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Investment Companies Securities and Exchange Commission (SEC) Mutual Funds

Seward & Kissel LLP

SEC Staff Publish New Registered Fund Statistics Report

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Who may be interested: Registered Investment Companies; Boards of Directors; Investment Advisers - Quick Take: The staff of the SEC’s Division of Investment Management (“Staff”) has published a new report entitled...more

Seward & Kissel LLP

Seward & Kissel Advises Guinness Atkinson on the Submission of an Application to Offer ETF Share Classes of its Existing Mutual...

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Who may be interested: Registered Investment Companies; Boards of Directors; Investment Advisers - Quick Take: Guinness Atkinson Funds, with the counsel of Seward & Kissel, has submitted an application seeking an exemptive...more

Seward & Kissel LLP

SEC Staff Issues FAQs On Tailored Shareholder Reports

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Who may be interested: Registered Investment Companies - Quick Take: The staff of the SEC’s Division of Investment Management (Staff) recently issued responses to frequently asked questions (FAQs) covering the SEC’s...more

Seward & Kissel LLP

SEC Provides Guidance on Determining Investment Company Status in SPAC Rule Release

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Who may be interested: Registered Investment Companies, SPACs, Investment Advisers Quick Take: Following a 3-2 vote, the SEC adopted final rules to enhance disclosure and provide additional investor protections in IPOs by...more

Harris Beach PLLC

SEC Examination Priorities for 2024

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The United States Securities and Exchange Commission’s Division of Examinations announced its examination priorities for fiscal year 2024 on October 16, 2023. The timing of the announcement is significant because it is the...more

Seward & Kissel LLP

SEC Settles Charges With Transfer Agent for Lost Securityholders

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Who may be interested: Registered Investment Companies, Boards of Directors, Transfer Agents. Quick Take: The SEC recently settled charges with a registered transfer agent for failing to take reasonable steps to find...more

Morrison & Foerster LLP

SEC Staff Reminder about Advisory Fee Cross-Subsidization Concerns

On February 2, 2023, the Division of Investment Management Staff (the “Staff”) of the Securities and Exchange Commission (SEC) published a Staff Bulletin regarding fee waiver and expense reimbursement practices for investment...more

Dechert LLP

SEC Proposes to Modernize Disclosure Framework for Mutual Funds and Exchange-Traded Funds, Modify Fee Information in Investment...

Dechert LLP on

The Securities and Exchange Commission on August 5, 2020 unanimously approved proposed rule and form amendments (Proposed Rule) that would comprehensively revise and update the disclosure framework for mutual funds and...more

WilmerHale

SEC Proposes to Modernize Fund Communications

WilmerHale on

On August 5, 2020, the Securities and Exchange Commission (SEC) proposed amendments to the disclosure framework for mutual funds and exchange-traded funds (ETFs) and to the advertising rules applicable to investment companies...more

Goodwin

Financial Services Weekly Roundup: SEC Proposes Modified Disclosure Framework For Funds

Goodwin on

In the News. The Securities and Exchange Commission (SEC) proposed modifying the disclosure framework for mutual funds and exchange-traded funds (funds), which would create a new layered disclosure regime that attempts to...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

Vedder Price

Investment Services Regulatory Update - December 2018

Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts – NEW RULES – SEC Adopts New Rules Permitting Covered Investment Fund Research Reports – On November 30, 2018, the SEC adopted Rule 139b under the Securities Act of...more

Carlton Fields

Expect Focus - Volume II, June 2018

Carlton Fields on

New York Pushes Mutual Fund Active Share Disclosure - New York’s Attorney General issued a report on its recent investigation of fees charged by actively managed equity mutual funds and a metric known as “Active Share.”...more

Holland & Knight LLP

Regulatory Relief Act Benefits Community and Regional Banks

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• The Economic Growth, Regulatory Relief and Consumer Protection Act (the Act), which engendered substantial bipartisan support and was recently signed into law by President Donald Trump, amends parts of the Dodd-Frank Wall...more

Vedder Price

Investment Services Regulatory Update - February 2018

Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more

Vedder Price

Investment Services Regulatory Update - October 2017

Vedder Price on

New Rules, Propsed Rules, Guidance and Alerts - SEC STAFF GUIDANCE AND ALERTS - SEC Staff Extends No-Action Relief on Auditor Independence and the “Loan Provision” - On September 22, 2017, the staff of the SEC’s...more

Morgan Lewis

2016 Year in Review: Select SEC and FINRA Developments and Enforcement Cases

Morgan Lewis on

Executive Summary - The Morgan Lewis Year in Review highlights key US Securities and Exchange Commission (the SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement developments and...more

Carlton Fields

What’s Your Game Plan? Offensive or Defensive: Playing to Your Strengths [Expect Focus – October 2016]

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- AXA Prevails at First Post-Jones v. Harris Excessive Fee Trial - Potential Secondary Effects of Regulatory Examinations: Evidentiary Issues and Preclusion in Parallel Litigation - On The Horizon: Global...more

Carlton Fields

SEC Issues Guidance on Business Continuity Planning for Registered Investment Companies

Carlton Fields on

The Securities and Exchange Committee (SEC) staff published Guidance Update 2016-04, concerning business continuity plans regarding companies within a “fund complex.” By “fund complex” the staff means an affiliated group of...more

Goodwin

Financial Services Weekly News - September 2016

Goodwin on

Editor's Note - The OCC Takes Another Step Toward a Limited Purpose FinTech Charter. On September 13, in a speech at the Marketplace Lending Policy Summit 2016, Comptroller of the Currency Thomas J. Curry discussed the...more

Morrison & Foerster LLP

Section 12(d)(1) and Business Development Companies

Business development companies (BDCs), which provide a growing and important alternative source of capital to smaller companies, face challenges raising money due to a quirk in the federal securities laws that limits how much...more

Morrison & Foerster LLP

Derivatives Rule Proposal: More Work for Overburdened Fund Directors

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The Securities and Exchange Commission’s proposals to modernize its regulation of fund use of derivatives and leverage again increase the scope and complexity of the responsibilities of investment company fund directors. If...more

Proskauer - Corporate Defense and Disputes

SEC Proposal Would Limit Investment In Derivatives By Investment Companies

Recognizing the substantial risks inherent in many derivatives transactions, and the substantial leverage that is often imbedded in derivatives, the SEC last week announced its proposed new rules that would impose limits on...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

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Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more

K&L Gates LLP

U.S. SEC Proposes Liquidity Risk Management Programs, Optional “Swing Pricing,” and Liquidity Reporting for Mutual Funds and...

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On September 22, 2015, the Securities and Exchange Commission (“SEC”) proposed a new rule and amendments to rules and reporting forms under the Investment Company Act of 1940 (the “1940 Act”), designed to standardize...more

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