The Investment Company Institute of Washington, D.C., has suggested changes in an SEC rule proposal governing how mutual funds oversee their securities held in foreign countries. The ICI said it was troubled by language in the proposed amendment to rule 17f-5 of the Investment Company Act and a proposed new rule 17f-7. Together, the rule proposals, which require a fund's global custodian to monitor the risk of using sub-custodians in foreign countries under certain circumstances, could effectively prohibit funds from investing in some countries, the ICI said. The SEC should adopt language in the rule making it clear that funds could use a foreign sub-custodian, despite risks associated with the firm, the ICI said in a letter dated July 15 to the SEC.
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FINRA identifies new ways firms and investors are using technology like AI to spot changes in market sentiment and asks the industry to chime in on how finfluencers and others are using social media.
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President Trump's signature tax law drew the most headlines, but FP covered the "T" intersection with wealth management from many angles.
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Most borrowers use defined contribution plan loans for essential health and housing costs rather than discretionary spending, new EBRI research found. Still, many financial advisors remain skeptical of such loans.
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An industry lawyer warns that RIAs often don't do enough to delineate their responsibilities and shield themselves from liability when they add tax preparation to their service offerings.
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Founders Elissa Buie and Dave Yeske are leaving a legacy in the profession and at the firm under three successors taking over in 2026.
December 16





