[32403]
April 21, 2020 TO: Accounting/Treasurers CommitteeDisclosure Working Group
ESG Task Force
SEC Rules Committee
Small Funds Committee RE: Institute Draft Comment Letter on Names Rule Request for Comment
On March 2, the Securities and Exchange Commission published a release seeking public comment on the framework for addressing potentially misleading names of registered investment companies and business development companies under section 35(d) of the Investment Company Act of 1940, rule 35d-1 thereunder (the “Names Rule”), and the antifraud provisions of the Federal securities laws (available at www.sec.gov/rules/other/2020/ic-33809.pdf).
The Commission is seeking public comment in light of market and other developments since the adoption of the Names Rule in 2001. The Commission also recognized that the staff and industry have identified a number of challenges regarding the application of the Names Rule since the rule’s adoption. Comments are due on May 5. More background on the release is provided in ICI Memo 32261.
Please review the attached draft comment letter. We appreciate the member input that we have received on this release and understand it is an important issue to members. Please provide any comments by the end of the day on Tuesday, April 28. You can reach Susan (solson@ici.org or 202-247-1177) or Dorothy at (ddonohue@ici.org or 571-299-9985) with your input.
Susan Olson
General Counsel
Dorothy M. Donohue
Deputy General Counsel - Securities Regulation