Search Results for keywords:"financial transactions"

The Securities and Exchange Commission (SEC) has announced a notice concerning applications for deregistration under Section 8(f) of the Investment Company Act of 1940 for November 2024. Several companies have applied for deregistration, seeking orders to no longer be considered investment companies after transferring or liquidating assets. Notable names include Aquila Municipal Trust, BCM Focus Funds, Cohen & Steers Alternative Income Fund, Inc., Cook & Bynum Funds Trust, and GL Beyond Income Fund. These applicants have completed financial transactions and distributions, and expenses were generally covered by the investment advisers of the acquiring or liquidating entities.

The Financial Crimes Enforcement Network (FinCEN), part of the U.S. Treasury Department, is seeking comments on renewing a rule about recordkeeping for certain financial transactions. The rule mandates financial institutions to keep records of purchases of items like bank checks and money orders when bought with cash amounts ranging from $3,000 to $10,000. FinCEN is not proposing any changes to the rule itself but wants feedback on improving the process to estimate time and costs for financial institutions to comply with these requirements. Public comments are invited by March 22, 2021, and will help FinCEN refine their data collection and reduce paperwork burdens.

The Department of Labor (DOL) is asking for public comments on a request to collect information related to Bank Collective Investment Funds under the Prohibited Transaction Class Exemption 1991-38. This information gathering is required to ensure that certain financial transactions involving employee benefit plans comply with the rules and are fair and transparent. The document highlights the importance of the collection, potential burden and cost, and welcomes suggestions for improvement. Comments can be submitted by April 28, 2025, and details on how to submit them are provided in the notice.

The Department of State announced an update to its Cuba Restricted List, which includes entities and subentities in Cuba with which financial transactions are discouraged, as they might benefit the Cuban military or government at the expense of the Cuban people. This update, which took effect on January 8, 2021, includes one additional subentity and is part of ongoing measures outlined in a 2017 policy directive to strengthen U.S. policy towards Cuba. More information about the updated list can be found on the State Department's website.

The Financial Industry Regulatory Authority, Inc. (FINRA) has filed a proposed rule change with the Securities and Exchange Commission to extend the implementation date of certain amendments to their Rule 4210, which concerns margin requirements, to October 26, 2021. These amendments, related to specific types of financial transactions, have been postponed to allow further consultation with industry participants and regulators to avoid disruption to the market. The change is immediate and does not involve any alterations to the wording of FINRA rules. Public comments are invited regarding this proposed extension.

The Office of Foreign Assets Control (OFAC) under the Department of the Treasury has published two general licenses related to the Venezuela Sanctions Regulations. These licenses, GL 5Q and GL 8O, permit certain financial transactions involving Petróleos de Venezuela, S.A. (PdVSA) and transactions necessary for the maintenance and wind-down of essential operations in Venezuela. They replace previous general licenses and set specific conditions and exceptions, such as prohibiting the drilling or selling of Venezuelan petroleum. These updates became effective on November 7, 2024.

The Securities and Exchange Commission (SEC) approved changes proposed by ICE Clear Credit LLC (ICC) to its Treasury Operations Policies and Procedures. These changes aim to improve the clarity and accuracy of the Treasury Policy by adding details, correcting errors, and aligning it with current practices. Key revisions include new criteria for settlement banks to provide liquidity information and updates to investment guidelines for better flexibility and security. These amendments are designed to enhance the efficiency and safeguarding of financial transactions handled by ICC.