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SEC Issues Proposed Rule Amendments Regarding Fund Naming Conventions

Overview - The U.S. Securities and Exchange Commission, by a vote of three-to-one, proposed for public comment on May 25, 2022, amendments to the rule governing naming conventions of funds1 subject to the U.S. Investment...more

SEC Proposes Amendments to Rule Governing Fund Naming Conventions, Including Use of ESG Investing Practices

On May 25, 2022, the U.S. Securities and Exchange Commission, by a vote of three-to-one, proposed for public comment amendments to a current rule governing fund naming conventions – which would cover certain funds that...more

SEC Proposes New Round of Money Market Fund Reforms in Response to March 2020 Redemptions

The Securities and Exchange Commission, by a vote of three-to-two, on December 15, 2021, proposed amendments (Proposed Amendments) to Rule 2a-7 and other rules that govern money market funds (money funds) under the Investment...more

SEC Proposes Amendments to Rules Governing Money Market Funds (UPDATED)

On December 15, 2021, the Securities and Exchange Commission, by a party-line vote of three-to-two, proposed for public comment amendments (Proposed Amendments) to Rule 2a-7 and other rules that govern money market funds...more

President’s Working Group on Financial Markets Issues Report on Money Market Fund Reform Options

The President’s Working Group on Financial Markets (PWG) on December 22, 2020 released a report on potential reform options for money market funds (Report). The Report states that the significant outflows experienced by prime...more

SEC Adopts Changes to Regulatory Framework of Fund of Funds Arrangements

The Securities and Exchange Commission voted on October 7, 2020, to adopt new Rule 12d1-4 under the Investment Company Act of 1940 to govern most arrangements where registered funds invest in other registered funds (“fund of...more

Newsflash: SEC Adopts Changes to Regulatory Framework of Fund of Funds Arrangements

On October 7, 2020, the Securities and Exchange Commission voted to adopt Rule 12d1-4 under the Investment Company Act of 1940 and related amendments to the regulatory framework governing funds that invest in other funds...more

SEC Issues Proposed Rule Permitting Variable Annuity and Variable Life Insurance Contracts to Use Layered Disclosure

The U.S. Securities and Exchange Commission announced on October 30, 2018 that it had voted to issue a proposed rule and form amendments1 that would allow insurers offering variable annuity and/or variable life insurance...more

SEC Announces Share Class Selection Disclosure Initiative

The Division of Enforcement (Division) of the U.S. Securities and Exchange Commission (SEC) on February 12, 2018, announced a Share Class Selection Disclosure Initiative (SCSD Initiative). Led by the Division’s Asset...more

SEC Staff Issues Guidance on Fund Fee Structure Disclosures

In a Guidance Update published on December 15, 2016, the staff of the U.S. Securities and Exchange Commission’s (SEC) Division of Investment Management (Staff) articulated its views as to certain disclosure issues and...more

Mutual Fund Sales by Intermediaries – Fall-Out from DOL Fiduciary Rule and FINRA Enforcement

Mutual fund sales and distribution arrangements are once again under review. It has been reported that fund intermediaries are re-examining their practices relating to sales charges, share class structures and product...more

SEC Staff Publishes its Views on Oversight of Certain Payments to Financial Intermediaries

The staff of the U.S. Securities and Exchange Commission (SEC) Division of Investment Management (Staff) published a Guidance Update on January 6, 2016 related to mutual fund distribution and sub-accounting fees. In the...more

Financial Services Quarterly Report - Fourth Quarter 2015: Is the U.S. SEC IM Guidance Update Initiative Becoming a Thing of the...

Over the past three years, the Division of Investment Management (Division) of the U.S. Securities and Exchange Commission (Commission) has provided informal guidance and interpretations regarding issues of relevance to the...more

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