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On June 19, 2020, the SEC issued an exemptive order that superseded a prior order issued on March 25, 2020 (Prior Order) that provided funds and business development companies (BDCs) relief from the in-person board meeting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