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Fund of Funds

Lowenstein Sandler LLP

The SEC’s Private Fund Adviser Rules Explained — Part 4: The Quarterly Statement Rule

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As we have discussed in earlier Client Alerts, on August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted new and amended rules under the Investment Advisers Act of 1940, as amended (the Advisers Act), to...more

Eversheds Sutherland (US) LLP

SBA modernizes the SBIC program

On July 13, 2023, the US Small Business Administration (SBA) finalized major revisions to the regulations governing the small business investment company (SBIC) program (Final Rule). The updated regulations represent the most...more

Dechert LLP

ELTIF 2.0: retailization of private funds – the gateway to heaven or a storm in a teacup?

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Since Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long term investment funds (ELTIF Regulation) was adopted, only a few European long-term investment funds (ELTIFs) have...more

Seward & Kissel LLP

[Event] Getting a Deal Done: M&A Opportunities for Asset and Wealth Managers - October 26th, New York, NY

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What to expect? The first half of 2022 marked another banner period for asset and wealth management deals, with deal volume up 11% compared to the same period in 2021, according to PWC. And the market for buying and selling...more

Paul Hastings LLP

Proposed Legislation Threatens to Upend Carried Interest Rules

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As widely reported, on July 27, 2022 Democratic Majority Leader Senator Chuck Schumer and Senator Joe Manchin (D-W.Va) agreed to a reconciliation bill package titled the Inflation Reduction Act of 2022. The bill contains...more

Vinson & Elkins LLP

Private Equity: Private No More?

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On February 9, 2022, the Securities and Exchange Commission (“SEC”) proposed new rules under the Investment Advisers Act of 1940 (“IAA”) to regulate advisers to private funds. One set of the proposed rules is intended to...more

Morgan Lewis

1940 Act Regulatory Checklists

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Rule 12d1-4 under the Investment Company Act of 1940 permits funds to enter into “funds of funds” arrangements notwithstanding the prohibitions of Section 12(d)(1) of the Act of 1940, provided that certain conditions are met....more

Carlton Fields

SEC Streamlines Fund of Fund Relief, Requires Life Company ‘Certification’

Carlton Fields on

The SEC has adopted new Rule 12d1-4 under the Investment Company Act and taken other action “to streamline and enhance the regulatory framework applicable to fund of funds (FOF) arrangements.” This includes FOFs in which life...more

Barnea Jaffa Lande & Co.

New Investment Products: Hedged Mutual Funds and Hedged Mutual Funds of Funds

Barnea Jaffa Lande & Co. on

With the goal of expanding the public’s investment options, the Israel Securities Authority published in February 2020 a first draft of a document for public comments. The document details the core characteristics of two new...more

K&L Gates LLP

Fund of Funds Rule Adoption—A Deeper Dive Into the Impact of Rule 12d1-4 on Closed-End Funds and Business Development Companies

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I. INTRODUCTION - On October 7, 2020, the Securities and Exchange Commission (SEC) adopted new rule 12d1-4 (Rule 12d1-4) and related amendments under the Investment Company Act of 1940 (as amended, the 1940 Act) in an effort...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Adopts New Rule for Fund of Fund Arrangements

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

Goodwin

SEC Adopts Rule Providing New Regulatory Framework For Fund-Of-Funds

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In the News. The Securities and Exchange Commission (SEC) announced that it adopted Rule 12d1-4 under the Investment Company Act of 1940 (the 1940 Act), providing a new regulatory framework for fund-of-funds and final...more

Mayer Brown Free Writings + Perspectives

SEC Adopts Fund of Funds Arrangements Rule

On October 7, 2020, the US Securities and Exchange Commission (“SEC”) adopted a new rule under the Investment Company Act of 1940 (the “Investment Company Act”) with respect to fund of fund arrangements.1 New Rule 12d1-4...more

Goodwin

SEC Adopts New Regulatory Framework For Fund-Of-Funds Arrangements

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On October 7, 2020, the Securities and Exchange Commission (the "SEC") adopted Rule 12d1-4 under (the "Rule") the Investment Company Act of 1940 (the "1940 Act") and related amendments designed to put in place a comprehensive...more

Sullivan & Worcester

SEC Adopts Comprehensive Funds of Funds Rule

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On October 7, 2020, the Securities and Exchange Commission (“SEC”) adopted a new rule, Rule 12d1-4, designed to provide a consistent and comprehensive framework governing a registered fund’s ability to invest in another...more

Faegre Drinker Biddle & Reath LLP

Securities and Exchange Commission Adopts Final Fund of Funds Rule

The Securities and Exchange Commission (SEC) adopted on October 7, 2020 Rule 12d1-4 (final rule) and other amendments under the Investment Company Act of 1940, as amended (1940 Act), which streamline and enhance the...more

Kramer Levin Naftalis & Frankel LLP

SEC Adopts Amendments Updating the ‘Fund of Funds’ Regulatory Framework for Registered Investment Companies and Business...

On Oct. 7, 2020, the Securities and Exchange Commission (SEC) voted to adopt a new rule (Rule 12d1-4), and related amendments to existing rules and forms, to enact a comprehensive regulatory framework for “fund of funds”...more

Dechert LLP

Newsflash: SEC Adopts Changes to Regulatory Framework of Fund of Funds Arrangements

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On October 7, 2020, the Securities and Exchange Commission voted to adopt Rule 12d1-4 under the Investment Company Act of 1940 and related amendments to the regulatory framework governing funds that invest in other funds...more

Foley & Lardner LLP

Foley Governance and Regulatory Alert: SEC Adopts New Rule for Fund of Funds Arrangements

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On October 7, 2020, the Securities and Exchange Commission (“SEC” or “Commission”) adopted a new rule, Rule 12d1-4, and related amendments designed to permit a registered investment company or business development company or...more

Kramer Levin Naftalis & Frankel LLP

SEC Eases Path for Exchange-Traded Fund (ETF) Launches

In an effort to modernize the regulation of ETFs, the U.S. Securities and Exchange Commission (the SEC) announced today its adoption of Rule 6c-11 (the New Rule) which establishes a clear and consistent framework for the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - June 2019

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

Carlton Fields

Game Changing Fund of Fund Reforms Ahead

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On December 19, 2018, the SEC proposed rescinding most so-called fund of funds (FoF) exemptive orders and Rule 12d1-2 under the Investment Company Act of 1940 (Act) and replacing them with new Rule 12d1-4.1...more

A&O Shearman

SEC Proposes Changes to Regulatory Framework of Fund of Funds Arrangements

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The Securities and Exchange Commission (the SEC) has proposed rules that would modernize the “fund of funds” rules. The rules would replace a patchwork of exemptive rules and orders, with the goal of a “consistent and...more

Vedder Price

Investment Services Regulatory Update - January 2019

Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts – PROPOSED RULES – SEC Proposes New Fund-of-Funds Rule – On December 19, 2018, the SEC proposed new Rule 12d1-4 under the Investment Company Act of 1940, which, if...more

Eversheds Sutherland (US) LLP

Fund of funds flexibility - What’s important to BDCs and closed-end funds in the SEC’s rule proposal, including a request for...

On December 19, 2018, the US Securities and Exchange Commission (SEC) issued a release (the Release) proposing new rule 12d1-4 (the Proposed Rule) and related amendments to streamline and enhance the regulatory framework that...more

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