The Securities and Exchange Commission on November 2, 2022 proposed significant revisions to its rules governing open-end investment company liquidity risk management and swing pricing. The proposal would also update related...more
11/4/2022
/ Disclosure Requirements ,
Form N-CEN ,
Form N-PORT ,
GAAP ,
Illiquid Assets ,
Investment ,
Investment Adviser ,
Liquidity ,
Liquidity Risk Management Rule ,
Money Market Funds ,
Policies and Procedures ,
Proposed Rules ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Swing Pricing
The Securities and Exchange Commission on June 15, 2022 requested comments related to information providers (such as index providers, model portfolio providers and pricing services) whose activities the SEC believes may bring...more
The Securities and Exchange Commission voted on October 7, 2020, to adopt new Rule 12d1-4 under the Investment Company Act of 1940 to govern most arrangements where registered funds invest in other registered funds (“fund of...more
11/3/2020
/ Broker-Dealer ,
Business Development Companies ,
ETFs ,
Form N-CEN ,
Investment Adviser ,
Investment Funds ,
Investment Management ,
Open-Ended Fund Companies (OFCs) ,
Rule 12d1-4 ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On October 7, 2020, the Securities and Exchange Commission voted to adopt Rule 12d1-4 under the Investment Company Act of 1940 and related amendments to the regulatory framework governing funds that invest in other funds...more
The Securities and Exchange Commission on August 5, 2020 unanimously approved proposed rule and form amendments (Proposed Rule) that would comprehensively revise and update the disclosure framework for mutual funds and...more
9/3/2020
/ Advertising ,
Business Development Companies ,
Corporate Governance ,
Disclosure Requirements ,
ETFs ,
Exchange-Traded Products ,
Investment Companies ,
Management Fees ,
Mutual Funds ,
Proposed Amendments ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Transaction Fees
The staff of the Securities and Exchange Commission’s Division of Investment Management (Staff) released a statement on May 27, 2020 (Statement), indicating that the Staff would not recommend enforcement against registered...more
The U.S. Securities and Exchange Commission on April 8, 2020 adopted a package of reforms to the securities registration, offering and communications requirements under the Securities Act of 1933 applicable to business...more
4/25/2020
/ Amended Rules ,
Business Development Companies ,
Closed-End Funds ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Eligibility ,
Exchange-Traded Products ,
Offering Communications ,
Offerings ,
Prospectus ,
Registration Requirement ,
Regulation FD ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Short-Form Registration ,
WKSIs
On April 6, 2020, the Securities and Exchange Commission granted the request of Cboe BZX Exchange, Inc. (CBOE) to change BZX Rule 14.11(1).This will accelerate approval of Exchange-Traded Fund shares and series of ETF shares...more
Key Takeaways -
Rights offerings serve as an attractive capital-raising option for issuers in need of liquidity, particularly for closed-end funds and business development companies (“BDCs”), which generally cannot issue...more
4/7/2020
/ Backstop Agreements ,
Broker-Dealer ,
Business Development Companies ,
Capital Raising ,
Closed-End Funds ,
Coronavirus/COVID-19 ,
Dilution ,
Investment Company Act of 1940 ,
Liquidity ,
NAV ,
NYSE ,
Popular ,
Rights Offering ,
Secondary Markets ,
Shareholders ,
Stock Prices
The U.S. Securities and Exchange Commission adopted a new rule under the Investment Company Act of 1940 that will allow exchange-traded funds that satisfy certain standardized conditions to operate without first obtaining...more
10/24/2019
/ Amended Forms ,
Basket Transactions ,
ETFs ,
Exchange-Traded Products ,
Exemptive Orders ,
Final Rules ,
Investment Company Act of 1940 ,
Redemption Agreement ,
Rescission ,
Rule 6c-11 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
The U.S. Securities and Exchange Commission adopted a new rule under the Investment Company Act of 1940 that will allow exchange-traded funds that satisfy certain standardized conditions to operate without first obtaining...more
10/21/2019
/ Amended Forms ,
Broker-Dealer ,
Disclosure Requirements ,
ETFs ,
Exchange-Traded Products ,
Exemptions ,
Exemptive Relief ,
Final Rules ,
Form N-1A ,
Form N-8B-2 ,
Form N-CEN ,
Investment Company Act of 1940 ,
Payment-In-Kind ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Stock Redemption
Yesterday (September 26, 2019), the U.S. Securities and Exchange Commission announced the adoption of Rule 6c-11 under the Investment Company Act of 1940, which will allow exchange-traded funds that satisfy certain...more
9/28/2019
/ Broker-Dealer ,
Compliance Dates ,
ETFs ,
Exchange-Traded Products ,
Exemptive Relief ,
Form N-CEN ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
New Rules ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Updated Forms
As set forth in the Incoming Letter, during the past year certain constituents of large-capitalization U.S. equity growth broad-based indices (namely, certain technology-related companies) had grown to represent more than 5%...more
The Securities and Exchange Commission voted on December 19, 2018 to propose Rule 12d1-4 (proposed rule) and related amendments to the regulatory framework governing funds that invest in other funds (“fund of funds”...more
1/8/2019
/ Acquired Fund Fees and Expenses (AFFE) ,
Acquisitions ,
Business Development Companies ,
Closed-End Funds ,
Complex Financial Products ,
Controlling Stockholders ,
Disclosure Requirements ,
Excessive Fees ,
Exchange-Traded Products ,
Exemptions ,
Foreign Acquisitions ,
Form N-CEN ,
Fund of Funds ,
Investment Company Act of 1940 ,
Mutual Funds ,
Private Funds ,
Proposed Amendments ,
Registered Investment Companies (RICs) ,
Securities and Exchange Commission (SEC) ,
Share Redemption ,
Voting Rights
On December 19, 2018, the Securities and Exchange Commission (SEC) voted to propose Rule 12d1-4 (proposed rule) and related amendments to the regulatory framework governing funds that invest in other funds (“fund of funds”...more
12/21/2018
/ Amended Regulation ,
Business Development Companies ,
Closed-End Funds ,
Exchange-Traded Products ,
Form N-CEN ,
Fund of Funds ,
Investment Company Act of 1940 ,
Mutual Funds ,
Proposed Rules ,
Registered Investment Companies (RICs) ,
Regulatory Reform ,
Right to Control ,
Securities and Exchange Commission (SEC) ,
Voting Shares
The Securities and Exchange Commission is proposing to simplify and modernize the regulatory framework governing exchange-traded funds and enhance information to investors about the costs of purchasing ETF shares. If adopted,...more
Yesterday (June 28, 2018), at an open meeting of the U.S. Securities and Exchange Commission (SEC) (Meeting), the SEC unanimously voted to issue a proposed rule and form amendments (Proposal) that would allow certain...more
The European Securities and Markets Authority (ESMA) has published its 2018 Work Programme (the Programme), which sets out ESMA's priorities and areas of focus for 2018. Supervisory convergence and the assessment of risks are...more
The U.S. Securities and Exchange Commission (SEC or Commission) has unanimously adopted new rules and rule amendments to require registered open-end investment companies (including exchange traded funds and exchange-traded...more
NYSE Arca, Inc. and BATS BZX Exchange, Inc. (each, an Exchange) separately received U.S. Securities and Exchange Commission (SEC) approval on July 22, 2016 to adopt generic listing standards for exchange-traded funds (ETFs)...more
The U.S. Securities and Exchange Commission (SEC) on May 20, 2015 unanimously approved proposed rules, forms and amendments that are intended to modernize and enhance the reporting and disclosure of information by investment...more
7/22/2015
/ Asset Management ,
EFTs ,
Filing Requirements ,
Financial Markets ,
Form N-CEN ,
Form N-PORT ,
Form N-SAR ,
Investment Companies ,
Investment Company Act of 1940 ,
Regulation S-X ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Small Business Investment Company
The Securities and Exchange Commission (SEC) issued a release (Release) on June 12, 2015 seeking public comment on topics related to the listing and trading of exchange-traded products (ETPs) on national securities exchanges...more
6/16/2015
/ Arbitrage ,
Broker-Dealer ,
Exchange-Traded Products ,
Investors ,
Listing Standards ,
Market Pricing ,
No-Action Relief ,
Public Comment ,
Public Listing ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
On November 6, 2014, the Securities and Exchange Commission (“SEC”) issued notice of its intent to grant Eaton Vance Management (“Eaton Vance”) and related parties exemptive relief from various provisions of the Investment...more
The staff of the U.S. Securities and Exchange Commission (the “SEC”) released no action relief (the “Letter”) addressed to recipients of 18 prior orders (the “Prior Orders”) granting exemptive relief to launch...more