Closed-End Investment Company Content

The US District Court for the Southern District of New York last week held that certain closed-end funds' "control share" provisions impermissibly violate the Investment Company Act of 1940.

On February 10, the SEC, by seriatim approval, proposed amendments to its rules governing beneficial ownership reporting on Schedules 13D and 13G ("Proposal"). Comments on the proposal are due the later of: (i) April 11, 2022 (60 days following the publication of the proposing release...

Please note that we have finalized the dates for the Spring virtual and Fall in-person meetings of the Closed-End Investment Company Committee.

At a public session on December 17, the US Financial Stability Oversight Council (FSOC or Council) issued its 2021 annual report to Congress.

The Securities and Exchange Commission recently proposed amendments that would change certain insider trading plans under Rule 10b5-1 under the Securities Exchange Act of 1934 and related disclosure.

On Wednesday, the Securities and Exchange Commission proposed amendments that would require new disclosures when an issuer repurchases its own equity securities.

On November 17, the SEC proposed changes to its 2020 proxy advice amendments. Most notably, the proposal would rescind provisions in the 2020 amendments.

Nareit has informed us that it no longer will publish on its website the year-end reporting layouts of its member real estate investment trusts (REITs). To the extent available, Nareit will publish links to member REITs' press releases or website pages regarding tax treatment of 2021...

In October, the SEC re-opened the comment period for its 2015 clawback proposal, which it never adopted. Yesterday, ICI submitted the attached comment letter, once again reiterating that all registered investment companies ("funds") should be excluded from any final rule.

The Securities and Exchange Commission yesterday adopted amendments to its proxy rules that will require the use of a "universal proxy card" in contested director elections. Importantly, as ICI strongly recommended, these universal proxy rules will apply only to non-exempt...