Regulatory Alerts2020-11-19 | 2020-23355Added
Fund of Funds Arrangements
The Securities and Exchange Commission adopted new rule 12d1-4 to streamline the regulatory framework for fund of funds arrangements by permitting funds to invest in other funds beyond statutory limits without individual exemptive orders. This final rule rescinds existing rule 12d1-2 and specific exemptive relief while amending rule 12d1-1 and Form N-CEN to establish a consistent, rules-based regime for the formation and oversight of these structures. The new framework aims to enhance investor protection and provide funds with greater investment flexibility while preventing control abuses and excessive duplicative fees.
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