The Managed Funds Association and the Alternative Investment Management Association recommended modifications to the SEC's proposal on the use of derivatives by registered investment companies and business development companies.
The Investment Company Institute offered recommendations on the SEC's "re-proposed" rule to provide a comprehensive approach to the regulation of funds’ use of derivatives and other senior securities transactions.
The SEC adopted rule and form amendments to "modify the registration, communications, and offering processes” for business development companies (a type of closed-end investment company that is not registered) and registered closed-end investment companies.
The SEC extended (i) the filing periods included in previous conditional reporting relief from specific filing obligations, and (ii) certain regulatory relief provided previously for funds and investment advisers whose operations may have been impacted by COVID-19.
The SEC requested comment on the effectiveness of the framework governing the names of registered investment companies and business development companies. The notice was published in the Federal Register.
The SEC Division of Corporation Finance Office of Mergers and Acquisitions granted no-action relief to an open-end investment company - consisting of five actively managed exchange-traded funds - from requirements under SEA Rule 14e-5, subject to certain conditions.