The ICI is joining the queue of interest groups asking President-elect Donald Trump to lend them his ear, with a request for his support to overhaul the regulatory framework governing investment funds.
In a letter to Trump’s transition team, the asset management lobbying group floated a “comprehensive plan” aimed at easing regulatory burdens, cutting taxes, and fostering innovation in the financial sector.
“Regulatory reforms are needed to enable firms to continue innovating and advance the interests of individual investors,” according to the letter that was reviewed and reported on earlier by Reuters.
The ICI’s proposals encompass a wide range of priorities, including transformative updates to the Investment Company Act of 1940 intended to support mutual funds, exchange-traded funds, and other registered investment products.
In a separate report, Financial Advisor IQ noted that the asset management lobby group's recommendations suggested expanding the asset classes permitted in semi-transparent ETFs, granting retail investors more access to private markets through flexible closed-end fund structures, and simplifying compliance by streamlining the delivery of fund-related documents.
In October, the ICI voiced its concerns about amendments to reporting requirements by the SEC, currently chaired by Gary Gensler, that would require various types of registered fund entities to report on their portfolio holdings on a monthly rather than quarterly basis. Trump has yet to name a new chair for the SEC but has stated earlier that he plans to remove Gensler upon taking office.
The group also called for reforms to the Financial Stability Oversight Council’s process for designating systemically important financial institutions and proposed changes to the Employee Retirement Income Security Act.
The ICI's reform agenda also calls for a more level playing field in retirement plans, with public-sector and nonprofit employees in 403(b) plans being granted the same investment options as 401(k) participants.
The letter asserted that the ICI's proposed regulatory changes could help individual investors avoid “unnecessary taxes” and promote economic growth. It also urged Congress to pursue broader tax and corporate disclosure reforms that would create a “fairer tax system for funds.”
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