The effective date for SEC amendments designed to tailor mutual fund and ETF disclosures to the needs of retail investors will be January 24, 2023. The amendments update the standards of information required in annual and semiannual reports.
The SEC approved separate proposals by the National Securities Clearing Corporation, the Fixed Income Clearing Corporation and the Depository Trust Company to increase certain minimum capital requirements for members and make other adjustments.
SEC Commissioner Hester M. Peirce argued that advisers to funds must vote in accordance with the fund's investment objectives and the best interests of that particular fund, even if doing so conflicts with the best interests of individual shareholders or the asset manager.
The SEC proposed amendments to impose additional liquidity requirements on mutual funds and other SEC-registered open-end funds.
The SEC adopted a final rule amending the reporting requirements for (i) management investment companies as to their reporting of proxy votes and (ii) "institutional investment managers" as to proxy voting relating to executive compensation.