Regulatory Alerts2019-02-01 | 2018-27924Added · Updated
Fund of Funds Arrangements
The Securities and Exchange Commission proposes a new rule to streamline the regulatory framework for funds investing in other funds by allowing them to exceed statutory investment limits without individual exemptive orders. This proposal rescinds existing rule 12d1-2 and most prior exemptive orders to establish a consistent rules-based regime while amending rule 12d1-1 and Form N-CEN to support the new structure. The changes aim to enhance investor protection by imposing tailored conditions on fund of funds arrangements that address historical concerns regarding pyramiding and excessive fees.
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