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SEC Staff Takes No-Action Position Regarding Closed-End Funds’ Use of State Control Share Statutes

On May 27, 2020, the SEC’s Division of Investment Management published a statement (the “Statement”) that, effective immediately, withdraws the 2010 Boulder Total Return Fund no-action letter (the “Boulder Letter”), which concerned the interaction between Section 18(i) of the 1940 Act and a state control share acquisition statute (a “Control Share Statute”), and replaces the Boulder Letter with a new no-action position.

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SEC Warns: “the number of cases involving private equity will increase.”


Time to Read: 1 minutes Practices: Investment Management, Private Equity, Private Funds, Corporate & Securities Litigation, Government Enforcement / White Collar Criminal Defense, Securities & Public Companies

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On January 23, the Chief of the Securities Exchange Commission’s Asset Management Unit (“AMU”), Bruce Karpati, participated in a question and answer session at the Private Equity International Conference. He discussed the SEC’s plans for oversight of the private equity industry and said that “it’s not unreasonable to think that the number of cases involving private equity will increase.”

The recent nomination of Mary Jo White for SEC Chairman further highlights the increased emphasis placed on enforcement. When he nominated Ms. White, President Obama emphasized this theme, stating that “it’s not enough to change the law. We also need cops on the beat to enforce the law.”

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