Topics include

New Rules, Proposed Rules and Guidance

• SEC's Rulemaking List Targets 2017 for Proposed Uniform Fiduciary Standard and Other Notable Proposals
• FinCEN Adopts Customer Due Diligence Requirements for Covered Financial Institutions, Including Mutual Funds
• SEC Staff No-Action Letter Permits Index ETF to Exceed 1940 Act Limits on Investments in Insurance Companies and Securities-Related Issuers
• Division of Investment Management Issues Guidance on Fund Disclosure Reflecting Risks Related to Current Market Conditions

Public Statements, Press Releases and Testimony

• SEC Chair Discusses Future Regulatory Initiatives and Emerging Industry Challenges at ICI 2016 General Meetings
• SEC Chair Addresses Several Topics Regarding Mutual Fund Directors, Including Enforcement Actions and Oversight of Operational, Liquidity and Cybersecurity Risks, Among Other Issues

Litigation and Enforcement Actions

• Inadvertent Proxy Voting Instruction Results in Denial of State Law Appraisal Claim
• FINRA Publishes Targeted Exam Letter for Mutual Fund Waiver Sweep
• SEC Settles Charges against AIG Affiliates for Mutual Fund Sales Conflicts

Other News and Developments

• ICI Issues Memo Regarding the Adequacy of Fund Policies, Procedures and Disclosures in Light of Unanticipated Events Affecting Securities Trading Venues

To read the Regulatory Update, click the link below.