I. EXECUTIVE SUMMARY - On 7 October 2020, the Securities and Exchange Commission (the SEC) adopted new rule 12d1-4 (Rule 12d1-4) and related amendments under the Investment Company Act of 1940 (the 1940 Act) that it believes...more
The Securities and Exchange Commission (“SEC”) on April 21, 2020, proposed a new rule to codify fair valuation requirements for funds registered under the Investment Company Act of 1940, as amended (“1940 Act”). ...more
The pandemic coronavirus (“COVID-19”) continues its unprecedented disruption of the economy and markets....more
LEGISLATIVE POLICY -
“In the exhaustive study of the industry which preceded passage of the [Investment Company] Act it was found that, in many instances, investment companies had been operated in the interests of their...more
A recent Ninth Circuit Court of Appeals opinion charts potential new pathways for claims for damages resulting from portfolio losses by mutual fund shareholders against both a fund’s trustees and its investment adviser....more