Investment Company Act of 1940

News & Analysis as of

SEC Charges Mutual Fund Board Members and Investment Adviser with Violations of Section 15(c) For Deficient Advisory Contract...

On June 17, 2015, the SEC charged Commonwealth Capital Management (“CCM”), an investment adviser to various mutual funds within World Funds Trust (“WFT”) and World Funds, Inc. (“WFI”), for violating Section 15(c) of the...more

SEC Proposes New Reporting Requirements for Registered Funds

On May 20, 2015, the Securities and Exchange Commission (“SEC”) proposed rules, forms and amendments under the Investment Company Act of 1940 (the “1940 Act”) and related regulations (together, the “Proposed Amendments”) that...more

SEC Requests Public Comment on Issues Concerning Exchange-Traded Products

On June 12, 2015, the SEC published a Request for Comment (the “Request”) seeking public comment on topics related to the SEC’s oversight of the listing and trading of exchange-traded products (“ETPs”) on national securities...more

Coming to America – A Guide for FPIs

In this Issue: - The Latham FPI Guide: Accessing the US Capital Markets From Outside the United States - Chapter 1: Background - Chapter 2: Unregistered Global Offerings – Regulation S, Rule 144A and...more

SEC Sanctions Independent Trustees for Approving Mutual Fund Advisory Contract without Sufficient Information

Underscoring the need for independent trustees to act vigilantly, a recent SEC consent order issued in an enforcement action imposed discipline on a mutual fund's independent trustees, its investment advisor, and the...more

SEC Sanctions Independent Trustees for Deficient Advisory Contract Review

In a cease-and-desist order entered on June 17, 2015, the SEC found that a fund adviser, two independent trustees, and an inside trustee willfully violated Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”)...more

U.S. SEC Approves Proposal to Modernize Investment Company Reporting Regime

The U.S. Securities and Exchange Commission (SEC or Commission) unanimously approved a proposal (Proposal) to modernize the reporting of information provided by registered investment companies (funds). Guided by the recent...more

FINRA Relaxes Restrictions on Related Performance in Institutional Communications

On May 12, 2015, the Financial Industry Regulatory Authority (“FINRA”) issued an interpretive letter (the “Letter”) permitting the use of Related Performance Information (as defined below) in communications distributed solely...more

SEC Sanctions Insurance Company for Variable Contract Pricing Violations

The Securities and Exchange Commission (the “SEC”) recently charged a life insurance company with violating the pricing requirements under Rule 22c-1 of the Investment Company Act of 1940 in respect of purchase and redemption...more

The Volcker Rule’s Impact on CLO Issuances and other Securities Offerings

Section 619 of the Dodd-Frank Wall Street Reform Act of 20101 (the “Dodd-Frank Act”) – commonly known as the “Volcker Rule” – adds a new section 13 to the Bank Holding Company Act of 1956, as amended, and prohibits “banking...more

Financial Services Weekly News Roundup - April 2015 #5

Ninth Circuit Denies Rehearing of Northstar v. Schwab. On April 28, the U.S. Court of Appeals for the Ninth Circuit denied the petition of Schwab Investments’ (Schwab) for rehearing and rehearing en banc in the case of...more

SEC Division of Investment Management Cautions Advisers on Acceptance of Gifts and Entertainment

Fund compliance policies and procedures should address the receipt of gifts or entertainment by fund advisory personnel, according to guidance published by the SEC’s Division of Investment Management....more

SEC Proposes Hedging Policy Disclosure Rule

The SEC has proposed a rule that would require new hedging policy disclosure by companies that are subject to SEC proxy rules. The proposed rule would in most cases expand the hedging policy disclosure currently provided by...more

Mutual Fund Adviser Sanctioned for Deficiencies in Custody of Funds’ Derivatives Collateral and Directed Brokerage Compliance

On February 12, 2015, the SEC announced that Water Island Capital LLC (“Water Island”) agreed to settle enforcement proceedings arising from alleged violations of the Investment Company Act of 1940 (the “1940 Act”) found...more

Precidian Re-Files Application for Exemptive Relief to Permit Nontransparent Actively Managed Exchange-Traded Funds

On December 22, 2014, Precidian ETFs Trust (the “Trust”), Precidian Funds LLC (the “Adviser”) and Foreside Fund Services, LLC (the “Distributor” and, together with the Trust and the Adviser, the “Applicants”) filed an...more

New SEC Guidance Adds Flexibility to BDC Co-Investing

The U.S. Securities and Exchange Commission (SEC) Division of Investment Management (the Division) just published guidance that will permit business development companies (BDCs) to co-invest with certain persons considered...more

Inside The Courts - November 2014 | Volume 6 | Issue 4

In This Issue: CLASS CERTIFICATION: Fort Worth Emps. Ret. Fund v. J.P. Morgan Chase & Co., No. 09-cv-3701 (JPO) (S.D.N.Y. Sept. 30, 2014) Discovery: ..Freedman v. Weatherford Int’l Ltd., No. 12...more

SEC Issues Notice of Intention to Grant Application for New Non-Transparent, Actively-Managed “Exchange-Traded Managed Fund”

On November 6, 2014, the SEC issued a notice of intention to grant an application for exemptive relief (the “Application”) under the Investment Company Act, as amended (the “1940 Act”), filed on behalf of Eaton Vance...more

SEC Intends to Grant Exemptive Relief to Permit Exchange-Traded Managed Funds

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

SEC Issues Preliminary Denial Notices for Two Nontransparent Actively Managed ETF Applications

In 2008, the Securities and Exchange Commission (“SEC” or “Commission”) approved the first actively managed exchange-traded funds (“ETFs”). The exemptive orders for those ETFs—and all active ETF exemptive orders since—have...more

SEC: Non-Transparent ETFs Not Ready for Prime Time

The SEC has given a preliminary thumbs-down to non-transparent exchange traded funds (ETFs). In two separate notices issued on October 21, 2014, the Commission stated that applications to allow actively managed ETFs to...more

SEC Denies Two Proposed Applications for Non-Transparent Active ETFs

The Division of Investment Management (Division) of the Securities and Exchange Commission took an unprecedented action on Wednesday in issuing a preliminary denial to two exemptive relief applications under the Investment...more

SEC Issues Notice of Intention to Deny Application for Non-Transparent Actively Managed Exchange-Traded Funds

On October 21, 2014, the SEC issued a notice of intention to deny an application for exemptive relief (the “Application”) under the Investment Company Act, as amended (the “1940 Act”), filed on behalf of Precidian ETFs Trust...more

The U.S. Securities and Exchange Commission Approves Amendments to Rules Governing Money Market Funds: Implications for Boards

The U.S. Securities and Exchange Commission (SEC) has approved sweeping amendments to Rule 2a-7 under the Investment Company Act of 1940 and other rules governing the operations of money market funds (money funds)...more

Private Equity Fees and Expenses

In This Presentation: - Agenda - Typical Fund Structure - Typical Fund Waterfall - Fund Economics- Nuances - LPA Provisions - Fund Due Diligence - Legal Landscape - PEI...more

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