On July 27, 2022, Delaware Gov. John Carney signed into law amendments to the Delaware Statutory Trust Act (DSTA). These amendments include the addition of new Subchapter III — Control Beneficial Interest Acquisitions...more
On May 5, 2022, Senate Bill 284 was introduced in the Delaware General Assembly proposing amendments to the Delaware Statutory Trust Act (DSTA).1 These amendments include the addition of new Subchapter III — Control...more
In this issue, we provide a summary retrospective of regulatory, litigation and industry developments impacting the investment management sector during the second half of 2020, including SEC guidance and exemptive orders...more
1/5/2021
/ Broker-Dealer ,
Closed-End Funds ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Division of Trading and Markets ,
Executive Orders ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
New Rules ,
No-Action Relief ,
OCIE ,
Rule 14a-8 ,
Securities and Exchange Commission (SEC) ,
Virtual Meetings
The Increasing Investor Opportunities Act (IIOA), introduced on November 19, 2020, by U.S. Representative Anthony Gonzalez (R-OH), aims to expand closed-end fund participation in private funds. The IIOA, among other things,...more
12/7/2020
/ Business Development Companies ,
Capital Markets ,
Closed-End Funds ,
Division of Investment Management ,
Investment ,
Investment Company Act of 1940 ,
Investment Funds ,
Private Funds ,
Private Offerings ,
Retail Investors ,
Rule 12d1-4 ,
Securities and Exchange Commission (SEC)
On October 7, 2020, the Securities and Exchange Commission (SEC) adopted Rule 12d1-4 (Final Rule or Rule 12d1-4) under the Investment Company Act of 1940 (1940 Act) in an effort to streamline and enhance the regulatory...more
11/6/2020
/ Closed-End Funds ,
Exemptive Orders ,
Final Rules ,
Form N-CEN ,
Fund of Funds ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
New Rules ,
Rule 12d1-4 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation ,
Voting Requirements
On May 27, 2020, the staff of the Division of Investment Management (Staff) of the Securities and Exchange Commission (SEC) issued a statement regarding the intersection between state control share acquisition statutes...more
In this issue, we summarize regulatory, litigation and industry developments from May to September 2019 impacting the investment management sector, including SEC action on standards of conduct for broker-dealers and...more
9/26/2019
/ Activist Investors ,
Bad Actors ,
Breach of Duty ,
Broker-Dealer ,
Class Action ,
Closed-End Funds ,
Conflicts of Interest ,
Custody Rule ,
Derivatives ,
Digital Securities ,
Disclosure Requirements ,
Dismissals ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Failure To Disclose ,
Financial Statements ,
Fund Managers ,
Independent Audits ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
Libor ,
Mutual Funds ,
OCIE ,
Offerings ,
Pooled Investment Vehicles ,
Private Right of Action ,
Proxy Voting ,
Regulation S-K ,
Revenue Sharing ,
Risk Alert ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Shareholder Litigation ,
Standard of Conduct ,
Waivers
As recently noted, Saba Capital Management, L.P. (Saba) has begun to escalate its attacks on the closed-end fund asset class, at the expense of retail fund shareholders.1 Saba continues its offensive against closed-end funds,...more
8/20/2019
/ Asset Class ,
Closed-End Funds ,
ETFs ,
Institutional Investors ,
Investment Company Act of 1940 ,
Investment Funds ,
Proxy Contests ,
Proxy Statements ,
Publicly-Traded Companies ,
Regulatory Violations ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Shareholders
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
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 the first trial of a recent wave of cases under Section 36(b) of the Investment Company Act, Judge Peter G. Sheridan of the U.S. District Court for the District of New Jersey ruled in favor of the defendant-adviser,...more
On September 22, 2015, the Securities and Exchange Commission (SEC) voted to propose a new Rule 22e-4 under the Investment Company Act of 1940 (the 1940 Act), as well as amendments to its rules and forms designed to promote...more
Financial services firms facing enforcement proceedings at the hands of the U.S. Securities and Exchange Commission (SEC) or any other financial industry regulator must consider disclosure obligations in the context of the...more
10/2/2014
/ Commodity Exchange Act (CEA) ,
Disclosure Requirements ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Sanctions ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Subsidiaries ,
Wells Notice