Securities and Exchange Commission Content

ICI and the Investment Adviser Association submitted a joint letter to the SEC to express support for modernizing the books and records rule under the Investment Advisers Act of 1940.

The Securities and Exchange Commission should modernize the Recordkeeping Rule under the Investment Advisers Act of 1940 to better reflect the realities of modern technology, ICI wrote in a joint letter with the Investment Adviser Association today.

ICI issued a statement in response to the Securities and Exchange Commission no-action letter to an asset manager on co-investment. The no-action relief will allow open-end funds serving millions of American investors to participate in co-investment transactions on a similar basis as other regulated funds.

ICI President and CEO Eric Pan issued a statement after the Securities and Exchange Commission granted the relief necessary to allow broker-dealers and other market participants to trade ETF shares of multi-class funds.

ICI submitted a comment letter to the SEC, responding to its proposed amendments to the definitions of “small fund” and “small adviser” for purposes of the Regulatory Flexibility Act.

ICI released a statement regarding the Securities and Exchange Commission’s Division of Investment Management’s newly released frequently asked questions on collateralized loan obligations.

The SEC’s Form N‑PORT reporting framework has successfully balanced transparency and investor protection by providing regulators with monthly portfolio data while limiting public disclosure to quarterly reports. This approach has made registered funds highly transparent. However, SEC changes adopted in 2024 threaten to upset this balance and could ultimately harm investors.

Unintended Consequences: How Increased Reporting Frequency Can Affect Investors More frequent public disclosure gives market participants additional data points about a fund’s trading strategy...

Public Disclosure: Risks to Investor Costs and Fund Strategies A fund manager’s investment strategy and current holdings are valuable intellectual property, often developed through extensive research...

ICI submitted a comment letter to the Securities and Exchange Commission to expand its principles-based co-investment relief, which was first issued in April 2025—to open-end funds, thereby allowing open-end funds to participate in co-investment transactions alongside private funds under the same updated conditions as closed-end funds and business development companies.

ICI issued a statement applauding Securities and Exchange Commission Chairman Paul Atkins for today’s proposal to modernize the definition of a ‘small entity.’

ICI President and CEO Eric J. Pan released a statement today following Securities and Exchange Commission Chairman Paul Atkins’ remarks on “Revitalizing America’s Markets at 250,” at the New York Stock Exchange.