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Staff Responds to Questions About Non-Traded BDCs and Section 61(a) of the 1940 Act

On October 17, 2019, the SEC’s Division of Investment Management published Staff Responses to Inquiries Regarding Business Development Companies and Section 61(a) of the Investment Company Act of 1940 (the “Publication”) concerning compliance by business development companies (each, a “BDC”) whose common shares are not exchange listed (a “non-traded BDC”) with the repurchase-offer requirements within recently amended Section 61(a).

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2016 ICI Mutual Funds and Investment Management Conference

Time to Read: 1 minutes Practices: Investment Management

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Ropes & Gray’s memorandum summarizing the 2016 ICI Mutual Funds and Investment Management Conference sponsored by the ICI and the FBA is available above. The Conference included sessions that discussed the following regulatory developments, among others:

  • Near-term initiatives of the U.S. Securities and Exchange Commission (“SEC”) that include proposals relating to transfer agency registration and reporting requirements, safeguarding of funds and securities, and cybersecurity and information technology.
  • The SEC’s examination and enforcement efforts resulting from its enhanced data collection and analytical capabilities.
  • The implications and preparations needed for: proposed Rule 18f-4 under the 1940 Act regarding the use of derivatives by registered funds; proposed Rule 22e-4 requiring open-end funds to implement a liquidity risk management program and comply with related disclosure and reporting requirements; and the IM Guidance Update regarding mutual fund distribution and sub-accounting fees.
  • The pending re-proposed rule from the Department of Labor under which many additional persons would be deemed to be fiduciaries and would require fiduciaries to act “solely in the interest” of a plan, plan fiduciary, plan participant or beneficiary.

If you would like to discuss a specific session, or any other aspect of the conference, please contact any of the lawyers listed on the back cover of the memorandum or the Ropes & Gray lawyer with whom you regularly work.

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