ADISA RESPONDS TO PROPOSED NASAA MODEL RULE

The Alternative & Direct Investment Securities Association (ADISA) has responded to the North American Securities Administrators Association’s (NASAA) request for comment on its proposed amendments to the NASAA model rule. ADISA wants to ensure that NASAA’s model rule maintains a distinction between Regulation Best Interest and Form CRS rather than blurring them, as ADISA believes this model rule does.

FINANCIAL INDUSTRY AND REGULATION

Alt Investments Projected to Grow 22% in Two Years: Investment Week reports that investments in the alternatives sector are expected to rise by 22% in the next two years, according to EY Global Wealth and Asset Management’s 2024 Global Alternative Funds survey.

Cantor-Fitzgerald Pays SEC for Misleading SPAC Disclosures: The DI Wire reports that the Securities and Exchange Commission collected $6.75 million from financial services firm Cantor Fitzgerald L.P. because two special purpose acquisition companies that it controlled made misleading statements to investors ahead of initial public offerings.

ICAN Petitions SEC Over Accredited Investor Metrics: The DI Wire reports that the Investor Choice Advocates Network has filed a petition with the SEC to remove accredited investor wealth metrics and to replace them with more rational “non-financial metrics."

IRS Delays Some RMD Rules: ThinkAdvisor reports that the Internal Revenue Service has agreed to give financial services companies and retirement savers at least one more year to start to comply with proposed changes in required minimum distribution rules.

POLICY AND LEGISLATION

Partial Government Spending Shutdown Looms: Reuters reports that lawmakers were scrambling to avert a midnight Friday partial government shutdown after President-elect Trump rejected a bipartisan deal and demanded lawmakers strike a clean extension of federal spending authority and extend the nation's debt ceiling before he takes office next month.

House Committee Chair Picks Opposed Fiduciary Rule: Financial Advisor reports that House Republican leaders have chosen Rep. French Hill (R-AR) to lead the House Financial Services Committee and Rep. Tim Walberg (R-MI) to chair the House Committee on Education and the Workforce in the next Congress. Both will likely be strong advocates for advancing SECURE 3.0 and opposed the latest Department of Labor Fiduciary Rule.

Republicans Keep Their Focus on Taxes: The Wall Street Journal reports that Republicans are prioritizing the extension of expiring tax cuts over concerns about the growing budget deficit, remaining focused on measures to stimulate growth and maintain low taxes as their primary economic policy.