News & Analysis as of

Securities and Exchange Commission (SEC) Closed-End Funds

Katten Muchin Rosenman LLP

SEC Expands the Ability of Registered Closed-End Funds to Invest in Private Funds

Since 2002, the staff of the US Securities and Exchange Commission (SEC) consistently issued comments during the registration statement review process to closed-end funds (CEFs) registered under the Investment Company Act of...more

Proskauer Rose LLP

Update: SEC Approves Additional Flexibility for Co-Investment Relief for BDCs and Closed-End Funds that Previously Obtained...

Proskauer Rose LLP on

On April 29, 2025, the U.S. Securities and Exchange Commission ("SEC") issued an order granting Franklin Square's ("FS") exemptive relief application (the "FS Application") permitting certain business development companies...more

Alston & Bird

SEC Chair Announces Intent to Increase Retail Access to Private Funds

Alston & Bird on

Our Investment Funds Team discusses Securities and Exchange Commission Chair Paul Atkins’s plans to improve retail investors’ access to private funds....more

Mayer Brown Free Writings + Perspectives

The SEC Spoke:  Private Fund Changes Coming

At yesterday's Practising Law Institute’s SEC Speaks program, Securities and Exchange Commission (“SEC”) Chair Paul Atkins shared his views on a wide range of topics.  Chair Atkins touched on innovation at the SEC, FinHub and...more

Seward & Kissel LLP

SEC Easing Conditions for Co-Investment Relief for BDCs and Closed-End Funds

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On April 3, 2025, the U.S. Securities and Exchange Commission (“SEC”) issued a notice of proposed exemptive relief to FS Credit Opportunities Corp. and its affiliates (Applicants), introducing more flexible co-investment...more

Carlton Fields

Gone With the Wind? Closed-End Funds Risk Extinction

Carlton Fields on

Shares of SEC-registered closed-end funds (CEFs) have long held significant potential advantages for some investors. For example, unlike shares of mutual funds (which are open-end funds), CEF shares cannot be redeemed by the...more

Lowenstein Sandler LLP

SEC’s Pay-to-Play Crackdown: Settlement Sends Strong Message on Political Contributions

On August 19, 2024, the U.S. Securities and Exchange Commission (SEC) settled with a registered investment adviser (Adviser),1 whereby the Adviser paid a $95,000 civil money penalty in addition to being censured for...more

Sullivan & Worcester

SEC Adopts Amendments to Form N-PORT and Form N-CEN Reporting Relating to Liquidity Risk Management; Issues Guidance on Open-End...

Sullivan & Worcester on

On August 28, 2024, the Securities and Exchange Commission (“SEC”) adopted amendments to reporting requirements on Forms N-PORT and N-CEN that apply to certain registered investment companies, including registered open-end...more

Seward & Kissel LLP

SEC Staff Denies Closed-End Fund’s No-Action Request Seeking to Exclude Shareholder Proposal to Declassify Board

Seward & Kissel LLP on

Who may be interested: Closed-End Funds; Boards of Directors; Investment Advisers - Quick Take: The staff of the SEC’s Division of Investment Management (Staff) recently denied a closed-end fund’s request for no-action...more

Seward & Kissel LLP

SEC Staff Issues No-Action Letter to Closed-End Funds Seeking to Exclude Activist Shareholder Proposals to Declassify Board

Seward & Kissel LLP on

Who may be interested: Closed-End Funds; Boards of Directors; Investment Advisers - Quick Take: The staff of the SEC’s Division of Investment Management (Staff) recently granted no-action relief to three closed-end funds...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - February 2024

In this issue, we cover regulatory developments from the fourth quarter of 2023 impacting the investment management sector, including the use of shareholder rights plans as an alternative to state control share statutes....more

Seward & Kissel LLP

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

Seward & Kissel LLP on

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

Venable LLP

Protecting Closed-End Investment Companies under Maryland Law

Venable LLP on

Closed-end investment companies registered under the Investment Company Act of 1940, as amended (the "1940 Act"), have proven to be a product sought by many investors, especially individuals. Despite their appeal to long-term...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - August 2023

Closed-End Fund Activism Update - Activist investors continue to take large positions in closed-end funds and engage in disruptive activity that may be harmful to long-term shareholders of retail closed-end funds. This...more

Husch Blackwell LLP

SEC Heightens Issuers' Share Repurchase Disclosure Requirements

Husch Blackwell LLP on

On May 3, 2023, the Securities and Exchange Commission (SEC) adopted amendments to the disclosure requirements relating to issuers’ repurchases of their equity securities. As outlined below, the amendments require additional...more

Paul Hastings LLP

SEC Adopts Amendments to Share Repurchase Disclosure Requirements

Paul Hastings LLP on

On May 3, 2023, the U.S. Securities and Exchange Commission (the “SEC”) adopted new enhanced disclosure requirements for issuers’ repurchases of equity securities. The amendments require issuers to provide the following...more

WilmerHale

SEC Adopts Amendments to Issuer Repurchase Disclosure

WilmerHale on

On May 3, 2023, in a 3-2 vote, the SEC adopted amendments to significantly increase the disclosure required about issuer repurchases of their equity securities that are registered under the Securities Exchange Act of 1934....more

Kilpatrick

What’s in a Name? SEC Proposes Amendment to Names Rule for Investment Companies

Kilpatrick on

On May 25, 2022, the Securities and Exchange Commission (the “SEC”) announced proposed amendments (the “Proposal”) to Rule 35d-1 under the Investment Company Act of 1940 (the “Names Rule”), aimed at modernizing the Names Rule...more

Eversheds Sutherland (US) LLP

SEC proposes amendments to expand the reach of the fund “Names Rule,” with a specific focus on ESG

On May 25, 2022, the US Securities and Exchange Commission (the SEC) proposed amendments (the Proposal) to Rule 35d-1 (the Rule) under the Investment Company Act of 1940, as amended (the 1940 Act). The Proposal comes over 20...more

Eversheds Sutherland (US) LLP

Coming soon: Structure data requirements for investment companies

On April 8, 2020, the Securities and Exchange Commission (the SEC) adopted rule amendments to require business development companies (BDCs) and closed-end funds registered under the Investment Company Act (Registered CEFs,...more

WilmerHale

SEC Proposes Rules to Modernize Share Repurchase Disclosures

WilmerHale on

On December 15, the same day it proposed amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 (Exchange Act) that may blunt the use of the affirmative defense for insider trading, the Securities and Exchange...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - December 2021

In this issue, we cover regulatory developments impacting the investment management sector, including proposed legislation supported by the Investment Company Institute to address challenges for closed-end funds; the...more

Mayer Brown Free Writings + Perspectives

Annual Review of Federal Securities Regulation

INTRODUCTION - This Annual Review (“Review”) was prepared by the Subcommittee on Annual Review of the Committee on Federal Regulation of Securities of the ABA Business Law Section. The Review covers significant...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - June 2021

In this issue, we cover regulatory developments impacting the investment management sector, including updates on activism activity during the 2021 proxy season, as well as the status of multiple SEC and NYSE proposals,...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Retrospective: 2020’s Second Half

In this issue, we provide a summary retrospective of regulatory, litigation and industry developments impacting the investment management sector during the second half of 2020, including SEC guidance and exemptive orders...more

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