STATE GOVERNMENT RELATIONS
State Tax Review Commission Meets for First Time
A new interim State and Local Tax Review Task Force held its first meeting on Aug. 23. The task force was created by legislation last session to evaluate Indiana’s tax structure and determine where potential reforms could be implemented. Lawmakers heard presentations on revenue projections for the state, an overview of the Indiana Financing Authority and a review of the Indiana Public Retirement System. They are expected to review specific taxes, including the state income tax, at future meetings this fall.
FEDERAL GOVERNMENT RELATIONS
SEC to Reopen Public Comment on Investment Advisers Proposal
The Securities and Exchange Commission Wednesday announced it would reopen the public comment period for a proposed rule that seeks to enhance protections of customer assets managed by registered investment advisers. The proposed rulemaking would broaden the application of the current investment adviser custody rule beyond client funds and securities to include any client assets in an investment adviser’s possession or when an investment adviser has authority to obtain possession of client assets, according to the agency. Like the current rule, it would entrust the safekeeping of client assets to qualified custodians, including certain banks or broker-dealers.
The initial comment period ended on May 8. With Wednesday’s decision, the SEC will take comments for an additional 60 days after the date of publication of the reopening in the Federal Register. The agency said the expanded time for comments would allow interested parties more time to analyze the issues and prepare comments.
FDIC Board to Discuss Long-Term Debt Requirement, Resolution Planning
The Federal Deposit Insurance Corp. board will meet Tuesday, Aug. 29, at 10 a.m. EDT to discuss agency proposals to create a long-term debt requirement for banks with more than $100 billion in total assets, as well as strengthen resolution plan requirements for larger institutions. FDIC Chairman Martin Gruenberg announced the proposed rulemaking earlier this month as part of a larger agency response to the recent bank failures.