In this issue, we cover regulatory developments impacting the investment management sector, including updates on closed-end fund activism; new SEC proposals; and the impact of Russia sanctions on disclosure obligations and...more
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
11/6/2020
/ Closed-End Funds ,
Exemptive Orders ,
Final Rules ,
Form N-CEN ,
Fund of Funds ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
New Rules ,
Rule 12d1-4 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation ,
Voting Requirements
On May 27, 2020, the staff of the Division of Investment Management (Staff) of the Securities and Exchange Commission (SEC) issued a statement regarding the intersection between state control share acquisition statutes...more
In this issue, we summarize regulatory, litigation and industry developments from October 2019 to early January 2020 impacting the investment management sector, including SEC action on use of derivatives by registered...more
1/16/2020
/ Activist Investors ,
BDC ,
Bench Trial ,
Breach of Contract ,
Class Action ,
Closed-End Funds ,
Comment Period ,
Cross-Border ,
Derivatives ,
ETFs ,
Exemptive Relief ,
Fee Disclosure ,
Filing Fees ,
Investment Adviser ,
Investment Management ,
Libor ,
MiFID II ,
Mutual Funds ,
OCIE ,
Proposed Amendments ,
Proposed Rules ,
Proxy Access Rule ,
Proxy Voting Guidelines ,
Registered Investment Companies (RICs) ,
Regulatory Requirements ,
Risk Alert ,
Rule 10(b) ,
Rule 18f-4 ,
Rulemaking Process ,
Section 11 ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Settlement Agreements ,
Settlement Negotiations ,
Shareholder Proposals ,
Solicitation Provisions ,
Testing-the-Waters Communications
As recently noted, Saba Capital Management, L.P. (Saba) has begun to escalate its attacks on the closed-end fund asset class, at the expense of retail fund shareholders.1 Saba continues its offensive against closed-end funds,...more
8/20/2019
/ Asset Class ,
Closed-End Funds ,
ETFs ,
Institutional Investors ,
Investment Company Act of 1940 ,
Investment Funds ,
Proxy Contests ,
Proxy Statements ,
Publicly-Traded Companies ,
Regulatory Violations ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Shareholders