September 25, 2020

Volume X, Number 269

September 25, 2020

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September 24, 2020

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September 23, 2020

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SEC Publishes Semi-Annual Regulatory Agenda for Spring 2020

The SEC published its semi-annual regulatory agenda for spring 2020, as required by the Regulatory Flexibility Act. The short-term agenda identifies rules that the SEC expects to consider in the next twelve months. Other actions under consideration are placed on the long-term agenda.

Short-Term Agenda. The spring 2020 short-term agenda includes proposed Rule 2a-5 under the Investment Company Act of 1940, addressing investment company fair valuation, and amendments to Form PF for which a proposal has not yet been issued, each of which are new items to the SEC’s rulemaking agenda. Amendments to the proxy process and amendments to Rule 17a-7, concerning the exemption of certain purchase or sale transactions between an investment company and certain affiliated persons, have been moved from the long-term agenda to the short-term agenda. Items that remain on the short-term agenda from fall 2019 include proposed Rule 18f-4 under the 1940 Act, regarding the use of derivative instruments by registered investment companies, amendments to the custody rules for investment advisers, for which a proposal has not yet been issued, as well as amendments to Rules 206(4)-1 and 206(4)-3 under the Investment Advisers Act of 1940 regarding marketing communications and practices by investment advisers and amendments to fund-of-funds arrangements under the 1940 Act, for which the SEC has issued rule proposals.

Long-Term Agenda. The spring 2020 long-term agenda includes proposed rulemaking regarding names of registered investment companies and business development companies under Section 35(d) of and Rule 35d-1 under the 1940 Act, as well as rule and form amendments regarding investment company proxies, each of which are new items to the SEC’s rulemaking agenda. Items that remain on the long-term agenda from fall 2019 include amendments to the custody rules for investment companies, as well as rule and form amendments to modernize investment company disclosure.

The SEC’s complete rulemaking agendas are available here.

© 2020 Vedder PriceNational Law Review, Volume X, Number 220

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About this Author

Legal, Business, John Marten, Investment Attorney, Vedder Price Law FIrm
Shareholder

John S. Marten, a Shareholder in the Chicago office of Vedder Price, has substantial experience representing clients in the investment management industry.

As a member of the firm’s Investment Services group, Mr. Marten counsels clients on a wide variety of matters involving the application of the federal securities laws to investment companies, investment advisers and broker-dealers. He has significant experience counseling investment company clients with respect to new products and was recently involved in the creation of two mutual funds...

(312) 609 7753
Nathaniel Segal, Investment Attorney, Vedder Price Law Firm
Associate

Nathaniel Segal is an Associate at Vedder Price and a member of the Investment Services group. He focuses his practice on investment companies and investment advisers in connection with the organization and operation of investment products and services, including traditional mutual funds, closed-end investment companies (including interval funds and listed closed-end funds), variable insurance products and registered hedge funds, as well as mutual funds utilizing complex hedging and absolute return strategies. Mr. Segal has experience in conducting transactional due diligence and drafting regulatory disclosures in connection with fund reorganizations and management acquisitions. He counsels clients on a wide variety of regulatory matters, including interpretive and no-action letter requests and SEC exemptive orders, as well as governance matters and internal compliance procedures in response to SEC examinations and inquiries.

(312) 609 7747
Jacob Tiedt, Vedder Price, investment services attorney
Shareholder

Jacob C. Tiedt is a Shareholder at Vedder Price and a member of the Investment Services group.

Mr. Tiedt’s practice includes the representation of registered mutual funds, closed-end funds and exchange-traded funds; private funds; investment advisers; and other financial institutions on a broad range of regulatory, governance and compliance matters. Mr. Tiedt regularly counsels clients on matters relating to SEC registration, disclosure and compliance; shareholder solicitation; NYSE, Nasdaq and FINRA regulation; corporate governance; and board administration. Mr....

312-609-7697
Mark Quade Investment Attorney Vedder Price Chicago
Associate

Mark Quade is an associate in Vedder Price’s Chicago office and a member of the firm’s Investment Services practice group.

Prior to joining Vedder Price, Mr. Quade served as a 1940 Act attorney and assistant vice president at a mutual fund service provider in Milwaukee, Wisconsin. There, he provided legal support to a registered open-end multiple series trust and its board of trustees, and he also supported proprietary mutual funds. Among other matters, Mr. Quade facilitated investment advisory agreement approval and renewal processes, prepared and reviewed board meeting materials...

312 609 7515