On 15 February 2024, Skadden partners Kenneth Burdon, Robert Chaplin, Eben Colby and Greg Norman presented the webinar “Investment Trusts and Activist Funds,” which outlined recent trends in shareholder activism in publicly...more
In this issue, we cover regulatory developments from the fourth quarter of 2023 impacting the investment management sector, including the use of shareholder rights plans as an alternative to state control share statutes....more
2/21/2024
/ Bitcoin ,
Closed-End Funds ,
Compliance Dates ,
Controlling Stockholders ,
Corporate Governance ,
Disclosure Requirements ,
Disgorgement ,
Exchange-Traded Products ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Company Act of 1940 ,
Investment Management ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Regulation ,
Settlement Agreements ,
Shareholders ,
Stock Repurchases ,
Voting Rights
On December 5, 2023, the U.S. District Court for the Southern District of New York (SDNY) granted summary judgment in favor of a group of plaintiffs led by Saba Capital Management, L.P. in its case challenging a number of...more
SEC Rules and Amendments -
Liquidity Rule Amendments: Interval Funds to the Rescue?
On November 2, 2022, the Securities and Exchange Commission (SEC) voted to propose significant amendments to Rule 22e-4 under the...more
4/14/2023
/ Broker-Dealer ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Custody Rule ,
Customer Information ,
Cybersecurity ,
Investment Adviser ,
Investment Funds ,
Investment Management ,
Investors ,
Popular ,
Proposed Amendments ,
Proposed Regulation ,
Registered Investment Advisors ,
Risk Management ,
Securities and Exchange Commission (SEC)
In this issue, we cover regulatory developments impacting the investment management sector, including the Securities and Exchange Commission’s (SEC’s) focus on the annual 15(c) advisory contract approval process for fund...more
The investment management industry faces a range of proposed new SEC regulations, including ESG and fund name rules, and the agency is seeking comments that could lead to other new rules. Also, a reminder of approaching...more
On May 5, 2022, Senate Bill 284 was introduced in the Delaware General Assembly proposing amendments to the Delaware Statutory Trust Act (DSTA).1 These amendments include the addition of new Subchapter III — Control...more
In this issue, we cover regulatory developments impacting the investment management sector, including updates on closed-end fund activism; new SEC proposals; and the impact of Russia sanctions on disclosure obligations and...more
In this issue, we cover regulatory developments impacting the investment management sector, including proposed legislation supported by the Investment Company Institute to address challenges for closed-end funds; the...more
12/9/2021
/ Business Development Companies ,
Closed-End Funds ,
Corporate Governance ,
Disclosure Requirements ,
Investment Adviser ,
Investment Management ,
Proxy Advisory Firms ,
Proxy Season ,
Registered Investment Companies (RICs) ,
Rule 14a-8 ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals
In this issue, we cover regulatory developments impacting the investment management sector, including updates on activism activity during the 2021 proxy season, as well as the status of multiple SEC and NYSE proposals,...more
In this issue, we provide a summary retrospective of regulatory, litigation and industry developments impacting the investment management sector during the second half of 2020, including SEC guidance and exemptive orders...more
1/5/2021
/ Broker-Dealer ,
Closed-End Funds ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Division of Trading and Markets ,
Executive Orders ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
New Rules ,
No-Action Relief ,
OCIE ,
Rule 14a-8 ,
Securities and Exchange Commission (SEC) ,
Virtual Meetings
In this issue, we summarize regulatory, litigation and industry developments from October 2019 to early January 2020 impacting the investment management sector, including SEC action on use of derivatives by registered...more
1/16/2020
/ Activist Investors ,
BDC ,
Bench Trial ,
Breach of Contract ,
Class Action ,
Closed-End Funds ,
Comment Period ,
Cross-Border ,
Derivatives ,
ETFs ,
Exemptive Relief ,
Fee Disclosure ,
Filing Fees ,
Investment Adviser ,
Investment Management ,
Libor ,
MiFID II ,
Mutual Funds ,
OCIE ,
Proposed Amendments ,
Proposed Rules ,
Proxy Access Rule ,
Proxy Voting Guidelines ,
Registered Investment Companies (RICs) ,
Regulatory Requirements ,
Risk Alert ,
Rule 10(b) ,
Rule 18f-4 ,
Rulemaking Process ,
Section 11 ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Settlement Agreements ,
Settlement Negotiations ,
Shareholder Proposals ,
Solicitation Provisions ,
Testing-the-Waters Communications
In this issue, we summarize regulatory, litigation and industry developments from May to September 2019 impacting the investment management sector, including SEC action on standards of conduct for broker-dealers and...more
9/26/2019
/ Activist Investors ,
Bad Actors ,
Breach of Duty ,
Broker-Dealer ,
Class Action ,
Closed-End Funds ,
Conflicts of Interest ,
Custody Rule ,
Derivatives ,
Digital Securities ,
Disclosure Requirements ,
Dismissals ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Failure To Disclose ,
Financial Statements ,
Fund Managers ,
Independent Audits ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
Libor ,
Mutual Funds ,
OCIE ,
Offerings ,
Pooled Investment Vehicles ,
Private Right of Action ,
Proxy Voting ,
Regulation S-K ,
Revenue Sharing ,
Risk Alert ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Shareholder Litigation ,
Standard of Conduct ,
Waivers
On July 31, 2019, Judge George H. Wu of the U.S. District Court for the Central District of California released tentative findings of fact and conclusions of law dismissing an excessive fee claim brought under Section 36(b)...more
8/9/2019
/ Board of Trustees ,
Dismissals ,
Excessive Fees ,
Gartenberg Factors ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
Judicial Deference ,
Reverse Manager of Managers Theory ,
Section 36(b) ,
Third-Party Service Provider
Following an eight-day bench trial, Judge Freda L. Wolfson of the U.S. District Court for the District of New Jersey ruled in favor of certain subsidiaries of BlackRock, Inc. on $1.55 billion in claims brought under Section...more
On February 28, 2017, Skadden hosted a webinar titled “Recent Investment Management Litigation and Regulatory Developments.” The Skadden panelists were litigation partners Eben Colby and Seth Schwartz, securities enforcement...more
3/10/2017
/ Administrative Procedure Act ,
Breach of Duty ,
Derivatives ,
Dodd-Frank ,
Economic Impact Analysis ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Fiduciary Duty ,
Foreign Corrupt Practices Act (FCPA) ,
Investment Adviser ,
Investment Management ,
Regulatory Reform ,
Retirement Plan ,
Section 11 ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
Trump Administration
With the first-filed cases at or near completion, the results are not looking good for the plaintiffs in the latest wave of mutual fund fee litigation. Defendants prevailed after trial in one of those cases and achieved...more