Closed-End Funds Content

ICI and ICI Global filed a cover note and response to the European Securities Market Authority's (ESMA) call for evidence on shortening the settlement cycle (Call for Evidence).

The U.S. Court of Appeals for the Second Circuit recently affirmed a lower court decision holding that certain closed-end funds' "control share" provisions are impermissible under the Investment Company Act of 1940. The Second Circuit decision could impact several closed-end funds...

ICI Global has filed comments with the Central Bank of Ireland (CBI) regarding the Discussion Paper: An approach to macroprudential policy for investment funds (Discussion Paper).

Last week, the Securities and Exchange Commission stayed amendments that will require enhanced disclosure when an issuer repurchases its own equity securities ("Share Repurchase Rule"). The Commission stayed the amendments in light of a decision from the U.S. Court of Appeals for the...

On October 10, the SEC adopted final amendments to its rules governing beneficial ownership reporting on Schedules 13D and 13G ("Final Rules"). We are pleased that the Final Rules reflect many of ICI's comments. The Final Rules were approved by the Commission by a 4-1 vote...

On October 5, the European Securities and Markets Authority (ESMA) published a call for evidence on shortening the settlement cycle (Call for Evidence). ESMA is seeking stakeholder views and quantitative evidence to better understand issues and costs and benefits associated with...

On September 20, the Securities and Exchange Commission ("SEC" or "Commission") adopted amendments to Rule 35d-1 under the Investment Company Act of 1940 ("Names Rule"), as well as associated forms and disclosure requirements. The final amendments passed by a vote of four to one, with...

A shutdown of the federal government could begin if Congress cannot agree on new appropriations beyond September 30, 2023.