SEC Amendments to Investment Company Act “Names Rule”

Alston & Bird

Last week the U.S. Securities and Exchange Commission adopted amendments to rule 35d-1 under the Investment Company Act of 1940, commonly known as the “Names Rule.” Our Investment Funds Team outlines these amendments and related implications for the funds industry.

- The SEC stated that the amendments “modernize and enhance” names-related regulation

- The amendments expand the current 80% investment policy requirement to include any fund name suggesting a fund has “particular characteristics,” including fund names suggesting an investment theme or an ESG focus

- The Names Rule amendments become effective 60 days after publication

- Funds with assets over $1 billion or more have 24 months to comply; funds with assets less than $1 billion have 30 months to comply

Please see full publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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