COVID-19 Resource Center
This resource center compiles ICI’s work in regulatory, legislative, and operational areas relating to the COVID-19 pandemic. Members may sign in for more resources on the latest US and global developments affecting the fund industry and fund investors.
Pandemic and Economic Shutdown Drove Financial Turmoil in March 2020
ICI’s research series on the market impact of COVID-19 analyzes financial
markets’ reactions to the pandemic and the US government's response.
Bond Mutual Funds’ Role in the Fixed-Income Markets
New ICI research provides a detailed picture of bond mutual funds’ role in the fixed-income markets during March 2020. ICI urges regulators to use this information when considering policies to enhance the resilience of markets.
Core Bond Mutual Funds Had Little Impact on the Investment Grade Corporate Bond Market
Core bond mutual funds’ activities during March 2020 had little impact on the investment grade...
Policymakers Need to Focus on Economic Fundamentals and Not Blame Bond Mutual Funds: Examining the Evidence of Investment Grade Corporate Bond Yield Spreads in March 2020
Bond mutual funds’ activities during March 2020 had little impact on the investment grade corporate...
Policymakers Say Bond Mutual Funds Contributed Significantly to Treasury Market Stress but…
US residents that invest in mutual funds. ICI survey data on the daily activities of bond mutual...
Setting the Record Straight on Bond Mutual Funds’ Sales of Treasuries
When analyzing the complex and unprecedented market activity of March 2020, it is vital to use...
ICI Bond Mutual Fund Survey Brings Facts to the Debate
New ICI research provides a detailed picture of bond mutual funds’ role in the fixed-income markets...
COVID-19 Working Group Report
The COVID-19 Market Impact Working Group, made up of senior industry executives, was charged by the Executive Committee of ICI’s Board of Governors to examine the causes of the 2020 market turmoil and the experiences of regulated funds.
As policymakers around the globe study the events and causes of March 2020, ICI’s Working Group Report—released as a series of papers and written by ICI Global and ICI’s Research, Law, and Industry Operations groups—provides a data-based foundation for future regulatory discussions or other responses that could affect regulated funds and their investors.
Experiences of US Bond Mutual Funds
In addition to the Working Group Report, ICI Research released an ICI Viewpoints series to examine US bond mutual funds during the crisis.
Growth in Bond Mutual Funds: A Question of Balance
Why have bond mutual funds grown substantially in the past several years? There are two possible...
Growth in Bond Mutual Funds: See the Whole Picture
In the past decade, a number of regulators and academics have discussed concerns about the growth in...
What’s in a Name, Redux: For Bond Mutual Funds, “Corporate” Matters
Policymakers around the globe are studying the turmoil in March 2020 related to the COVID-19...
Bond Mutual Fund Outflows: A Measured Investor Response to a Massive Shock
The evidence about what happened to financial markets in March 2020 is still far too mixed and...
Experiences of European Markets, UCITS, and European ETFs
Regulated Funds in Europe During the COVID-19 Crisis
When the COVID-19 pandemic hit, economic shutdowns around the world led to turmoil in the financial...
ICI: UCITS Weathered COVID-19 Market Crisis Well
UCITS managers responded to challenges created by the COVID-19-related market turmoil in March by...
Experiences of European Markets, UCITS, and European ETFs During the COVID-19 Crisis (pdf)
Experiences of European Markets, UCITS, and European ETFs During the COVID-19 Crisis Summary (pdf) – Simplified Chinese
Experiences of US Money Market Funds
ICI: Prime Money Market Funds Didn’t Trigger Financial Turmoil in March
There were serious and widespread dislocations in short-term credit and other fixed-income markets...
Experiences of US Money Market Funds During the COVID-19 Crisis (pdf)
Experiences of US Money Market Funds During the COVID-19 Crisis Summary (pdf) – Simplified Chinese
Experiences of US Exchange-Traded Funds
ICI: ETFs Proved Resilient During Unprecedented COVID-19 Market Volatility
ICI: ETFs Proved Resilient During Unprecedented COVID-19 Market Volatility New Paper Details How ETF...
Experiences of US Exchange-Traded Funds During the COVID-19 Crisis (pdf)
Experiences of US Exchange-Traded Funds During the COVID-19 Crisis Summary (pdf) – Simplified Chinese
Impact on the Economy and Financial Markets
ICI: Pandemic and Economic Shutdown Drove Financial Turmoil in March
Financial markets’ significant volatility in March reflected a combination of unprecedented factors...
Market Turmoil and Liquidity Crunch Rooted in the COVID-19 Pandemic
The first paper in ICI’s new research series, “The Impact of COVID-19 on Economies and Financial...
The Impact of COVID-19 on Economies and Financial Markets (pdf)
The Impact of COVID-19 on Economies and Financial Markets Summary (pdf) – Simplified Chinese
General ICI Resources
Press Releases and Statements
Speech
COVID-19’s Impact on Money Markets, Crane’s Fund Symposium
ICI President and CEO Paul Schott Stevens shares research findings and analysis on the experiences...
News Release
ICI Statement on Enactment of COVID-19 Relief Package
Paul Schott Stevens, president and CEO of the Investment Company Institute, issued the following...
News Release
ICI Applauds Congressional Action to Provide COVID-19 Relief
Paul Schott Stevens, president and CEO of the Investment Company Institute, issued the following...
News Release
ICI Calls for Immediate Congressional Action to Address COVID-19 Relief
Paul Schott Stevens, president and CEO of the Investment Company Institute, issued the following...
News Release
ICI: “Vitally Important" That Financial Markets Remain Open
Paul Schott Stevens, president and CEO of the Investment Company Institute, issued the following...
Research and Commentary
Effect of March 2020 on Fixed-Income Markets and Open-End Funds: Holistic Review and Policy Implications: Summary of Proceedings and Key Points
A Study of the Performance of Money Market Funds and the Short-Term Funding Markets During March 2020: Summary of Proceedings and Key Points
Regulated Funds: Supporting the Economy During the COVID-19 Crisis
In a recent call with the Financial Stability Board, ICI President and CEO Paul Schott Stevens...
Focus on Funds: During Global Turbulence, Funds Continue to Operate Efficiently
The COVID-19 pandemic has triggered a global shutdown and market turbulence, but funds are operating...
Working to Ensure Funds Can Maintain Vital Services
Key personnel of mutual fund sponsors and service providers should be deemed “essential workers” and...
During COVID-19 Crisis, Fund Company Staff Are Essential
As governments consider extending orders to “shelter in place,” they must include staff of fund...
ETFs Are Passing the COVID-19 Crisis Test
How have exchange-traded funds (ETFs) weathered the intensifying financial market fallout from the...
Focus on Funds: Amid Volatile Markets, Fund Investors Stay the Course
Focus on Funds Amid Volatile Markets, Fund Investors Stay the Course Despite ups and downs in the...
Mutual Fund Flows in the COVID-19 Crisis
The novel coronavirus disease, or COVID-19, is taking a heavy toll on the world economy—in lives, in...
Comment Letters
Coalition Letter to the European Commission and OECD on COVID-19-Related Tax Treaty Challenges (pdf)
Coalition Letter to the European Commission and OECD on COVID-19-Related Tax Treaty Challenges (pdf)
ICI Joins Letter to BCBS and IOSCO Requesting Suspension of UMR Compliance Dates (pdf)
ICI Letter to IRS Regarding COVID-19 Related Tax Relief Challenges (pdf)
ICI Letter to IRS Urges Guidance on Tax Filing Deadline (pdf)
ICI Letter to the National Governors Association on Shelter in Place (pdf)
Joint Statement on Keeping European Markets Open (pdf)
Resources for Members
US Developments: Legislative
January 12, 2023
Memo #34801
SEC Proposes to Expand Order Execution Disclosures Under Rule 605 of Reg NMS
On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") issued a proposal ("Proposal") to update the disclosure required under Rule 605 of Regulation National Market System ("Reg NMS") that would: (1) expand the scope of entities...
December 28, 2022
Memo #34737
FINRA Adopts and Proposes Amendments to TRACE Reporting
Over the last month, FINRA has proposed or adopted three separate reporting requirement changes to the Trade Reporting and Compliance Engine (TRACE). On December 13, 2022, FINRA adopted amendments to require the reporting of transactions in US dollar...
Securities and Exchange Commission
January 12, 2023
Memo #34801
SEC Proposes to Expand Order Execution Disclosures Under Rule 605 of Reg NMS
On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") issued a proposal ("Proposal") to update the disclosure required under Rule 605 of Regulation National Market System ("Reg NMS") that would: (1) expand the scope of entities...
December 28, 2022
Memo #34737
FINRA Adopts and Proposes Amendments to TRACE Reporting
Over the last month, FINRA has proposed or adopted three separate reporting requirement changes to the Trade Reporting and Compliance Engine (TRACE). On December 13, 2022, FINRA adopted amendments to require the reporting of transactions in US dollar...
October 24, 2022
Memo #34292
SEC's Division of Examinations Issues Risk Alert Regarding Investment Adviser Marketing Rule
In December 2020, the SEC adopted rule amendments that replaced the existing Investment Advisers Act advertising and cash solicitation rules for investment advisers and private funds with a single, combined "Marketing Rule." The new Marketing Rule does not...
Federal Reserve Board and Treasury Department
January 12, 2023
Memo #34801
SEC Proposes to Expand Order Execution Disclosures Under Rule 605 of Reg NMS
On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") issued a proposal ("Proposal") to update the disclosure required under Rule 605 of Regulation National Market System ("Reg NMS") that would: (1) expand the scope of entities...
December 28, 2022
Memo #34737
FINRA Adopts and Proposes Amendments to TRACE Reporting
Over the last month, FINRA has proposed or adopted three separate reporting requirement changes to the Trade Reporting and Compliance Engine (TRACE). On December 13, 2022, FINRA adopted amendments to require the reporting of transactions in US dollar...
October 24, 2022
Memo #34292
SEC's Division of Examinations Issues Risk Alert Regarding Investment Adviser Marketing Rule
In December 2020, the SEC adopted rule amendments that replaced the existing Investment Advisers Act advertising and cash solicitation rules for investment advisers and private funds with a single, combined "Marketing Rule." The new Marketing Rule does not...
Commodity Futures Trading Commission and National Futures Association
January 12, 2023
Memo #34801
SEC Proposes to Expand Order Execution Disclosures Under Rule 605 of Reg NMS
On December 14, 2022, the Securities and Exchange Commission (SEC or "Commission") issued a proposal ("Proposal") to update the disclosure required under Rule 605 of Regulation National Market System ("Reg NMS") that would: (1) expand the scope of entities...
December 28, 2022
Memo #34737
FINRA Adopts and Proposes Amendments to TRACE Reporting
Over the last month, FINRA has proposed or adopted three separate reporting requirement changes to the Trade Reporting and Compliance Engine (TRACE). On December 13, 2022, FINRA adopted amendments to require the reporting of transactions in US dollar...
October 24, 2022
Memo #34292
SEC's Division of Examinations Issues Risk Alert Regarding Investment Adviser Marketing Rule
In December 2020, the SEC adopted rule amendments that replaced the existing Investment Advisers Act advertising and cash solicitation rules for investment advisers and private funds with a single, combined "Marketing Rule." The new Marketing Rule does not...
External Resources
Regulators and Policymakers
United States
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New York Federal Reserve Board COVID-19 Resource Center
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SEC COVID-19 Response Page
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SEC Enables Immediate Effectiveness of Proposed Rule Change to Facilitate NYSE Electronic Auctions in Light of Temporary Closure of Physical Trading Floor
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SEC Provides Conditional Regulatory Relief for Registered Transfer Agents and Certain Other Persons Affected by the Coronavirus Disease 2019 (COVID-19)
Global
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Australian Securities and Investments Commission COVID-19
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Canadian Securities Administrators COVID 19 Information
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Central Bank of Ireland COVID-19 Information
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EIOPA COVID-19 Guidance
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European Commission Coronavirus Response Information
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European Securities and Markets Authority (ESMA) COVID-19 Information
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French Financial Markets Regulator (AMF) COVID-19 Information
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German Financial Regulator (BaFin) COVID-19 Information
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Hong Kong Securities and Futures Commission COVID-19 Information
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Japan Financial Services Authority COVID-19 Information
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Luxembourg Financial Markets Authority (CSSF) COVID-19 Information
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Monetary Authority of Singapore COVID-19 Information
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OECD COVID-19 Country Policy Tracker
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Taiwan Financial Services Commission COVID-19 Information
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UK Financial Conduct Authority COVID-19 Information
Business Continuity Resources
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Cellular Contacts for Key ICI Staff
Feb 12, 2021 -
DTCC Coronavirus FAQ (pdf)
Aug 4, 2020 -
Focus on Funds: During Global Turbulence, Funds Continue to Operate Efficiently
Apr 17, 2020 -
Travel Letter Template for Essential Employee (pdf)
Mar 24, 2020 -
Treasury Press Statement on Financial Services Sector Essential Critical Infrastructure Workers
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Working to Ensure Funds Can Maintain Vital Services
Mar 22, 2020 -
ICI Letter to the National Governors Association on Shelter in Place (pdf)
Mar 21, 2020 -
During COVID-19 Crisis, Fund Company Staff Are Essential
Mar 20, 2020 -
CISA Guidance on the Essential Critical Infrastructure Workforce, Version 4.0
Dec 16, 2020 -
Treasury Memorandum on Financial Services Sector Essential Critical Infrastructure Workers (pdf)
Mar 22, 2019