SEC Adopts Comprehensive Funds of Funds Rule
By EsqSocial Corporation 20/10/20
On October 7, 2020, the Securities and Exchange Commission (“SEC”) adopted a new rule, Rule 12d1-4, designed to provide a consistent and comprehensive framework governing a registered fund’s ability to invest in another registered fund (a “fund of funds” arrangement). Rule 12d1-4 (the “Rule”) under the Investment Company Act of 1940, as amended (the “1940 Act”),[1] will replace the current cornucopia of statutory exemptions, 1940 Act rules, exemptive orders and informal SEC guidance in the form...
By: Sullivan & Worcester