Search Results for keywords:"Investment Company Act of 1940"

The Securities and Exchange Commission published a notice for an application seeking exemption from certain requirements of the Investment Company Act of 1940. This exemption would allow ETF Series Solutions and Distillate Capital Partners LLC to make changes to sub-advisory agreements without needing shareholder approval and to consolidate fee disclosures. The goal is to enable the investment adviser to select and manage sub-advisers more efficiently, benefiting the shareholders by potentially reducing costs. Additionally, the application outlines conditions to protect shareholder interests and seeks to maintain transparency by informing shareholders of significant changes via a streamlined notification process.

The Securities and Exchange Commission (SEC) has announced a notice of applications for deregistration under Section 8(f) of the Investment Company Act of 1940 for January 2025. Various investment companies, including American Maturity Life Insurance Co Separate Account One and Aquila Funds Trust, have applied to cease being classified as investment companies. Some applicants, like Aquila Funds Trust and DriveWealth ETF Trust, have already distributed funds to shareholders and covered expenses through their advisers. Individuals can request a hearing on these applications by February 25, 2025, by contacting the SEC.

The Securities and Exchange Commission (SEC) is requesting public comments on the necessity and efficiency of the information collected through Form N-8A, which investment companies use to register under the Investment Company Act of 1940. This form is critical for the SEC's oversight and involves a modest annual time and cost burden on companies. The commission is particularly interested in opinions on the relevance of the information collected, as well as suggestions for reducing the burden of submission through technology. Comments are open until February 10, 2025.

The Securities and Exchange Commission (SEC) has announced a notice for an application regarding certain exemptions under the Investment Company Act of 1940. This application seeks to allow some registered closed-end investment companies to issue multiple share classes and charge early withdrawal fees, along with asset-based distribution and service fees. The application was submitted by the Capital Group KKR Multi-Sector+, Capital Group KKR Core Plus+, and Capital Research and Management Company on November 7, 2024. Public comments or requests for a hearing on this application must be submitted to the SEC by January 3, 2025.

The Securities and Exchange Commission (SEC) has requested an extension from the Office of Management and Budget for the collection of information through Form N-6F. This form is used by companies to notify the SEC of their intention to register as a business development company under the Investment Company Act of 1940. The SEC estimates that about four companies file this form each year, with each filing taking approximately 0.5 hours to complete, resulting in a total cost of $736 to the industry annually. The information provided on Form N-6F is mandatory and not confidential, and the public can view related documents on the website www.reginfo.gov.

The Securities and Exchange Commission has announced a notice regarding an application submitted by Hamilton Lane Private Assets Fund and others. The applicants are seeking permission for certain investment companies to make joint investments with affiliated funds, which would otherwise be prohibited under existing regulations. They aim to allow a closed-end management investment company to invest in portfolio companies alongside related investment funds. The application includes various conditions to ensure that such investments are fair and equitable for all parties involved.

The Securities and Exchange Commission (SEC) has issued a notice about a request from the First Eagle Private Credit Fund and First Eagle Investment Management, LLC. They are asking for permission to allow certain investment companies that are organized as business development companies to issue different classes of shares with varying sales charges and fees. This request is being made under specific sections of the Investment Company Act of 1940. The public can request a hearing on this matter by contacting the SEC before January 7, 2025.

The Securities and Exchange Commission (SEC) received an application from several investment companies, including Wilshire Private Assets Fund and others, for an order permitting them to co-invest in portfolio companies together with some affiliated entities. This order would allow them to engage in joint transactions that are otherwise restricted by the Investment Company Act of 1940. The application was filed through late 2024 and early 2025, with the SEC considering issuing the order unless a hearing is requested by April 21, 2025. Interested parties can request a hearing by emailing the SEC's Secretary and should provide specific reasons for their request.

The Securities and Exchange Commission (SEC) has published a notice regarding an application for an order under the Investment Company Act of 1940. This order would allow certain closed-end investment companies to jointly invest in portfolio companies with each other and with specific affiliated investment entities, a practice usually restricted by law. The application was submitted by companies including Meketa Capital, LLC, and amended multiple times, with the most recent amendment on February 21, 2025. A hearing may be requested by interested parties until April 7, 2025, through specific channels provided by the SEC.

The Securities and Exchange Commission has published a notice of an application for an order that would allow certain investment companies to participate in a joint lending and borrowing facility. This facility would enable participating funds to lend money directly to, and borrow money directly from one another, to cover unexpected cash shortfalls. The facility aims to offer reduced borrowing costs and enhanced returns on loaned funds, benefiting both borrowing and lending funds. The application, submitted by Symmetry Panoramic Trust and Symmetry Partners, LLC, seeks specific exemptions from various sections of the Investment Company Act of 1940 to implement this interfund lending facility.