Podcast: Credit Funds: 1940 Act Interval Funds
On August 15, 2025, the staff of the SEC’s Division of Investment Management (the “Staff”) published a new Accounting and Disclosure Information (“ADI”) regarding registered closed-end funds of private funds (“CE-FOPFs”)....more
Recent policy initiatives and remarks from leaders of the US Securities and Exchange Commission (SEC) have created a changing landscape for retail access to the private markets. At a recent conference hosted by the Practising...more
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
Our Investment Funds Team discusses Securities and Exchange Commission Chair Paul Atkins’s plans to improve retail investors’ access to private funds....more
31 July 2024 will mark one year since the Consumer Duty (the Duty) came into force for new and open products and services, and the deadline for implementing the Duty for closed products and services. Firms must also produce...more
1 Regulatory Framework - 1.1 What legislation governs the establishment and operation of Alternative Investment Funds? In Canada, the term “alternative investment fund” or AIF is not a term of art. Canadian...more
On October 13, 2021, Templeton Global Income Fund (GIM) announced that its Board of Trustees (Board) approved an issuer tender offer for 70% of its issued and outstanding common shares at a price per share equal to 99% of...more
The Increasing Investor Opportunities Act (IIOA), introduced on November 19, 2020, by U.S. Representative Anthony Gonzalez (R-OH), aims to expand closed-end fund participation in private funds. The IIOA, among other things,...more
In the News. The Securities and Exchange Commission (SEC) proposed modifying the disclosure framework for mutual funds and exchange-traded funds (funds), which would create a new layered disclosure regime that attempts to...more
Several firms, including Investment Company Institute, BlackRock, Fidelity and Franklin, commented to the SEC concept where retail investors could gain greater exposure to growth-stage private companies through pooled...more
On June 14, 2019, Saba Capital Management, L.P. (Saba) entered into three standstill agreements with Invesco Advisers, Inc. (Invesco) and three Invesco-managed registered closed-end funds. The agreements arose from proxy...more
On June 4, 2019, a hedge fund managed by Saba Capital Management L.P. filed lawsuits in Delaware Chancery Court and in Maryland Circuit Court against three BlackRock-managed registered closed-end funds, the trustees/directors...more