RegAlert2018-01-18
Added · Updated
SEC Staff Letter on Engaging on Fund Innovation and Cryptocurrency-related Holdings
The Division of Investment Management requests that fund sponsors withdraw registration statements for funds intending to invest substantially in cryptocurrency and related products, and prohibits the use of rule 485(a) for such registrations. The letter identifies significant unresolved investor protection issues regarding valuation, liquidity, custody, arbitrage, and market manipulation under the Investment Company Act of 1940. Until these questions are addressed satisfactorily, the Division considers it inappropriate for sponsors to initiate registration of these funds and warns that filing post-effective amendments under rule 485(a) would be viewed unfavorably.
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January 18, 2018
Paul Schott Stevens President & CEO Investment Company Institute 1401 H St., NW, Suite 1200 Washington, DC 20005
Timothy W. Cameron Asset Management Group � Head Securities Industry and Financial Markets Association 1101 New York Avenue, NW, 8th Floor Washington, DC 20005
Re: Engaging on Fund Innovation and Cryptocurrency-related Holdings
Dear [Mr. Stevens/Mr. Cameron]:
As you know, the U.S. investment fund market is one of the most robust, varied and successful markets for investment products in the world. Its success can be attributed, in significant part, to the commitment of fund sponsors to responsible innovation and continuous improvement of the products they offer. This commitment is especially important because many of America�s Main Street investors rely on registered funds to help them build toward education, retirement and other important goals.
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Source: Securities and Exchange Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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