Kelley A. Howes

Kelley A. Howes

Morrison & Foerster LLP

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Latest Posts › Investment Company Act of 1940


BDC Master Feeder Funds on the Horizon – No-Action Relief Granted to One Issuer

The staff of the SEC’s Division of Investment Management said that it would not recommend enforcement action if a business development company (BDC) reorganizes into a master-feeder structure. The relief will also be...more

7/22/2015 - Business Development Companies Division of Investment Management Feeder Funds Investment Company Act of 1940 Middle Market No-Action Relief Public Offerings SEC Shareholders

No-Action Relief Allows Business Development Companies to Hold Shares of Investment Advisers

In two separate no-action letters, the SEC staff quietly expanded the ability of business development companies (BDCs) to invest in registered investment advisers. Section 12(d)(3) of the Investment Company Act of 1940...more

11/19/2013 - Business Development Companies Investment Company Act of 1940 No-Action Letters No-Action Relief SEC

ETF Mergers Possible Under Rule 17a-8

Can two affiliated ETFs merge in reliance on Rule 17a-8 under the Investment Company Act despite representations they made to obtain exemptive relief from the Commission? That’s the question addressed in a recent Guidance...more

9/27/2013 - ETFs Investment Company Act of 1940 Investment Management Mergers

Court Tosses ETF Securities Lending Fee Case

A federal district court in Tennessee dismissed a case brought by two union pension funds claiming that securities lending fees paid by an ETF to its adviser’s affiliate violated the adviser’s fiduciary duty under Section...more

9/4/2013 - Affiliates ETFs Fees Fiduciary Duty Investment Company Act of 1940 Lending Pensions Unions

Giving the CCO Teeth: SEC Sanctions Portfolio Manager for Misleading CCO

The SEC brought its first action for misleading and obstructing the work of a CCO this week, finding that a portfolio manager deliberately altered documents and misled the firm’s CCO in an attempt to hide violations of the...more

8/29/2013 - Chief Compliance Officers Compliance Ethics Investment Company Act of 1940 Misrepresentation Portfolio Managers Sanctions SEC

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