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Securities Regulation › Investment Company Act of 1940 › Private Funds

Lowenstein Sandler LLP

Democratization of VC funds

Lowenstein Sandler LLP on

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

Ropes & Gray LLP

Supreme Court to Consider Closing a Back Door to Fund Litigation Claims Under the Investment Company Act

Ropes & Gray LLP on

On June 30, the U.S. Supreme Court agreed to hear a case that will determine whether Section 47(b) of the Investment Company Act of 1940 (ICA) creates a private right of action for shareholders of registered investment...more

Ropes & Gray LLP

SEC Notices Simplified Co-Investment Relief: A Sigh of Some Relief for Regulated Funds and Their Affiliates

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On April 3, 2025, the SEC filed a notice of intent to grant FS Credit Opportunities Corp. et. al.’s (“FS”)1 amended application for an order permitting certain business development companies (“BDCs”) and closed-end management...more

Winstead PC

Trusts as Qualified Purchasers: Navigating the Qualified Purchaser Threshold for Trusts Investing in Private Securities

Winstead PC on

This article is the third and final part in a series discussing trusts in the context of certain common investor thresholds for investment in private securities. This article will examine trusts as “qualified purchases” under...more

Morrison & Foerster LLP

FINRA Proposes to Modify its Communications with the Public Rule to Allow More Parties to Receive Projections and Targeted Returns

Morrison & Foerster LLP on

In November of 2023, FINRA made an initial rule filing with the Securities and Exchange Commission (SEC) pursuant to Exchange Act Rule 19b-4, seeking to amend FINRA Rule 2210 – Communications with the Public (the...more

Herbert Smith Freehills Kramer

SEC Adopts Amendments to Money Market Fund Rules

Herbert Smith Freehills Kramer on

On July 12, the Securities and Exchange Commission (Commission) adopted amendments to Rule 2a-7 governing money market funds under the Investment Company Act of 1940 (1940 Act). ...more

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