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 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 (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 concerning applications for deregistration under Section 8(f) of the Investment Company Act of 1940 for November 2024. Several companies have applied for deregistration, seeking orders to no longer be considered investment companies after transferring or liquidating assets. Notable names include Aquila Municipal Trust, BCM Focus Funds, Cohen & Steers Alternative Income Fund, Inc., Cook & Bynum Funds Trust, and GL Beyond Income Fund. These applicants have completed financial transactions and distributions, and expenses were generally covered by the investment advisers of the acquiring or liquidating entities.

The Securities and Exchange Commission has issued a notice regarding Marqeta, Inc.'s application for an order under the Investment Company Act of 1940. Marqeta seeks to be recognized as primarily engaging in business activities other than investing in securities, focusing on providing a payment card issuing platform. The application details Marqeta's operations, historical development, and financial practices to demonstrate that it does not function as an investment company. The SEC invites interested parties to request a hearing concerning the application with a deadline in March 2025.

The Securities and Exchange Commission (SEC) is implementing a new rule, titled Rule 2a-5, under the Investment Company Act of 1940. This rule sets requirements for how investment companies should determine the fair value of their investments. Key elements include the management of valuation risks, specification of suitable fair value methodologies, and supervision of pricing services used to assess investment value. Additionally, the rule allows investment companies to designate a valuation expert to handle these assessments, provided they remain under the company's board's oversight. Furthermore, a new accompanying Rule 31a-4 mandates recordkeeping requirements to support these fair value determinations.

The Securities and Exchange Commission (SEC) has released a notice concerning an application by The Advisors' Inner Circle Fund and Pathstone Family Office, LLC. They are seeking an exemption from certain regulations under the Investment Company Act of 1940 to allow hiring and replacing sub-advisers without shareholder approval. This would also grant relief from some disclosure rules related to fees paid to these sub-advisers. The goal is to streamline the process and reduce unnecessary delays and costs for the funds involved.

The Securities and Exchange Commission (SEC) is requesting an extension from the Office of Management and Budget (OMB) for a collection of information related to Form N-8A. This form is used by investment companies to notify the SEC of their registration under the Investment Company Act of 1940. The SEC estimates that around 99 investment companies file this form every year, with a burden of about 99 hours in total time and $55,638 in costs. The SEC invites public comments on this request to assist in improving the process and minimizing the burden for respondents.

The Securities and Exchange Commission issued a temporary order allowing the Infinity Q Diversified Alpha Fund to halt redemptions beginning February 19, 2021, due to issues with accurately valuing certain assets. Infinity Q Capital Management, the Fund's adviser, cannot calculate a fair value for certain swap instruments after discovering irregularities in their valuation process, rendering them unable to determine the correct net asset value (NAV). The Fund plans to liquidate its portfolio to ensure current and former shareholders get maximum returns while developing plans for repayment and liquidation overseen by independent parties and the Commission.

The Securities and Exchange Commission issued a temporary order and notice regarding an application from The Toronto-Dominion Bank and others for exemption from certain provisions of the Investment Company Act due to guilty pleas by TD Bank US Holding Company and TD Bank, N.A., related to anti-money laundering failures. The application seeks to exempt Epoch Investment Partners and other affiliated entities from disqualification rules that would negatively impact their ability to provide investment services to funds. The applicants argue that the misconduct was limited to certain entities and didn't involve Epoch, and they have taken steps to improve compliance practices. The temporary order allows them to continue services until a decision on a permanent order is made.