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Second Circuit Affirms Lower Court Decision Regarding Closed-End Fund Control Share Bylaw Provision

The U.S. Court of Appeals for the Second Circuit upheld a ruling of the U.S. District Court for the Southern District of New York that invalidates control share bylaw provisions adopted by certain closed-end funds organized...more

New SEC Guidance on PPP Loans, Form ADV Brochure Delivery and the Custody Rule

On April 27, 2020, the staff of the Securities and Exchange Commission (the “SEC”) updated its Division of Investment Management Coronavirus (COVID-19) Response FAQs and Staff Responses to Questions About the Custody Rule...more

COVID-19 ALERT: Special Considerations for Registered Closed-End Funds

This Alert focuses on special considerations for closed-end funds registered under the Investment Company Act of 1940, as amended (the ‘1940 Act’), arising from COVID-19 (coronavirus) and related regulatory relief of interest...more

SEC Updates Investment Company Act Exemptive Order in Response to COVID-19

On March 25, 2020, the Securities and Exchange Commission (“SEC”) issued an exemptive order (the "Order") superceding its March 13, 2020 exemptive order, which provided relief from certain provisions of the Investment Company...more

SEC Issues New Exemptive Order in Response to COVID-19

On March 13, 2020, the staff of the Securities and Exchange Commission (“SEC”) issued an exemptive order providing relief from certain provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), to...more

SEC Proposes New Rule Governing Funds' Use of Derivatives

On November 25, 2019, the SEC proposed a new exemptive rule under the Investment Company Act of 1940—Rule 18f-4—intended to overhaul the current regulatory framework governing the use of derivatives by registered investment...more

SEC Re-Proposes New Rule Governing Funds’ Use of Derivatives

On November 25, 2019, the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) re-proposed a new exemptive rule under the Investment Company Act of 1940, as amended (the “1940 Act”)—Rule 18f-4 (the...more

SEC Adopts New ETF Rule

On September 26, 2019, the Securities and Exchange Commission (the “SEC”) adopted Rule 6c-11 (the “Rule”) under the Investment Company Act of 1940 (the “1940 Act”), the long-awaited “ETF Rule.” ETFs that satisfy certain...more

SEC Proposes Closed-End Fund Offering Reform

On March 20, 2019, the U.S. Securities and Exchange Commission (“SEC”) proposed a series of reforms to the registration and offering processes for registered closed-end investment companies (“Registered CEFs”). The proposal...more

SEC Proposes New Rule to Permit Certain ETFs to Operate without an Exemptive Order

I. Executive Summary - Overview - The Securities and Exchange Commission (the “Commission”) proposed Rule 6c-11 (the “Proposed Rule”) under the Investment Company Act of 1940, as amended (the “1940 Act”),1 if adopted,...more

Annual Compliance Obligation Reminders

Investment advisers registered with the U.S. Securities and Exchange Commission (“SEC”) or with a state (“Advisers”) as well as commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) registered with the...more

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