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House Passes Expanding Investment Opportunities Act, Which Would Ease Regulatory Requirements Applicable to Closed-End Fund Offerings

On January 17, 2018, the U.S. House of Representatives passed a bill, referred to as the Expanding Investment Opportunities Act, that would require the SEC to adopt rules permitting closed-end funds to use offering and proxy rules currently available only to non-investment companies for increased flexibility to register and offer additional shares, in an effort to reduce filing requirements and restrictions for closed-end funds and save on reporting costs for communications with investors in certain circumstances. 6” and would remove requirements that closed-end funds file post-effective amendments to their registration statements to make material revisions, including to update financial statements. The bill will next go to the U.S. Senate for consideration.

The text of the Expanding Investment Opportunities Act.

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Vedder Price P.C. attorneys provide a full range of services to a diverse financial services clientele. Attorneys practicing in the firm’s Investment Services Group are experienced in all aspects of investment company and investment adviser securities regulations, broker-dealer regulatory and compliance matters, derivatives and financial product matters, and ERISA and tax matters. Clients include mutual fund complexes, hedge and other private funds, money managers, broker-dealers, independent directors, and many other types of institutions such as banks, savings and loans,...