Federal Prime Interest Rate Increased to 7 Percent
Effective November 2, 2022, the federal prime interest rate increased from 6.25 percent to 7 percent.
SEC Final Rule on Broker-Dealer Electronic Recordkeeping Requirements Set for Publication in Federal Register
The Securities and Exchange Commission (SEC) is adopting amendments to the recordkeeping rules applicable to broker-dealers, security-based swap dealers (SBSDs), and major security-based swap participants (MSBSPs).
Proposed Restated Voluntary Fiduciary Correction Program Has Left OMB
A Department of Labor proposed rule restating the Voluntary Fiduciary Correction Program (VFCP) has left the Federal Office of Management and Budget.
SEC Finalizes Rule to Modernize Shareholder Reports and Disclosures
The SEC has released a final rule to amend requirements for shareholder reports for mutual funds and exchange-traded funds (ETFs) and rules for investment company advertisements.
SEC Proposes Requirements for Investment Advisor Outsourcing
The SEC has released a proposed rule to prohibit investment advisers from outsourcing certain services or functions without first meeting due diligence and ongoing monitoring requirements related to the “covered function”.
Hardship Distributions May Be Permitted for Illinois Severe Storms
The Federal Emergency Management Agency (FEMA) has issued a disaster declaration for severe storm and flooding in Illinois, beginning October 14, 2022.
IRS Announces Applicable Federal Rates for November 2022
The IRS has issued Revenue Ruling 2022-20, which contains the applicable federal rates (AFR) for November 2022.
Treasury Issues Final Rule on Employer-Sponsored Coverage and Premium Tax Credit
The Department of Treasury has issued a final rule amending the affordability determination used to determine a family’s eligibility for the premium tax credit.
PBGC Proposes Rule Addressing Withdrawal Liability for Multiemployer Plans
The PBGC is proposing to provide interest rate assumptions that may be used by a plan actuary in determining a withdrawing employer’s liability under a multiemployer plan.
2023 Taxable Wage Base Announced
The Social Security Administration has announced the 2023 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices.
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