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 funds” arrangements), as well as related amendments to the existing regulatory framework governing such arrangements.1 As part of this new regulatory framework, the SEC also is rescinding Rule 12d1-2 under the 1940 Act and most exemptive orders granting relief from Sections 12(d)(1 (A), (B), (C) and (G) of the 1940 Act, as well as withdrawing certain staff no-action letters relating to Section 12(d)(1) of the 1940 Act. In addition, the SEC is making related amendments to Rule 12d1-1 and Form N-CEN.