On December 19, 2018, the Securities and Exchange Commission (SEC) voted to propose Rule 12d1-4 (proposed rule) and related amendments to the regulatory framework governing funds that invest in other funds (“fund of funds”...more
12/21/2018
/ Amended Regulation ,
Business Development Companies ,
Closed-End Funds ,
Exchange-Traded Products ,
Form N-CEN ,
Fund of Funds ,
Investment Company Act of 1940 ,
Mutual Funds ,
Proposed Rules ,
Registered Investment Companies (RICs) ,
Regulatory Reform ,
Right to Control ,
Securities and Exchange Commission (SEC) ,
Voting Shares
The U.S. Securities and Exchange Commission has adopted amendments to certain disclosure requirements of open-end investment companies – including exchange-traded funds, but excluding money market funds – (collectively,...more
Adopted by the U.S. Securities and Exchange Commission (SEC) in 2016, Rule 22e-4 under the Investment Company Act of 1940 (Liquidity Rule) has presented the fund industry with thorny interpretive questions and compliance...more
4/9/2018
/ Compliance ,
Disclosure Requirements ,
Division of Investment Management ,
ETFs ,
Form N-PORT ,
Investment Company Act of 1940 ,
Liquidity ,
Liquidity Risk Management Rule ,
Proposed Rules ,
Securities and Exchange Commission (SEC) ,
Time Extensions
In a letter to U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton, the Investment Company Institute (ICI) formally requested a delay and re-examination of certain elements of Rule 22e-4 under the Investment...more
8/18/2017
/ Delays ,
Filing Deadlines ,
Form N-CEN ,
Form N-PORT ,
Investment Company Act of 1940 ,
Investment Portfolios ,
Liquidity Risk Management Rule ,
Reporting Modernization Rules ,
Reporting Requirements ,
Request for Examination ,
Securities and Exchange Commission (SEC)
The Staff of the U.S. Securities and Exchange Commission (SEC) on March 8, 2017 issued a no-action letter (Staff Letter) in response to a request from Dechert LLP for assurance under Section 12(d)(1) of the Investment Company...more
4/18/2017
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Broker-Dealer ,
Foreign Currency ,
Global Market ,
Hedging ,
International Tax Issues ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
No-Action Letters ,
Non-US Feeder Funds ,
Registered Investment Companies (RICs) ,
Section 12(d)(1) ,
Securities and Exchange Commission (SEC) ,
UCITS ,
Underwriting
The U.S. Securities and Exchange Commission (SEC or Commission) has unanimously adopted new rules and rule amendments to require registered open-end investment companies (including exchange traded funds and exchange-traded...more
Earlier today, the U.S. Securities and Exchange Commission (SEC) unanimously adopted a new rule and amendments to certain rules and forms that will require registered open-end investment companies, including mutual funds and...more
10/14/2016
/ Amended Regulation ,
Disclosure Requirements ,
Form N-PORT ,
Investment Companies ,
Investment Management ,
Liquidity Risk Management Rule ,
New Regulations ,
Registered Investment Companies (RICs) ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Swing Pricing
The April 14, 2016 compliance date for certain new money market fund (money funds) requirements adopted by the U.S. Securities and Exchange Commission (SEC) is quickly approaching. In particular, money funds will be required...more
The U.S. Securities and Exchange Commission (SEC) recently adopted amendments (Amendments) to remove references to credit ratings in Rule 2a-7 under the Investment Company Act of 1940, as amended (1940 Act), the primary rule...more
11/10/2015
/ ABS ,
Asset Diversification ,
Bonds ,
Diversification Requirements ,
Dodd-Frank ,
Investment Company Act of 1940 ,
Money Market Funds ,
Municipal Securities Issuers ,
NRSRO ,
Repurchases ,
Rule 2a-7 ,
Securities and Exchange Commission (SEC)
The U.S. Securities and Exchange Commission (SEC or Commission) on September 22, 2015 proposed a rule that would require all registered open-end funds and open-end exchange-traded funds (ETFs), other than money market funds...more
Recently, the U.S. Securities and Exchange Commission unanimously approved proposals that would require open-end funds, including mutual funds and exchange-traded funds, to comply with new liquidity management rules. The...more
The Staff of the Division of Investment Management (Staff) of the U.S. Securities and Exchange Commission (SEC or Commission) has published responses to frequently asked questions (FAQs) regarding the SEC’s 2014 amendments...more
6/17/2015
/ Amortization ,
Capital Contributions ,
Disclosure Requirements ,
Division of Investment Management ,
Floating NAV ,
Fund Managers ,
Investment Companies ,
Liquidity Fees ,
Money Market Funds ,
NAV ,
New Amendments ,
Redemption Gates ,
Reorganizations ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Seed Financing ,
Websites
The July 14, 2015 compliance date for certain new money market fund reporting and disclosure requirements adopted by the U.S. Securities and Exchange Commission (SEC) is quickly approaching. In particular, money market funds...more
The U.S. Securities and Exchange Commission (SEC) has approved sweeping amendments to Rule 2a-7 under the Investment Company Act of 1940 and other rules governing the operations of money market funds (money funds)...more
The U.S. Securities and Exchange Commission (SEC or Commission) on July 23, 2014 approved, by a vote of 3- 2, sweeping amendments to Rule 2a - 7 and other rules that govern money market funds (money funds) under the...more
The U.S. Securities and Exchange Commission (SEC or Commission) issued a cease and desist order on June 16, 2014 (the Order) against Paradigm Capital Management, Inc. (Paradigm) and its founder, Director, President and Chief...more
U.S. SEC’s Office of Compliance Inspections and Examinations Issues Risk Alert on Alternative Investment Due Diligence Practices -
The U.S. Securities and Exchange Commission’s Office of Compliance Inspections and...more
This OnPoint describes the role of the SEC’s Division of Investment Management (Division) in uncovering the alleged fraud through an analytical review of the Fund’s performance data and portfolio information. It then...more
12/19/2013
/ Enforcement ,
Enforcement Actions ,
Fraud ,
Fund Managers ,
Investment Fraud ,
Investor Protection ,
OCIE ,
Portfolio Managers ,
Risk Assessment ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Fraud
The U.S. Securities and Exchange Commission (“SEC”) has proposed sweeping amendments to Rule 2a-7 under the Investment Company Act of 1940 (“1940 Act”) and other rules relating to money market funds (“money funds”).1 The...more
The U.S. Internal Revenue Service (IRS) has proposed a new Revenue Procedure (Proposed Revenue Procedure) regarding the application of the wash sale rules under Section 1091 of the U.S. Internal Revenue Code (Code) to...more
The U.S. Securities and Exchange Commission (SEC or Commission) on June 5, 2013 proposed for public comment sweeping amendments to Rule 2a-7 under the Investment Company Act of 1940 and other rules relating to money market...more
On June 5, 2013, the U.S. Securities and Exchange Commission (SEC) unanimously proposed for public comment two alternatives for amending Rule 2a-7 and other rules that govern money market funds under the Investment Company...more