Federal Appeals Court Vacates SEC Private Funds Rule: The DI Wire reports that the U.S. Fifth Circuit Court of Appeals on June 5 vacated a Securities and Exchange Commission rule that required increased disclosure from private fund
Appeals Court Upholds IRS Conservation Easement Notice Invalidation:USA Herald reports that the U.S. Eleventh Circuit Appeals Court affirmed Tuesday that an IRS notice imposing reporting requirements on potentially abusive conservation easements was invalid because the agency failed to solicit the public feedback
required by administrative law. Find the full court order here.
Biden, IRS Take Aim at Donor-Advised Funds: Financial Advisor Magazine reports that the Biden administration and the Internal Revenue Services are taking aim at donor-advised funds over concerns that the wealthy are abusing the benefits that accrue from contributing to these tax-advantaged charitable
More Investors Look to Increase Alts:Pensions & Investments reports that 55% of investors plan to increase their alternative investment allocation over the next five
years, according to survey by analytics provider Clearwater Analytics.
CFPB Sets Up Non-Bank Repeat Offender List: The Hill reports that the federal government’s top consumer watchdog is establishing a registry to track companies and people who repeatedly break consumer protection laws, the Consumer
Chamber of Commerce Supports DOL Fiduciary Lawsuit: Pensions & Investments reports that the U.S. Chamber of Commerce has filed a brief in support of a federal lawsuit urging a federal court in Texas to vacate the Department of
SEC Issues Exam Risk Alert Warning:ThinkAdvisor reports that the SEC warned broker-dealers Wednesday that prior disciplinary history as well as signs of financial
stress and media reports could make them prime targets for an exam.
Trump Tax Cuts Extension Costs Growing: The Hill reports that the cost of extending tax cuts passed as part of former President Trump’s signature 2017 tax law will climb to over $4 trillion by 2028, a new analysis from the Committee for a
Biden Vetos Disapproval Resolution on SEC Crypto Custody Rule: CoinDesk reports that President Biden vetoed a congressional resolution that would have repealed SEC Staff Accounting Bulletin 121, which directs financial institutions holding crypto for customers to keep the assets on their own balance
Proposed House Funding Bill Would Cut SEC Budget: ThinkAdvisor reports that the proposed House Appropriations Committee’s Financial Services Appropriations bill would trim the SEC’s budget by $589 million and prohibit the agency from
implementing its Consolidated Audit Trail or climate proposals.
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