Tag: Investment Company Act
SEC Issues Guidance on Disclosure and Filing Requirements for Closed-End Funds of Private Funds
SEC Staff issues clarifying guidance for registered closed-end funds that invest in private funds related to registration statement disclosure and amendments under the Investment Company Act.
August 25, 2025
Tags: Investment Company Act, Private Funds, Registered Funds
SEC Announces First Enforcement Action Under Fund Liquidity Rule
The SEC has charged a fund’s adviser and independent trustees in the first enforcement action under the fund liquidity rule.
May 16, 2023
Tags: Investment Company Act, SEC Enforcement, SEC Investment Management
SEC Risk Alert Spotlights Deficiencies, Good Practices ID’d in RIC Exams
A new SEC Risk Alert reviews results of over 200 mutual funds and exchange-traded funds exams looking at impacts on retail investors.
November 12, 2021
Tags: Investment Company Act, Mutual Funds, Risk Alert, SEC Examinations
BDC Adviser Fined Over $800,000 for Accepting Fees Without Board Knowledge or Approval
The SEC has settled charges against a California-based investment adviser and its co-principal and managing member in connection with their failure to disclose or seek approval for material conflicts of...
June 15, 2021
Tags: Conflicts of Interest, Enforcement, Fees and Expenses, Fiduciary, Investment Company Act
SEC Investment Management Seeks Input on Cross Trading Rule Amendments
The SEC’s Division of Investment Management staff is considering amending Investment Company Act Cross Trading Rule 17a-7 and is requesting recommendations for ways to address valuation challenges that have evolved...
March 24, 2021
Tags: Elad Roisman, Fair Value, Investment Company Act, Valuation
SEC No-Action Letter Allows Funds to Custody Loan Interests
The SEC’s Division of Investment Management has issued a no-action letter that allows registered funds to self-custody interests in term or delayed draw corporate loans that are originated, negotiated, and...
January 25, 2021
Tags: Custody, Investment Company Act, Mutual Funds, SEC Investment Management
SEC to Provide Exemption for Approval of Sub-Advisory Agreements from In-Person Board Meeting Requirements Under the Investment Company Act February 7, 2020 The SEC plans to issue an order...
February 07, 2020
SEC Provides Temporary Relief to Business Development Companies to Permit Additional Investments in Issuers April 17, 2020 As part of its regulatory response to COVID-19, the SEC has issued...
April 17, 2020
SEC Provides No-Action Relief Related to Participation in Fed Lending Facility
SEC Provides No-Action Relief Related to Participation in Fed Lending Facility June 3, 2020 The SEC’s Division of Investment Management has issued a no-action letter related to participation in...
June 03, 2020
Tags: No-Action Letter, Federal Reserve Board, Investment Company Act, SEC Investment Management
SEC Proposes Rule for Good Faith Fair Value Determination, Readily Available Market Quotations
SEC Proposes Rule for Good Faith Fair Value Determination, Readily Available Market Quotations Board May Assign Determinations to Fund Adviser May 6, 2020 The SEC voted on April 21...
May 06, 2020
Tags: Fair Value, Investment Company Act, Mutual Funds, Valuation
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