News & Analysis as of

Investment Company Act of 1940 NAV

Seward & Kissel LLP

SEC Staff Grants No-Action Relief Under Section 17 and Rule 17d-1 Thereunder Allowing Fund to Enter Transaction Agreement with New...

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Who may be interested: Registered Investment Companies; Boards of Directors; and Investment Advisers. Quick Take: The staff of the SEC Division of Investment Management (Staff) recently issued a no-action letter stating...more

Proskauer Rose LLP

Quant Firm Applies to Issue ETF Share Classes in Mutual Funds

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Dimensional Fund Advisors LP ("Dimensional"), a quantitative investment firm, recently filed an application for exemptive relief ("Application") with the Securities and Exchange Commission ("SEC"), seeking permission to offer...more

Goodwin

SEC Adopts Reforms for Money Market Funds

Goodwin on

On July 12, 2023, the US Securities and Exchange Commission ("SEC") voted, by a 3-2 vote, to adopt money market fund reforms that will significantly impact the regulatory framework governing money market funds ("money funds"...more

Seward & Kissel LLP

SEC Settles Charges Against Investment Adviser for Improper Fixed Income Securities Trading

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Quick Take: The SEC charged an investment adviser in connection with improper trading in certain fixed income securities. The SEC’s order alleges that the adviser improperly traded the securities between advised clients,...more

Dechert LLP

COVID-19 Coronavirus: Fund Needs Cash? How about a Rights Offering?

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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

Vedder Price

Investment Services Regulatory Update - February 2018

Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more

Dechert LLP

Final US Treasury Regulations Provide Additional Flexibility in Determining the Tax Implications of Money Market Fund Share...

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Final U.S. Treasury regulations under Section 446 of the Internal Revenue Code of 1986, as amended (the “Code’), providing for the use of the net asset value (“NAV”) accounting method for transactions in money market fund...more

Morrison & Foerster LLP

Practice Pointers on Shelf Offerings by Business Development Companies

Overview - Business development companies (“BDCs”) are U.S. publicly held investment funds that invest primarily in private and thinly traded public U.S. businesses. BDCs have generally faced capital raising challenges...more

Katten Muchin Rosenman LLP

SEC Proposes Liquidity Management Rules for Mutual Funds and ETFs

On September 22, the Securities and Exchange Commission proposed a comprehensive package of rule reforms designed to enhance effective liquidity risk management by open-end funds, including mutual funds and exchange-traded...more

Dechert LLP

U.S. SEC Approves Sweeping Amendments to Rules Governing Money Market Funds

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The U.S. Securities and Exchange Commission (SEC or Commission) on July 23, 2014 approved, by a vote of 3- 2, sweeping amendments to Rule 2a - 7 and other rules that govern money market funds (money funds) under the...more

Goodwin

SEC Adopts Money Market Fund Reforms

Goodwin on

At a meeting held on July 23, 2014, the SEC voted 3-2 to adopt amendments (the “Amendments”) to various regulatory requirements affecting money market funds (“MMFs”). The Amendments, which are set forth in SEC Release No....more

K&L Gates LLP

SEC Adopts Floating NAV and Liquidity Fees/Redemption Gates Rules for Money Funds

K&L Gates LLP on

On July 23, 2014, the Securities and Exchange Commission (the SEC) adopted final rules governing the structure and operation of money market funds. These rules are discussed in a release adopting amendments to Rule 2a-7 under...more

Dechert LLP

Financial Services Quarterly Report - Third Quarter 2013: U.S. SEC’s Proposal to Amend Rules Governing Money Market Funds:...

Dechert LLP on

The U.S. Securities and Exchange Commission (“SEC”) has proposed sweeping amendments to Rule 2a-7 under the Investment Company Act of 1940 (“1940 Act”) and other rules relating to money market funds (“money funds”).1 The...more

Dechert LLP

IRS Proposes De Minimis Exception to Wash Sale Rules in Connection with SEC Money Market Fund Floating NAV Proposal

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The U.S. Internal Revenue Service (IRS) has proposed a new Revenue Procedure (Proposed Revenue Procedure) regarding the application of the wash sale rules under Section 1091 of the U.S. Internal Revenue Code (Code) to...more

Dechert LLP

SEC Proposes Amendments to Rules Governing Money Market Funds

Dechert LLP on

On June 5, 2013, the U.S. Securities and Exchange Commission (SEC) unanimously proposed for public comment two alternatives for amending Rule 2a-7 and other rules that govern money market funds under the Investment Company...more

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