SEC Division of Investment Management Issues No-Action Relief for IAs and Trusts Registered as Open-End Management Investment Companies
The SEC Division of Investment Management stated that it would not recommend action against either a registered investment adviser or a trust registered as an open-end management investment company that amended its investment advisory agreement to remove one of the two entities that acted as investment adviser to the investment company, provided that:
- the amendments would not reduce or modify the nature and level of advisory services provided by the continuing investment adviser to the funds, and
- there would be no increase in advisory fees under the amended agreement.
Cross-Reference(s): Investment Company Act Section 15(a).
Click here to view letter in full (links externally to SEC website).