Closed-End Investment Company Content

The Treasury Department released proposed regulations on the stock buyback excise tax on April 9th. The proposed regulations confirm that repurchases by a RIC or REIT of its own shares are exempt from tax. The ICI's prior recommendation to extend this exemption to 40-Act funds that...

On Wednesday, March 6, the SEC adopted a final rule to update the execution quality disclosures required for market centers under Rule 605 of Regulation NMS. The SEC has stated that the amendments are meant to "provide individual investors, institutional customers, and broker-dealers...

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 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 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.