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SEC Adopts Rule Change to Address Funds’ Auditor Independence Problem

In a June 18, 2019 release (the “Release”), the SEC adopted amendments to the “Loan Rule” (as defined below), a part of the SEC’s auditor independence rule, Rule 2-01 of Regulation S-X. The amendments, which were proposed in 2018, should virtually eliminate the problems that led to the SEC staff’s 2016 no-action letter regarding the application of the Loan Rule to an investment company complex.

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Ropes & Gray’s Investment Management Update: November 2010 - February 2011

Practices: Hedge Funds

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