Podcast: Credit Funds: 1940 Act Interval Funds
The Securities and Exchange Commission (the “SEC”) staff recently announced that the Division of Investment Management (the “Division”) will no longer require registered closed-end funds that invest in private funds...more
Our Investment Funds Team explains the Securities and Exchange Commission new guidance that expands retail investor access to private funds by relaxing previous restrictions....more
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
As previously described in a May Ropes & Gray Alert, the SEC staff no longer requires retail closed-end funds to limit their investments in private funds – i.e., funds relying upon Sections 3(c)(1) or 3(c)(7) of the 1940 Act...more
On August 15, 2025, the Division of Investment Management (the “Division”) of the U.S. Securities and Exchange Commission (SEC) published Accounting and Disclosure Information 2025-16 (ADI), providing updated guidance for...more
Who may be interested: Registered Closed-End Funds, Registered Investment Advisers, Compliance Staff, Boards of Directors, Broker-Dealers, Private Fund Managers - Quick Take: The Securities and Exchange Commission (the...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 our prior IM Update, in separate Alerts, we covered (i) the SEC’s decision to remove from its regulatory agenda proposed rulemakings relevant to the investment management industry, (ii) Ropes & Gray’s updated and...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
At yesterday's Practising Law Institute’s SEC Speaks program, Securities and Exchange Commission (“SEC”) Chair Paul Atkins shared his views on a wide range of topics. Chair Atkins touched on innovation at the SEC, FinHub and...more
INTRODUCTION - This Annual Review (“Review”) was prepared by the Subcommittee on Annual Review of the Committee on Federal Regulation of Securities of the ABA Business Law Section. The Review covers significant...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
Earlier this year, the Cayman Islands introduced new registration requirements for: • Closed-end funds known as “private funds; and • Open-ended funds known as “limited investor funds” that were previously exempt from...more