News & Analysis as of

Securities and Exchange Commission (SEC) Investment Company Act of 1940 Regulatory Reform

Lowenstein Sandler LLP

Democratization of VC funds

At least once or twice per year, a prospective client will call with the greatest new idea—launch a venture fund for everyone. Open up potential fundraising by appealing to moderate-income people. Why hasn’t anyone thought of...more

Seward & Kissel LLP

SEC Withdraws 14 Proposed Rules Impacting Investment Advisers, Investment Companies and Broker-Dealers

Seward & Kissel LLP on

June 18, 2025 On June 12, 2025, various divisions within the Securities and Exchange Commission (“SEC”) formally withdrew a number of pending proposed rules which would have affected investment advisers, investment companies,...more

Proskauer Rose LLP

SEC Set to Approve More Flexible Co-Investment Relief for BDCs and Closed-End Funds

Proskauer Rose LLP on

On April 3, 2025, the U.S. Securities and Exchange Commission (“SEC”) issued a notice indicating its intent to grant Franklin Square’s (“FS”) exemptive relief application (the “FS Application”) permitting certain business...more

Paul Hastings LLP

SEC Signals Adoption of Innovative Co-Investment Exemptive Relief

Paul Hastings LLP on

The Securities and Exchange Commission’s Division of Investment Management (SEC) recently issued public notices indicating its imminent decision to grant several applications for a new form of exemptive relief for certain...more

Mayer Brown Free Writings + Perspectives

Co-Investment Relief a Step to Retail Access to Registered Funds

On March 4, 2025, the Investment Company Institute (ICI) wrote to the Securities and Exchange Commission (SEC) to express its support of a request for co-investment exemptive relief by an applicant and urge that the SEC grant...more

Goodwin

SEC Adopts Reforms for Money Market Funds

Goodwin on

On July 12, 2023, the US Securities and Exchange Commission ("SEC") voted, by a 3-2 vote, to adopt money market fund reforms that will significantly impact the regulatory framework governing money market funds ("money funds"...more

Bilzin Sumberg

SEC Proposes Rules Governing SPACs and De-SPAC Transactions

Bilzin Sumberg on

The Special Purpose Acquisition Company (“SPAC”) market is facing both a new set of rules and amendments to rules already in place under the Securities Act of 1933 and Securities Exchange Act of 1934.  Last month, the U.S....more

Herbert Smith Freehills Kramer

SEC Adopts Rule Modifying Fund Valuation Oversight Practices

On Dec. 3, the Securities and Exchange Commission (SEC) adopted a new rule (Rule 2a-5) under the Investment Company Act of 1940 (the 1940 Act) that establishes an updated regulatory framework for fund valuation oversight...more

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