News & Analysis as of

Closed-End Funds

Last Minute Amendment to Financial CHOICE Act of 2017: Offering and Registration Flexibility for Registered Closed-End Funds

On June 8, 2017, the US House of Representatives passed the Financial CHOICE Act of 2017 (H.R. 10) (the CHOICE Act) with 233 votes for, 186 votes against and 11 abstaining. Rep. Jeb Hensarling (R-TX), the chairman of the...more

FINRA Permits Related Performance Information in Institutional Communications for Registered Closed-End Funds

Introduction In an interpretive guidance letter issued to a registered closed-end fund on June 9, 2017, FINRA permitted the use of “related performance information” in communications that are distributed solely to...more

Interval Funds - at the Intersection of Liquidity, Transparency, and Valuation DLA Piper's handbook

by DLA Piper on

As yet another demonstration of the investment management industry's ability to develop products to meet the demands of investors and their advisers, we have the "interval fund." These funds are SEC-registered closed-end...more

IPO Market for Closed-End Funds Poised for Serious Rebound

by Bryan Cave on

It’s clear to anyone paying attention that the market for initial public offerings of closed-end funds has fallen off dramatically over the last few years. Undoubtedly, the primary cause of this fall off has been the gaping...more

SEC Staff Issues Guidance Regarding Open-End Fund Investments in Closed-End Funds

by Dechert LLP on

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

Defending Maryland Closed-End Funds

by Miles & Stockbridge P.C. on

Closed-end funds trading at a discount to net asset value sometimes are the subject of attack by activist stockholders. Activist focus on short-term gains can be at the expense of the long-term strategy preferred by many...more

Changes in Taxation of Closed-end Investment Funds

by K&L Gates LLP on

The Sejm has received a draft act on the amendment of personal income tax and corporate income tax. The amendment aims at changing taxation of investment funds....more

Orrick's Financial Industry Week in Review

Financial Industry Developments - OCC Discusses Marketplace Lending - On September 13, 2016, Comptroller of the Currency Thomas J. Curry discussed marketplace lending's risks and associated policy questions. He...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - CFTC Announces Measures to Enhance Protection of Customer Funds - On August 8, 2016, the U.S. Commodity Futures Trading Commission (CFTC) announced three separate enhancements...more

SEC Proposes New Limits on Funds’ Use of Derivatives

by Carlton Fields on

The SEC recently proposed a new rule (Rule 18f-4) to govern the use of derivatives by mutual funds, ETFs, and closed-end funds (including BDCs). The proposed rule would subject funds that use derivatives to new leverage...more

OLG München entscheidet im Richtungsstreit über die Vertretung der InvKG: Die Gesellschaft wird durch ihre Organe gesetzlich...

by King & Spalding on

Das Oberlandesgericht München hat in einem Urteil vom 1. Oktober 2015 (23 U 1570/15, das Urteil finden Sie unter diesem Link) entschieden, dass die extern verwaltete geschlossene Investment-Kommanditgesellschaft gesetzlich...more

FinCEN's Recently Proposed AML Rule: A Road Map for SEC-Registered Investment Advisers

by Pepper Hamilton LLP on

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (the Proposed Rule) on September 1, 2015 that would impose anti-money laundering (AML) requirements for investment...more

UBS Puerto Rico, Others Tied to SEC Fraud Action

by Dorsey & Whitney LLP on

When the bond market collapsed in Puerto Rico many clients at UBS Financial Services Incorporated of Puerto Rico had significant losses. Many had purchased shares of UBS PR closed-end funds or CEFs. UBSPR had been selling...more

Rating Agency Developments

On September 15, DBRS released its Rating Public-Private Partnership Methodology. On September 16, Fitch released its New Closed-End Fund and Market Value-Structure Criteria....more

Financial Services Weekly News Roundup - July 2015 #2

by Goodwin on

Regulatory Developments - Agencies Post Public Sections of Resolution Plans: In a July 6 joint press release, the Federal Reserve Board and FDIC announced that they have posted the public portions of annual...more

A Borrower and a Lender Be: Irish Central Bank’s Loan Origination Fund Rules

by Dechert LLP on

There has been an increasing focus within Europe on alternatives to bank-based credit. Loan origination funds, which look to source loan assets for their investment portfolio by directly originating loans (rather than...more

Non-Enforcement

by Foley & Lardner LLP on

When the U.S. Congress passed the crowdfunding exemption under the Jumpstart Our Business Startups Act (the “Jobs Act”) in 2012, there was much anticipation and optimism for the ability of issuers of securities to be able to...more

Closed End Funds

by Burr & Forman on

The Financial Industry Regulatory Authority (“FINRA”) has, in recent months, increased its regulatory focus on investor awareness regarding closed-end funds (“CEFs”). In October of last year, FINRA issued an Investor Alert...more

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