On June 14, 2019, Saba Capital Management, L.P. (Saba) entered into three standstill agreements with Invesco Advisers, Inc. (Invesco) and three Invesco-managed registered closed-end funds. The agreements arose from proxy...more
6/20/2019
/ Activist Hedge Funds ,
Asset Class ,
Closed-End Funds ,
Defense Strategies ,
Hedge Funds ,
Liquidation ,
NAV ,
Proxy Contests ,
Retail Investors ,
Shareholder Activism ,
Shareholder Rights ,
Standstill Agreements
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 June 4, 2019, a hedge fund managed by Saba Capital Management L.P. filed lawsuits in Delaware Chancery Court and in Maryland Circuit Court against three BlackRock-managed registered closed-end funds, the trustees/directors...more
6/10/2019
/ BlackRock ,
Board of Directors ,
Class Action ,
Class Certification ,
Closed-End Funds ,
Defense Strategies ,
Hedge Funds ,
Investment Adviser ,
Litigation Strategies ,
Long-Term Investment Funds ,
Proxy Contests ,
Retail Investors ,
Trump Administration ,
Trustees
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
On October 13, 2016, the SEC voted to adopt new and amended rules and forms intended to enhance and standardize liquidity risk management by mutual funds and exchange-traded funds, which will likely have a broad impact on...more
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 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 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
The staff of the SEC Division of Corporation Finance (Staff) recently issued new Compliance and Disclosure Interpretations (CDIs) and an interpretive letter regarding the general solicitation prohibition in securities...more
8/14/2015
/ Administrative Interpretation ,
Angel Investors ,
CDIs ,
Compliance ,
Corporate Issuers ,
Disclosure ,
General Solicitation ,
Interpretive Letters ,
Investment Adviser ,
No-Action Letters ,
Rule 506 Offerings ,
Securities and Exchange Commission (SEC)
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
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
On June 5, 2013, the U.S. Securities and Exchange Commission (the SEC) released for public comment its proposal to further reform the regulatory structure governing money market funds and address the perceived systemic risks...more