The Securities and Exchange Commission, by a vote of 3 to 2, approved significant changes to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 on July 12, 2023. Among other...more
Today, the Securities and Exchange Commission, by a vote of 3 to 2, approved amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (Amendments). Among other things,...more
7/13/2023
/ Compliance ,
De Minimis Claims ,
Fees ,
Illiquid Assets ,
Interest Rates ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Liquidity ,
Money Market Funds ,
NAV ,
Proposed Amendments ,
Securities and Exchange Commission (SEC) ,
Threshold Requirements
On November 2, 2022, the Securities and Exchange Commission, by a three-to-two vote, adopted amendments to Form N-PX under the Investment Company Act of 1940, to improve the utility to investors of proxy voting information...more
The Securities and Exchange Commission on November 2, 2022 proposed significant revisions to its rules governing open-end investment company liquidity risk management and swing pricing. The proposal would also update related...more
11/4/2022
/ Disclosure Requirements ,
Form N-CEN ,
Form N-PORT ,
GAAP ,
Illiquid Assets ,
Investment ,
Investment Adviser ,
Liquidity ,
Liquidity Risk Management Rule ,
Money Market Funds ,
Policies and Procedures ,
Proposed Rules ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Swing Pricing
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
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
6/1/2022
/ Climate Change ,
Comment Period ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment ,
Public Comment ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
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
1/19/2022
/ Illiquid Assets ,
Interest Rates ,
Investment Company Act of 1940 ,
Liquidity Fees ,
Money Market Funds ,
Proposed Amendments ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Standards ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Swing Pricing
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
The Securities and Exchange Commission has proposed amendments to Form N-PX under the Investment Company Act of 1940 to increase the utility to investors of proxy voting information reported on Form N‑PX by mutual funds,...more
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
The Securities and Exchange Commission on August 5, 2020 unanimously approved proposed rule and form amendments (Proposed Rule) that would comprehensively revise and update the disclosure framework for mutual funds and...more
9/3/2020
/ Advertising ,
Business Development Companies ,
Corporate Governance ,
Disclosure Requirements ,
ETFs ,
Exchange-Traded Products ,
Investment Companies ,
Management Fees ,
Mutual Funds ,
Proposed Amendments ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Transaction Fees
To address data sensitivity concerns, the Securities and Exchange Commission on February 27, 2019 issued an interim final rule (Interim Rule) that requires certain registered investment companies (funds) to file three monthly...more
3/14/2019
/ Cybersecurity ,
Data Protection ,
EDGAR ,
Filing Deadlines ,
Form N-LIQUID ,
Form N-PORT ,
Interim Final Rules (IFR) ,
Investment Companies ,
Modification ,
Risk Mitigation ,
Securities and Exchange Commission (SEC) ,
Sensitive Business Information
The U.S. Securities and Exchange Commission has adopted amendments to certain disclosure requirements of open-end investment companies – including exchange-traded funds, but excluding money market funds – (collectively,...more
The U.S. Securities and Exchange Commission (SEC or Commission) has adopted new Rule 30e-3 under the Investment Company Act of 1940 (1940 Act)1 that provides an optional “notice and access” method to allow certain registered...more
6/30/2018
/ Fees ,
Internet ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Rules ,
Notice Requirements ,
Public Comment ,
Registered Investment Companies (RICs) ,
Reporting Requirements ,
Rule 30e-3 ,
Securities and Exchange Commission (SEC) ,
Shareholder Rights ,
Website Accessibility
The U.S. Securities and Exchange Commission (SEC) on March 14, 2018 proposed a rule (Proposed Rule) that would: (i) eliminate or modify certain disclosure requirements of Form N-PORT; and (ii) add a new disclosure requirement...more
The U.S. Securities and Exchange Commission (SEC) on December 8, 2017 issued a temporary final rule (Temporary Rule) that provides a nine-month delay to the dates by which certain registered investment companies (funds) must...more
As a result of the 2008 financial crisis, and to help make money market funds (“MMFs”) more resilient to the potential for heavy redemptions in times of stress, the European Commission issued a proposal for a regulation on...more
The staff of the U.S. Securities and Exchange Commission’s (SEC) Division of Investment Management (Staff) on July 18, 2017, released answers to frequently asked questions (FAQs) about the rules and forms relating to...more
8/3/2017
/ Amended Rules ,
Debt Securities ,
Derivatives ,
Filing Deadlines ,
Filing Requirements ,
Form N-CEN ,
Form N-PORT ,
Investment Companies ,
Money Market Funds ,
Public Disclosure ,
Registered Investment Companies (RICs) ,
Regulation S-X ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Updated Forms
The initial compliance dates are rapidly approaching for new disclosure requirements adopted by the U.S. Securities and Exchange Commission (SEC) for registered investment company (funds). All initial registration statement...more
5/6/2017
/ Compliance ,
Disclosure Requirements ,
Filing Deadlines ,
Lending ,
Liquidity Risk Management Rule ,
Registration Statement ,
Regulation S-X ,
Securities and Exchange Commission (SEC) ,
Securities Funding ,
Share Redemption ,
Shareholders
The staff of the Division of Investment Management (Staff) of the U.S. Securities and Exchange Commission (SEC) published a Guidance Update (Guidance) on February 23, 2017, on the subject of automated investment advisers...more
3/15/2017
/ Compliance ,
Disclosure Requirements ,
Division of Investment Management ,
Guidance Update ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
Investment Management ,
OCIE ,
Policies and Procedures ,
Registered Investment Advisors ,
Robo-Advisors ,
Securities and Exchange Commission (SEC)
The staff of the U.S. Securities and Exchange Commission’s (SEC) Division of Investment Management (Staff) recently issued guidance regarding open-end fund investments in closed-end funds....more
The U.S. Securities and Exchange Commission (SEC or Commission) has adopted, by a 2-to-1 vote, new rules and forms, as well as amendments to certain rules and forms (Final Rule), to modernize the reporting of information by...more
Earlier today, the U.S. Securities and Exchange Commission (SEC) unanimously adopted a new rule and amendments to certain rules and forms that will require registered open-end investment companies, including mutual funds and...more
10/14/2016
/ Amended Regulation ,
Disclosure Requirements ,
Form N-PORT ,
Investment Companies ,
Investment Management ,
Liquidity Risk Management Rule ,
New Regulations ,
Registered Investment Companies (RICs) ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Swing Pricing
Divisions of the U.S. Commodity Futures Trading Commission (CFTC) on August 8, 2016 issued letters restricting futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) from investing in money market...more
9/15/2016
/ CFTC ,
Commodity Exchange Act (CEA) ,
Derivatives Clearing Organizations ,
DSIO ,
Futures Commission Merchants (FCMs) ,
Investment ,
Investment Company Act of 1940 ,
Money Market Funds ,
No-Action Letters ,
Rule 2a-7 ,
Securities and Exchange Commission (SEC) ,
Stock Redemption
The staff of the U.S. Securities and Exchange Commission Division of Investment Management (Staff) has issued an IM Guidance Update on fund disclosure regarding risks related to current market conditions (Guidance Update)....more