June 26, 2020

Department of Labor Proposes Rule Affecting ESG Plan Investments

On June 23, 2020, the U.S. Department of Labor (DOL) proposed a rule intended to clarify ERISA plan fiduciaries’ responsibilities with respect to environmental, social and governance (ESG) investing. The proposal is designed in part to make clear that ERISA plan fiduciaries may not invest in ESG vehicles when they…

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June 23, 2020

SEC Extends In-Person Meeting Relief for Fund Boards

On June 19, 2020, the SEC issued an exemptive order that superseded a prior order issued on March 25, 2020 (Prior Order) that provided funds and business development companies (BDCs) relief from the in-person board meeting requirements of the 1940 Act and certain rules thereunder as a result of the…

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June 16, 2020

Federal Reserve Announces Updates to Secondary Market Corporate Credit Facility

Federal Reserve Announces Updates to Secondary Market Corporate Credit Facility On June 15, 2020, the Federal Reserve (Fed) announced updates and released an updated term sheet relating to the Secondary Market Corporate Credit Facility (SMCCF). The Federal Reserve Bank of New York will begin buying eligible corporate bonds issued…

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June 4, 2020

SEC Staff Issues No-Action Letter for Funds Participating in TALF 2020

On May 27, 2020, in a letter addressed to the Investment Company Institute (ICI) and the Securities Industry and Financial Markets Association (SIFMA), the SEC staff (Staff) provided no-action relief (ICI/SIFMA Letter) to address 1940 Act considerations for funds seeking to participate in the Federal Reserve Board’s (Fed) Term Asset-Backed…

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June 2, 2020

CFTC Issues Customer Advisory Regarding Commodity ETPs and Funds

Recently, the CFTC issued a customer advisory (Advisory) in response to increased investor interest in exchange-traded products (ETPs) and funds that invest in futures or other types of commodity interests (collectively, Pools). The Advisory highlights the distinctions between ETPs and funds that invest in securities and Pools, which include the…

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June 2, 2020

SEC Staff Withdraws Prior No-Action Guidance on State Control Share Acquisition Statutes

On May 27, 2020, the SEC staff (Staff) issued a statement (Statement) withdrawing a prior no-action letter (Boulder Total Return Fund, SEC No-Action Letter (Nov. 15, 2010) (Boulder)) addressing certain aspects of the intersection of the voting requirements of Section 18(i) of the 1940 Act and state control share acquisition…

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