News & Analysis as of

Securities Investment Company Act of 1940

Akin Gump Strauss Hauer & Feld LLP

CFTC Finalizes Amendments to Rule 4.7

On September 12, 2024, the Commodity Futures Trading Commission (CFTC) finalized the first major changes to CFTC Regulation 4.7 (Rule 4.7) in over 30 years. Among other technical revisions, the amendments to Rule 4.7,...more

Vinson & Elkins LLP

Oil & Gas Funds and Section 3(c)(9) – New Life for a Forgotten Exception

Vinson & Elkins LLP on

A fund primarily engaged in investing or trading in securities must register under the Investment Company Act, unless it falls under an exception to the definition of investment company. The exceptions are listed in Section...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: January 1, 2024

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges....more

Davies Ward Phillips & Vineberg LLP

Canadian Mergers & Acquisitions: A Guide for Investment Banks, Bidders and Boards, 10th edition

Davies’ Canadian Mergers & Acquisitions guide draws on our substantial cross-border M&A experience to offer guidance on both the legal framework and practical aspects of Canadian mergers and acquisitions, including critical...more

A&O Shearman

Cryptocurrency Company Fined $100M In Novel Action Concerning Registration Obligations For Crypto Lending Product

A&O Shearman on

On Monday, February 14, 2022, the Securities and Exchange Commission (SEC) charged cryptocurrency lending company BlockFi Lending LLC (“BlockFi”) with failing to register the offers and sales of its retail crypto lending...more

Allen Matkins

The Investment Company Act - What Does Tonopah Have To Do With It?

Allen Matkins on

Readers of this space may have noted my fondness for rural Nevada and the town of Tonopah in particular.   Tonopah owes its existence to the vast silver and gold deposits that lay beneath it.  In 1900, rancher James Logan...more

Winstead PC

The Division of Examinations’ Continued Focus on Digital Asset Securities and Implications for Investment Advisers

Winstead PC on

If you are a securities industry participant seeking to engage in digital asset-related activities, it is time to develop and enhance your compliance practices, says a risk alert by the SEC’s Division of Examinations. ...more

Latham & Watkins LLP

SEC Greenlights Investment Fund Delivered in Security Tokens

Latham & Watkins LLP on

The milestone fund structure portends a reduced role for broker-dealers, who may be sidelined by innovators unwilling to wait for regulators. On July 6, 2020, asset management firm Arca announced that the US Securities and...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - November 2019

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between August and October 2019. The cases address developing trends in the definition of a security, fiduciary...more

Dechert LLP

SEC Adopts Final ETF Rule and Issues Related Exchange Act Relief

Dechert LLP on

Yesterday (September 26, 2019), the U.S. Securities and Exchange Commission announced the adoption of Rule 6c-11 under the Investment Company Act of 1940, which will allow exchange-traded funds that satisfy certain...more

Kramer Levin Naftalis & Frankel LLP

Income Inclusions From a Controlled Foreign Corporation or Passive Foreign Investment Company are “Good” Income for a Regulated...

Recently-finalized, regulations provide that, in determining whether a corporation is a regulated investment company (RIC), amounts the corporation is required to include in income as a result of its investment in foreign...more

Dechert LLP

IRS Releases Final Tax Regulations on Imputed Income from Subsidiaries and Other Controlled Foreign Corporations

Dechert LLP on

On March 18, 2019, the U.S. Department of the Treasury and the Internal Revenue Service issued final tax regulations for registered investment funds that are taxed as regulated investment companies (“RICs”) and that invest in...more

Holland & Knight LLP

SEC Issues Guidance on Initial Coin Offerings and Digital Assets

Holland & Knight LLP on

The U.S. Securities and Exchange Commission (SEC) on July 25, 2017, issued a "Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO," weighing in on what are known as Initial Coin...more

Stinson - Corporate & Securities Law Blog

House Passes Creating Financial Prosperity for Businesses and Investors Act

On Monday, the House of Representatives passed the Creating Financial Prosperity for Businesses and Investors Act (H.R. 6427) (the “Act”) by a vote of 398 to 2. The Act is actually a compilation of six measures that were...more

Cadwalader, Wickersham & Taft LLP

The Trump Administration: Change By Appointment

The election of Donald J. Trump as the 45th President of the United States, along with the Republican control of the majority of both the House of Representatives and the Senate, will likely result in significant changes in...more

Carlton Fields

AXA Prevails at First Post-Jones v. Harris Excessive Fee Trial

Carlton Fields on

In its 2010 opinion in Jones v. Harris, L.P., the United States Supreme Court embraced the so-called Gartenberg standard for assessing an investment adviser’s fiduciary liability for excessive mutual fund fees under Section...more

Dechert LLP

SEC Amends Rule 5b-3 and Fund Registration Forms to Eliminate References to NRSRO Ratings

Dechert LLP on

The U.S. Securities and Exchange Commission (SEC) recently adopted final amendments to certain rules and forms under the Investment Company Act of 1940 (1940 Act) and the Securities Act of 1933 (1933 Act) to implement a...more

Foley Hoag LLP

Massachusetts Securities Division Sending Letters Requiring Documentation from MA Exempt Reporting Advisers

Foley Hoag LLP on

The Massachusetts Securities Division ("the Division") is currently sending letters to exempt reporting advisers in Massachusetts ("MA ERAs") who manage private funds which rely on the exclusion from the definition of...more

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