Closed-End Funds Content

ICI submitted a comment on IRS Draft Form 7208 (Excise Tax on Repurchase of Corporate Stock) requesting that regulated investment companies (RICs) be exempt from filing the form as Internal Revenue Code section 4501(e)(5) expressly excludes RICs from the excise tax on repurchases of...

ICI has filed two letters in response to the joint notice of proposed rulemaking issued by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the Agencies) to amend the...

On December 5, 2023, Judge Rakoff of the United States District Court for the Southern District of New York (SDNY) issued an Order granting summary judgement to Saba Capital Management, L.P. ("Saba"), declaring that the control share resolutions adopted by the defendant closed-end...

On December 15, 2023, the SEC issued a staff report on the accredited investor definition. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") directs the SEC to undertake a review of the accredited investor definition at least once every four years to...

Last month, the Federal Reserve Board (FRB), Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Commission (FDIC and collectively, Agencies) issued a statement extending previously issued no-action relief under Regulation O.[1] The no-action relief...

Earlier this week, the U.S. Court of Appeals for the Fifth Circuit struck down Securities and Exchange Commission amendments that would have required enhanced disclosure when an issuer repurchases its own equity securities ("Share Repurchase Rule").