Closed-End Investment Company Content

The 2022 Primary Layout and Instructions have been updated to account for the new "FATCA filing requirement" checkbox that has been assigned box number 11. Subsequently, Form 1099-DIV box numbers 11 through 15 have been renumbered 12 through 16, respectively.

As previously reported, the Securities and Exchange Commission recently adopted amendments that will require open-end funds to (1) create and transmit summary shareholder reports highlighting key information to investors; and (2) tag the contents of shareholder reports in a structured...

Last week, the SEC adopted a new incentive-based compensation "clawback" rule (the "rule") and related amendments by a 3-2 vote. The final rule could require certain listed registered management investment companies ("funds") to adopt clawback policies as required by their exchanges...

As previously noted, the next meeting of the Closed-End Investment Company Committee will take place in person on Wednesday, November 16 at New York University's Wasserman Center for Career Development (133 East 13th Street, Second Floor, New York, NY 10003). The meeting will begin...

In July, the SEC proposed amendments to Rule 14a-8 (the shareholder proposal rule) by a 3-2 vote. The proposal would narrow three bases upon which companies may exclude shareholder proposals from their proxy statements: the "substantial implementation," "duplication," and...

The 2022 primary layout has been designed to "track" IRS Form 1099-DIV. The 2022 secondary layout provides a format for RICs to use in reporting various additional tax-related items.

Last week, the State of Delaware adopted amendments to its Delaware Statutory Trust Act that, among other things, automatically subjects registered closed-end funds and business development companies traded on a national securities exchange or on the National Association of Securities...

Last week, the SEC proposed amendments to Rule 14a-8 (the shareholder proposal rule) by a 3-2 vote.

Last week, ICI filed the attached amicus curiae ("friend of the court") brief with the United States Court of Appeals for the Second Circuit supporting a closed-end fund's right to use "control share" provisions.

On May 25, 2022, the US Securities and Exchange Commission voted 3-1 to propose enhanced disclosures by certain investment advisers and investment companies about environmental, social, and governance (ESG) investment practices.