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.

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.

April 8, 2021

By Sean Collins

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...

March 19, 2021

By Sean Collins

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...

March 11, 2021

By Sean Collins

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...

March 4, 2021

By Sean Collins

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

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 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 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)

Impact on the Economy and Financial Markets

The Impact of COVID-19 on Economies and Financial Markets, Part 1 (pdf)

October 14, 2020

By Sean Collins

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...

ICI: Pandemic and Economic Shutdown Drove Financial Turmoil in March

Financial markets’ significant volatility in March reflected a combination of unprecedented factors...

General ICI Resources

Press Releases and Statements

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...

ICI Statement on Enactment of COVID-19 Relief Package

Paul Schott Stevens, president and CEO of the Investment Company Institute, issued the following...

ICI Applauds Congressional Action to Provide COVID-19 Relief

Paul Schott Stevens, president and CEO of the Investment Company Institute, issued the following...

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...

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

More

April 22, 2020

By Paul Schott Stevens

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...

March 22, 2020

By Paul Schott Stevens

Working to Ensure Funds Can Maintain Vital Services

Key personnel of mutual fund sponsors and service providers should be deemed “essential workers” and...

March 20, 2020

By Paul Schott Stevens

During COVID-19 Crisis, Fund Company Staff Are Essential

As governments consider extending orders to “shelter in place,” they must include staff of fund...

March 17, 2020

By Shelly Antoniewicz

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...

March 11, 2020

By Sean Collins

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)

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

July 2, 2015

Memo #29139

SEC Charges Auditor with Violating Auditor Independence Rules; Charges Fund Trustee and Fund Administrator for Related Violations

In a settled enforcement action, the Securities and Exchange Commission charged a fund auditor with violating auditor independence rules when its consulting affiliate maintained a business relationship with a trustee serving on the boards and audit committees...

July 2, 2015

Memo #29139

SEC Charges Auditor with Violating Auditor Independence Rules; Charges Fund Trustee and Fund Administrator for Related Violations

TO: ACCOUNTING/TREASURERS MEMBERS No. 14-15 SEC RULES MEMBERS No. 44-15 INVESTMENT COMPANY DIRECTORS No. 19-15 RE: SEC CHARGES AUDITOR WITH VIOLATING AUDITOR INDEPENDENCE RULES; CHARGES FUND TRUSTEE AND FUND ADMINISTRATOR FOR RELATED VIOLATIONS In a settled...

Securities and Exchange Commission

July 2, 2015

Memo #29139

SEC Charges Auditor with Violating Auditor Independence Rules; Charges Fund Trustee and Fund Administrator for Related Violations

In a settled enforcement action, the Securities and Exchange Commission charged a fund auditor with violating auditor independence rules when its consulting affiliate maintained a business relationship with a trustee serving on the boards and audit committees...

July 2, 2015

Memo #29139

SEC Charges Auditor with Violating Auditor Independence Rules; Charges Fund Trustee and Fund Administrator for Related Violations

TO: ACCOUNTING/TREASURERS MEMBERS No. 14-15 SEC RULES MEMBERS No. 44-15 INVESTMENT COMPANY DIRECTORS No. 19-15 RE: SEC CHARGES AUDITOR WITH VIOLATING AUDITOR INDEPENDENCE RULES; CHARGES FUND TRUSTEE AND FUND ADMINISTRATOR FOR RELATED VIOLATIONS In a settled...

September 4, 2009

Memo #23761

IDC Files Brief in Supreme Court Case; Summary of Additional Briefs (Summary Memo)

September 4, 2009 TO: INVESTMENT COMPANY DIRECTORS No. 21-09 RE: IDC FILES BRIEF IN SUPREME COURT CASE; SUMMARY OF ADDITIONAL BRIEFS The Independent Directors Council has filed an amicus curiae (“friend of the court”) brief in the Jones v. Harris Associates...

Federal Reserve Board and Treasury Department

July 2, 2015

Memo #29139

SEC Charges Auditor with Violating Auditor Independence Rules; Charges Fund Trustee and Fund Administrator for Related Violations

In a settled enforcement action, the Securities and Exchange Commission charged a fund auditor with violating auditor independence rules when its consulting affiliate maintained a business relationship with a trustee serving on the boards and audit committees...

July 2, 2015

Memo #29139

SEC Charges Auditor with Violating Auditor Independence Rules; Charges Fund Trustee and Fund Administrator for Related Violations

TO: ACCOUNTING/TREASURERS MEMBERS No. 14-15 SEC RULES MEMBERS No. 44-15 INVESTMENT COMPANY DIRECTORS No. 19-15 RE: SEC CHARGES AUDITOR WITH VIOLATING AUDITOR INDEPENDENCE RULES; CHARGES FUND TRUSTEE AND FUND ADMINISTRATOR FOR RELATED VIOLATIONS In a settled...

September 4, 2009

Memo #23761

IDC Files Brief in Supreme Court Case; Summary of Additional Briefs (Summary Memo)

September 4, 2009 TO: INVESTMENT COMPANY DIRECTORS No. 21-09 RE: IDC FILES BRIEF IN SUPREME COURT CASE; SUMMARY OF ADDITIONAL BRIEFS The Independent Directors Council has filed an amicus curiae (“friend of the court”) brief in the Jones v. Harris Associates...

Commodity Futures Trading Commission and National Futures Association

July 2, 2015

Memo #29139

SEC Charges Auditor with Violating Auditor Independence Rules; Charges Fund Trustee and Fund Administrator for Related Violations

In a settled enforcement action, the Securities and Exchange Commission charged a fund auditor with violating auditor independence rules when its consulting affiliate maintained a business relationship with a trustee serving on the boards and audit committees...

July 2, 2015

Memo #29139

SEC Charges Auditor with Violating Auditor Independence Rules; Charges Fund Trustee and Fund Administrator for Related Violations

TO: ACCOUNTING/TREASURERS MEMBERS No. 14-15 SEC RULES MEMBERS No. 44-15 INVESTMENT COMPANY DIRECTORS No. 19-15 RE: SEC CHARGES AUDITOR WITH VIOLATING AUDITOR INDEPENDENCE RULES; CHARGES FUND TRUSTEE AND FUND ADMINISTRATOR FOR RELATED VIOLATIONS In a settled...

September 4, 2009

Memo #23761

IDC Files Brief in Supreme Court Case; Summary of Additional Briefs (Summary Memo)

September 4, 2009 TO: INVESTMENT COMPANY DIRECTORS No. 21-09 RE: IDC FILES BRIEF IN SUPREME COURT CASE; SUMMARY OF ADDITIONAL BRIEFS The Independent Directors Council has filed an amicus curiae (“friend of the court”) brief in the Jones v. Harris Associates...

External Resources

Regulators and Policymakers

United States

Global

Business Continuity Resources

Cellular Contacts for Key ICI Staff
Feb 12, 2021
DTCC Coronavirus FAQ (pdf)
Aug 4, 2020
Business Continuity Resource Center
Focus on Funds: During Global Turbulence, Funds Continue to Operate Efficiently
Apr 17, 2020
COVID-19 Exploited by Malicious Cyber Actors: Joint Alert from US CISA and the UK’s Nation Cyber Security Center (UK CSC)
India COVID-19 Tracker
Ministry of Health and Family Welfare India
Worldometer Germany
Travel Letter Template for Essential Employee (pdf)
Mar 24, 2020
Treasury Press Statement on Financial Services Sector Essential Critical Infrastructure Workers
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
Evaluating Fund Policies, Procedures, and Disclosure in Light of Unanticipated Events on Securities Trading Venues (pdf)
Apr 12, 2016