form ADV The following aspects of the changes are most relevant to investment advisers: (i) The changes would require an investment adviser to provide additional general information about its business, such as the physical locations where its employees are based, how the firm's CCO is compensated, how the firm uses Web sites and

April 06, 2015

The SEC issued a notice soliciting comments about extending the collection of information required by Investment Company Act Rule 23c-1(a), which permits a closed-end fund to repurchase its securities for cash if, in addition to the other requirements set forth in the rule, certain conditions are met. Comments must be submitted to the Office of Management and Budget within 30 days of the publication of this notice. See: 80 FR 18449.

February 17, 2015

The MSRB issued a regulatory notice announcing that the SEC-approved new MSRB Rule G-45 and electronic Form G-45 authorizes the MSRB to collect more information regarding 529 plans underwritten by brokers, dealers or municipal securities dealers. Rule G-45 requires said brokers and dealers, when acting in the capacity of an underwriter for a 529 plan, to submit information on a semi-annual or, in the case of performance data, annual basis, to the MSRB electronically through new Form G-45. Related amendments to Rules G-8 and G-9 require underwriters obligated to submit information to the MSRB