Attorneys Publish Article that Examines Credit Facilities for Registered Investment Funds
Private capital transactions partner Alyson Gal and associate Andrew Hogan (both of Boston) co-authored a chapter in The International Comparative Legal Guide to: Public Investment Funds 2020 titled “Credit Facilities for Registered Investment Funds: Public Investment Funds 2020.”
The article examines regulation under Section 18 of the ’40 Act, as well as fund level restrictions and the most important features of registered fund credit facilities. Topics analysed and explained include:
- The differing requirements of credit facilities for open-ended funds versus closed-ended funds.
- The conditions and requirements of asset coverage tests as mandated by Section 18.
- Differences in regulation of open-end versus closed-end funds.
- Credit-type obligations that can affect open-end and closed-end funds.
- How covenant can affect the operations of both open-end and closed-end funds