Series
SEC Fund of Funds Rule
The Securities and Exchange Commission (SEC) adopted new rule 12d1-4 under the Investment Company Act of 1940, as amended (1940 Act), designed to streamline the regulatory framework applicable to funds that invest in other funds (funds of funds). The new rule significantly reorders the current web of regulation applicable to fund of funds arrangements by subjecting most funds of funds to Rule 12d1-4. Accordingly, the SEC will rescind Rule 12d1-2 under the 1940 Act and certain of the currently effective individual exemptive orders for fund of funds arrangements.
Rule 12d1-4 will be effective 60 days after publication in the Federal Register. The rescission of Rule 12d1-2 and the existing exemptive orders will be effective one year after the effective date of Rule 12d1-4.
Visit this section to stay abreast of the latest news. Our Asset Management and Investment Fund lawyers will continue to provide analysis through alerts and webinars, and provide you with other tools to prepare for potential changes.
Thought Leadership
On 1 March 2024, the US District Court for the Northern District of Alabama issued an opinion holding, on summary judgment, the Corporate Transparency Act unconstitutional.
On Wednesday, 6 March 2024, the Securities and Exchange Commission (SEC) approved its highly anticipated final rules on “The Enhancement and Standardization of Climate-Related Disclosures for Investors” by a vote of 3-2, with Republican Commissioners Hester Peirce and Mark Uyeda dissenting.
The Australian Competition and Consumer Commission (ACCC) has released its compliance and enforcement priorities for 2024-25, with ACCC Chair Gina Cass-Gottlieb expanding on the Commission's key areas of focus in her address to the Committee for Economic Development.
On 30 January 2024, the US Citizenship and Immigration Services (USCIS) published a final rule (Final Rule) increasing the premium processing fee from US$2,500 to US$2,805, increasing filing fees for I-129 and I-140 employment-based petitions, and imposing a new Asylum Program Fee for each Form I-129 and I-140 filed by employers.