March 25, 2020

Federal Reserve Opens Expanded Money Market Fund Liquidity Facility

On March 23, 2020, the Federal Reserve (Fed) announced the opening of an expanded Money Market Mutual Fund Liquidity Facility (MMFLF). The MMFLF will last until September 30, 2020 and applies to money market funds (MMFs) that identify themselves as prime, single state, or other tax exempt MMFs on Form…

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March 19, 2020

Federal Reserve Creates Money Market Fund Liquidity Facility

On March 18, 2020, the Federal Reserve (Fed) announced the creation of a Money Market Mutual Fund Liquidity Facility (MMFLF).  The MMFLF will last until September 30, 2020 and applies to money market funds (MMFs) that identify themselves as “prime” MMFs on Form N-MFP.  Under the MMFLF, eligible borrowers (certain…

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March 9, 2020

SEC Requests Comment on Fund Names Rule; Seeks to Eliminate Misleading Fund Names

On March 2, 2020, the SEC published a release seeking public comment on current requirements that restrict the use of potentially misleading fund names (principally, Rule 35d-1 under the 1940 Act (Names Rule)). The release notes that fund names are often the first piece of information investors see and that…

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February 24, 2020

Blackstone Receives Order on Novel Exemptive Application under the 1940 Act

On February 19, 2020, the SEC issued an order granting an application for exemptive relief filed by Blackstone Alternative Investment Funds (Blackstone Trust) and Blackstone Alternative Investment Advisors LLC. The exemptive relief permits the Blackstone Trust’s board of trustees to approve new sub-advisory agreements and material amendments to existing sub-advisory…

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January 24, 2020

Blackstone Receives Notice on Novel Exemptive Application under the 1940 Act

On January 21, 2020, the SEC issued a “notice” relating to an exemptive application filed by Blackstone Alternative Investment Funds (Blackstone Trust) and Blackstone Alternative Investment Advisors LLC (Blackstone). The application requests relief that would permit the Blackstone Trust’s board of trustees to approve new sub-advisory agreements and material amendments…

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January 16, 2020

Major Exchanges for ETFs Have Filed Proposed Rule Changes to Establish Generic Listing Standards for ETF Shares Permitted to Rely on Rule 6c-11

NYSE Arca, Inc., the Nasdaq Stock Market LLC (NASDAQ), and Cboe BZX Exchange have filed proposed rule changes with the SEC to establish generic listing standards for exchange-traded funds (ETFs) that are permitted to operate in reliance on Rule 6c-11 under the 1940 Act. The proposed changes would largely simplify…

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January 16, 2020

SEC Proposes to Modernize Auditor Independence Rules

On December 30, 2019, the SEC proposed amendments to codify certain staff consultations and modernize certain aspects of its auditor independence regulatory framework (Proposed Amendments). The Proposed Amendments are intended to eliminate non-substantive rule breaches and unnecessary reviews by audit committees of non-substantive matters (i.e., relationships and services that would…

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November 18, 2019

SEC’s Office of Compliance Inspections and Examinations Issues Risk Alert to Provide Observations from Examinations of Investment Companies and Observations from Money Market Fund and Target Date Fund Examination Initiatives

On November 7, 2019, the staff of the SEC’s Office of Compliance Inspections and Examinations (staff) issued a risk alert (Risk Alert) on the most frequently cited deficiencies and weaknesses that the staff has observed in recent examinations of registered investment companies. The Risk Alert also provides staff observations from national examination initiatives relating to money market funds and target date funds.

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November 8, 2019

SEC Proposes Updates to Filing Fee Disclosure and Payment Methods

On October 24, 2019, the SEC issued a release proposing amendments to various rules and forms under the 1933 Act, 1934 Act and 1940 Act (Release) applicable to investment companies registered under the 1940 Act (funds). The amendments would, among other things, require filing fee disclosures under Forms N-2, N-5…

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October 24, 2019

Compliance and Effective Dates Set for New Exchange-Traded Funds Rule

On October 24, 2019, the SEC’s adopting release (Release) for Rule 6c-11 (Rule) under the Investment Company Act of 1940, as amended (1940 Act), to modernize the regulatory framework for most exchange-traded funds (ETFs) was published in the Federal Register, which means that the various compliance and effective dates for…

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