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Investment Management › Investment Company Act of 1940 › New Guidance

Seward & Kissel LLP

SEC Eliminates Longstanding Limits on Registered Closed-End Funds Providing Retail Investors with Increased Access to Private...

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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

Akin Gump Strauss Hauer & Feld LLP

SEC Staff Announces Reversal of Policy Limiting Retail Access to Registered Funds of Funds

Akin Gump Strauss Hauer & Feld LLP on

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

Ropes & Gray LLP

SEC Issues New Guidance for Registered Closed-End Funds Investing in Private Funds

Ropes & Gray LLP on

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

Morrison & Foerster LLP

SEC Rescinds Staff Position Limiting Registered Closed-End Funds’ Investments in Private Funds

Morrison & Foerster LLP on

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

Troutman Pepper Locke

SEC Releases New Guidance on Tailored Shareholder Reports

Troutman Pepper Locke on

On January 19, 2024, the Division of Investment Management staff at the Securities and Exchange Commission (SEC), released several responses to frequently asked questions (FAQs) related to the adoption of rules and form...more

Goodwin

Financial Services Weekly Roundup: Gone Phishing – The SEC’s OCIE Addresses Ransomware Attacks

Goodwin on

In This Issue. The Securities and Exchange Commission (SEC) adopted amendments to its exemptive applications procedures under the Investment Company Act of 1940, as amended (the 1940 Act) and proposed to amend Form 13F to...more

Vedder Price

Investment Services Regulatory Update - February 2018

Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more

K&L Gates LLP

U.S. SEC Proposes Liquidity Risk Management Programs, Optional “Swing Pricing,” and Liquidity Reporting for Mutual Funds and...

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On September 22, 2015, the Securities and Exchange Commission (“SEC”) proposed a new rule and amendments to rules and reporting forms under the Investment Company Act of 1940 (the “1940 Act”), designed to standardize...more

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