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Comment Letters

Access the IAA’s Comments & Statements

In this section, you can read comment letters, statements, and other correspondence the IAA has issued regarding major issues affecting our industry.

For documents older than 2018, please visit our Resource Library or contact the IAA Legal Team at iaalegalteam@investmentadviser.org.

2024

IAA Comments on UK FCA Consultation Paper: Enforcement Guide and Publicising Enforcement Investigations

The IAA filed a comment letter with the UK Financial Conduct Authority in response to its Consultation Paper: Enforcement Guide and Publicising Enforcement Investigations. While the IAA recognizes the importance of regulatory transparency and understand the rationale behind potentially publicizing investigations, our arguments focus on the potential irreparable harm done to firms by publicizing investigations, a majority of which do not result in a finding of misconduct.

April 30, 2024

Keywords: FCA, Investigation, UK

Categories & Topics: Compliance, International

2023

IAA Calls on SEC to Withdraw Rule Proposal on Conflicts of Interest Associated with use of Predictive Data Analytics

The IAA submitted a comment letter to the SEC requesting that the agency withdraw its proposed rules regarding potential conflicts of interest associated with the use of predictive data analytics and other technologies by advisers in investor interactions.

October 10, 2023

Keywords: Artificial Intelligence, Conflicts of Interest, Predictive Data Analytics

Categories & Topics: Compliance, Conflicts, Fiduciary

2022

IAA Letter to SEC on Service Provider Outsourcing

The IAA submitted a comment letter to the SEC reflecting our general views on the recent adviser outsourcing proposal. Our comments were developed with the input of our dedicated member workstream that is focusing on this proposal. We have significant concerns with the proposal and have urged the Commission not to move forward and instead to consider alternative approaches to achieve its goals.

December 23, 2022

Keywords: Due Diligence, Outsourcing, oversight, Service Providers, Vendors

Categories & Topics: Compliance, Compliance Programs

Supplemental Comments on SEC Proposal to Shorten Securities Settlement Cycle to T+1

The IAA has submitted supplemental comments on the SEC’s proposal to shorten the securities settlement cycle to T+1. Our supplemental letter requests that the SEC push back the T+1 settlement cycle compliance date to September 3, 2024, replace the proposed requirement of a written agreement with a requirement that investment advisers adopt policies and procedures, and that the SEC take further action to reduce disruption in the foreign exchange (FX) markets.

October 19, 2022

Keywords: Recordkeeping, Securities Settlement Cycle, Trading

Categories & Topics: Books & Records, Brokerage & Trading, Compliance

Comments on DOL Proposal to Amend the QPAM Exemption

The IAA responded to a Department of Labor proposal to amend the QPAM Exemption. While we support the DOL’s efforts to protect the interests of Plans and Plan participants, we are concerned that the potential impacts of the proposal would extend beyond these objectives and would have negative consequences that may not be in the best interest of Plans and their participants.

October 11, 2022

Keywords: DOL, ERISA, PTE, QPAM

Categories & Topics: Compliance, ERISA & Pension Plans

2021

SEC Form 13F Re-Proposal

The IAA commented on the SEC’s re-proposal of amendments to Form 13F that (i) additional identifying information in Form 13F is not needed, (ii) the SEC could provide managers with flexibility to choose an alternative identifier to a CUSIP and should study holistically issues raised by requiring the use of licensed security identifiers, and (iii) the SEC should not make technical amendments to the well-established rounding conventions or how a security’s value is reported.

December 17, 2021

Keywords: 13F, Advocacy, CUSIP

Categories & Topics: 13F, Reporting

Recommendations of SEC Asset Management Advisory Committee on Small Advisers

The IAA’s letter to the House Financial Services Committee supports bi-partisan legislation that would require the SEC to analyze the impact of regulations on small businesses and consider alternative approaches. This is consistent with the recent AMAC recommendation for the SEC to reconsider a small entity for purposes of its regulatory analysis.

November 23, 2021

Keywords: AMAC, House Financial Services, Industry Snapshot, Small Advisers

Categories & Topics: Congress, Industry Trends, Industry-Level

2020

Response to Consultation Paper on the Development of the CFA Institute ESG Disclosure Standards for Investment Products

We responded to a CFA Institute consultation on ESG Disclosure Standards for Investment Products. We urged CFA Institute to wait until regulators completed their deliberations and then determine whether there is a need for ESG product disclosure standards. Our responses focused on the need for and scope of the standards, our objection to the independent examination requirement, and ESG Integration and Proxy Voting, Engagement, and Stewardship as ESG-Related Features.

October 19, 2020

Keywords: CFA Institute, ESG

Categories & Topics: ESG, Industry-Level

Comments on DOL Proxy Proposal

The IAA strongly opposed and urged the DOL to withdraw its proposal on proxy voting and the selection and monitoring of proxy advisory firms because it represents a significant departure on how plan fiduciaries view their proxy voting responsibilities, and would substantially increase compliance costs without providing measurable benefits to plan participants and beneficiaries.

October 05, 2020

Keywords: DOL, Proxy Advisory Firms, Proxy Voting

Categories & Topics: Compliance, ERISA & Pension Plans, Proxy Voting

2019

IAA, Joint Trades Letter Urging Congress to Allow Financial Services Professionals to Qualify for Pass-Through Business Tax Deduction

The IAA joined other trade associations to submit a letter to leadership of the House Ways and Means Committee and the Senate Finance Committee urging them to allow financial services professionals to qualify for a 20 percent deduction on “qualified business income” for owners and shareholders of pass-through businesses.

December 18, 2019

Keywords: Taxes

Categories & Topics: Account Operations, Congress, Industry-Level, Tax

Comments on Procedures for Review of Exemptive Applications Under the Investment Company Act

The IAA supported the objective of the proposal to make the applications process more efficient. The IAA also supported comments made by the Investment Company Institute regarding the expedited review process, transparency on the timeframe for staff action, and concerns on publication of comments and responses.

November 27, 2019

Keywords: Investment Company Act

Categories & Topics: Compliance, Registered Funds

Comments on SEC Concept Release on Harmonization of Securities Offering Exemptions

The IAA recommended amending the definition of “accredited investor” and “qualified institutional buyer” or “QIB,” clarifying that certain communications do not violate the “general solicitation” or “general advertising” prohibitions, and expanding the ability of investors to invest in closed-end funds that invest in privately offered alternative investments.

October 18, 2019

Keywords: Accredited Investor, Private Offerings, QIB

Categories & Topics: Compliance, Private Funds

2018

Comments on Custody Rule and Definition of Small Business Pursuant to Regulatory Flexibility Act Review

The IAA urged the SEC to update the definition of “small business” under the Advisers Act and better tailor its regulations for smaller advisers. The Custody Rule was included in the list of rules to be reviewed under the Regulatory Flexibility Act, and the IAA described the rule as overly complex, unduly burdensome, and causing unnecessary confusion.

December 27, 2018

Keywords: Custody, Smaller Advisers

Categories & Topics: Compliance, Custody

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