On November 19, 2020, U.S. Representative Anthony Gonzalez (R-OH) introduced the Increasing Investor Opportunities Act (IIOA). The IIOA, among other things, would require private funds to comply with the 10% limitation on...more
12/3/2020
/ Closed-End Funds ,
Fund Managers ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
Investment Funds ,
Private Equity ,
Private Equity Funds ,
Rule 12d1-4 ,
Securities and Exchange Commission (SEC) ,
Undue Influence Claims
On April 8, 2020, the Securities and Exchange Commission (SEC) voted to adopt a series of rule and form amendments that are intended to modernize the registration, communication and offering processes for business development...more
4/22/2020
/ Business Development Companies ,
Closed-End Funds ,
Final Rules ,
Form 8-K ,
Incorporation by Reference ,
Investment Companies ,
Prospectus ,
Public Offerings ,
Regulatory Reform ,
Rule 486(b) ,
Securities and Exchange Commission (SEC) ,
Short-Form Registration
In the inaugural issue of Investment Management Update, we summarize regulatory, litigation and industry developments from February 2019 to May 2019 impacting the investment management sector....more
6/18/2019
/ Amended Rules ,
Bitcoin ,
BlackRock ,
Broker-Dealer ,
Business Development Companies ,
Closed-End Funds ,
Compliance ,
Corporate Issuers ,
Custody Rule ,
Digital Assets ,
Disclosure Requirements ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Emerging Growth Companies ,
ETFs ,
Excessive Fees ,
Exemptive Relief ,
Exhibit Issues ,
Filing Requirements ,
Financial Statements ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Form N-PORT ,
Fund of Funds ,
Hyperlink ,
Incorporation by Reference ,
Initial Coin Offering (ICOs) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
Investment Management ,
Modification ,
Mutual Funds ,
No-Action Letters ,
Personally Identifiable Information ,
Popular ,
Proposed Rules ,
Redaction ,
Regulation S-K ,
Regulation S-P ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Tokens ,
Securities Violations ,
Testing-the-Waters Communications ,
Voting Requirements ,
XBRL Filing Requirements
On March 20, 2019, the Securities and Exchange Commission (SEC) voted to propose a series of rule and form amendments, as directed by Congress under the Small Business Credit Availability Act (SBCA) and the Economic Growth,...more
4/22/2019
/ Broker-Dealer ,
Business Development Companies ,
Closed-End Funds ,
Disclosure Requirements ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Investment Companies ,
Investment Company Act of 1940 ,
Offering Communications ,
Offerings ,
Proposed Amendments ,
Prospectus ,
Registration Statement ,
Reporting Requirements ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Small Business Credit Availability Act (SBCAA) ,
Updated Forms ,
WKSIs ,
XBRL Filing Requirements
On February 28, 2019, the Division of Investment Management (staff) of the Securities and Exchange Commission (SEC) issued a no-action letter (IDC letter) relaxing its views on “in person” voting requirements for investment...more
The Economic Growth, Regulatory Relief, and Consumer Protection Act (Consumer Protection Act), signed into law on May 24, 2018, includes certain provisions that are particularly relevant to investment companies, both...more
11/2/2018
/ Business Development Companies ,
Capital Investments ,
Closed-End Funds ,
Division of Investment Management ,
Economic Growth ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Financial CHOICE Act ,
Form S-3 ,
Incorporation by Reference ,
Investment Companies ,
Investment Company Act of 1940 ,
Offerings ,
Prospectus ,
Proxy Access Rule ,
Puerto Rico ,
Registration Requirement ,
Registration Statement ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Shelf Registration ,
Small Business Credit Availability Act (SBCAA) ,
Venture Funding ,
WKSIs
In August 2018, President Donald Trump signed the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), which significantly reformed national security reviews by the Committee on Foreign Investment in the United...more
11/1/2018
/ Advisory Board ,
CFIUS ,
Exemptions ,
Federal Pilot Programs ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
Fund Managers ,
General Partner ,
Indirect Investors ,
Investment Companies ,
Mandatory Declarations ,
National Security ,
Non-Controlling Interests ,
Trump Administration
On December 11, 2015, the Securities and Exchange Commission (SEC) voted to propose a new rule (the Proposed Rule) that significantly modifies the regulation of the use of derivatives by registered investment companies,...more
On May 20, 2015, the Securities and Exchange Commission (the “SEC”) approved new proposed rules, forms and amendments that would expand the information that registered investment companies1 are required to report. The SEC’s...more
7/31/2015
/ Compliance ,
Derivatives ,
Financial Statements ,
Form N-CEN ,
Form N-PORT ,
Form N-SAR ,
Investment Companies ,
Investment Funds ,
Investment Portfolios ,
Regulation S-X ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Shareholder Distributions ,
Shareholders