The SEC recently adopted Rule 12d1-4 (Rule 12d1-4 or Rule) under the Investment Company Act of 1940 (1940 Act) to streamline the regulatory framework applicable to registered funds that invest in other funds (funds of funds)....more
I. INTRODUCTION AND SUMMARY - The Securities and Exchange Commission (SEC) has proposed a bold new approach to shareholder and investor communications by investment companies registered on Form N-1A under the Investment...more
8/21/2020
/ Advertising ,
Asset Management ,
Disclosure Requirements ,
ETFs ,
Fees ,
Investment Funds ,
Investment Management ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Statements of Additional Information (SAIs) ,
Transaction Fees
In a potentially significant reversal of a prior Securities and Exchange Commission (SEC) staff position that could enhance the ability of closed-end funds to defend against activist shareholders, the Division of Investment...more
The Securities and Exchange Commission (“SEC”) on April 21, 2020, proposed a new rule to codify fair valuation requirements for funds registered under the Investment Company Act of 1940, as amended (“1940 Act”). ...more
I. INTRODUCTION -
On May 29, 2019, the U.S. Securities and Exchange Commission (the “SEC”) issued an order (the “New Order”) expanding the scope of exemptive relief available to multi-manager funds. ...more
Summary -
On May 2, 2018, the Securities and Exchange Commission (“SEC”) proposed amendments to part of the SEC’s auditor independence rules, Rule 2-01(c)(1)(ii)(A) of Regulation S-X, otherwise known as the “Loan Rule”...more
Summary of Recent SEC Staff Actions -
As the April 10, 2017, compliance date for the United Stated Department of Labor’s (“DOL”) new fiduciary rule (the “Fiduciary Rule”) approaches, many mutual fund sponsors have received...more
Auditor independence has always been a regulatory compliance priority. Failure to comply with independence requirements has potentially serious legal and business consequences, including the risk that an audit engagement be...more
The federal Pay-to-Play Rules may impact campaign contributions in the 2016 election and, in particular, campaign contributions to a major party’s presidential campaign. Financial institutions that do business with, or seek...more
The Department of the Treasury recently amended Treasury International Capital (“TIC”) B forms to explicitly require reporting of cross-border claims on and liabilities to foreign residents by savings and loan holding...more