News & Analysis as of

Valuation Investment Company Act of 1940

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

King & Spalding

The Rise of Crypto SPACs

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Digital assets and special purpose acquisition companies (“SPACs”) have been two of the hottest topics in the financial world over the past few years, and, unsurprisingly, the topics overlap with increasing frequency. We have...more

Eversheds Sutherland (US) LLP

SEC modernizes valuation practices

On December 3, 2020, the Securities and Exchange Commission (the SEC) adopted new rule 2a-5 (Rule 2a-5) under the Investment Company Act of 1940, as amended (the 1940 Act), which establishes a framework for fund valuation...more

Sullivan & Worcester

SEC Adopts New Valuation Rule under the 1940 Act

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On December 3, 2020, the Securities and Exchange Commission (SEC) adopted new rule 2a-5 ("Rule 2a-5") under the Investment Company Act of 1940, as amended ("1940 Act") addressing valuation practices and the board of...more

Morgan Lewis

SEC Modernizes Framework for Fund Valuation Practices

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Financial markets and fund investment practices have changed substantially since the US Securities and Exchange Commission (SEC) last addressed fund valuation comprehensively 50 years ago. In adopting Rule 2a-5 on December 3,...more

Foley & Lardner LLP

Foley Regulatory Alert: SEC Modernizes Framework for Registered Fund Valuation Practices

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On December 3, 2020, the Securities and Exchange Commission (“Commission” or “SEC”) announced the adoption of a new rule that establishes an updated regulatory framework for valuation practices of registered investment...more

Dechert LLP

SEC Rule Proposal: Good Faith Determinations of Fair Value Under the Investment Company Act

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The U.S. Securities and Exchange Commission on April 21, 2020 proposed a long-anticipated framework for fair valuation of fund investments. Proposed Rule 2a-5 under the Investment Company Act of 1940 would establish...more

Perkins Coie

SEC Proposes Regulations for Determining Fair Value of Securities Held by Investment Companies

Perkins Coie on

The Securities and Exchange Commission (Commission) delivered its long-promised and needed update to guidance on determining the fair value of securities under the Investment Company Act of 1940 (1940 Act) on April 21, 2020....more

Eversheds Sutherland (US) LLP

The SEC proposed amendments to modernize fund valuation practices

On April 21, 2020, the Securities and Exchange Commission (SEC) announced the proposal of new Rule 2a-5 (the Proposed Rule) under the Investment Company Act of 1940, as amended (the 1940 Act), that would establish a framework...more

Goodwin

SEC Proposes New Rule to Change Regulatory Framework for Fund Boards in Making Good Faith Determinations of Fair Value

Goodwin on

On April 21, 2020, the U.S. Securities and Exchange Commission (the “SEC”) voted to propose new Rule 2a-5 (the “Proposed Rule”) under the Investment Company Act of 1940 (the “1940 Act”) that, if adopted, would establish a...more

Morrison & Foerster LLP

SEC Proposes New Valuation Rule For Registered Investment Companies

On April 21, 2020, the U.S. Securities and Exchange Commission (“SEC”) proposed new Rule 2a-5 (the “Proposed Rule”) under the Investment Company Act of 1940 (the “Investment Company Act”) to address valuation practices of...more

Dechert LLP

Newsflash: SEC Proposes Fund Valuation Rule

Dechert LLP on

On April 21, 2020, the U.S. Securities and Exchange Commission proposed a long-anticipated framework for valuation of fund investments. Proposed Rule 2a-5 under the Investment Company Act of 1940 would establish requirements...more

Dechert LLP

Financial Services Quarterly Report - Fourth Quarter 2018: U.S. SEC Focus Areas in the Registered Funds Industry

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In November of last year, the Securities and Exchange Commission's Office of Compliance Inspections and Examinations issued an alert announcing a series of risk-based examinations focused on mutual funds and exchange-traded...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

SEC Staff Seeks Industry Engagement on Questions Regarding Development of Funds Holding Cryptocurrency-Related Products

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The Director of the U.S. Securities and Exchange Commission (SEC) Division of Investment Management has outlined concerns of the SEC Staff (Staff) with respect to the registration of funds that hold cryptocurrencies and...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

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Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more

K&L Gates LLP

SEC Enforcement Actions Against Investment Advisers

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According to the SEC’s most recent financial report, as of August 2014, SEC-registered investment advisers managed $62.3 trillion in assets. Not surprisingly, investment advisers attract a great deal of attention from the...more

Troutman Pepper

Lessons Learned From The Morgan Keegan Case, Part I – Valuation

Troutman Pepper on

The U.S. Securities and Exchange Commission (SEC)’s recent settlement in the latest chapter of the enforcement proceeding involving Morgan Keegan provides important guideposts on two of the hottest regulatory topics in the...more

Dechert LLP

Former Morgan Keegan Directors Settle Valuation Case

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The U.S. Securities and Exchange Commission issued a cease and desist order on June 13, 2013 (the “Order”) against former members of the boards of directors (the “RMK Directors” or the “RMK Boards”) of five Regions Morgan...more

Dechert LLP

SEC Focuses on Fair Valuation in Recent Enforcement Cases

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The U.S. Securities and Exchange Commission (SEC) issued an order commencing an administrative proceeding against the former members of the boards of directors (Boards) of five registered investment companies on December 10,...more

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