SEC No-Action Letter re. § 16(a)
Bank of America Corp., SEC No-Action Letter
April 29, 2011
The SEC staff granted relief to Bank of America Corp. (BAC) under Section 30(h) of the Investment Company Act in connection with the sale of certain variable rate demand preferred shares of closed-end investment companies which may cause BAC to have a greater than 10% equity stake in the investment companies. By its terms, Section 30(h) would subject such BAC to the reporting requirements of Section 16(a) of the Exchange Act. In granting relief, the SEC noted that the transactions in which BAC is entering would not provide the firm with the opportunity to engage in the speculative abuse targeted by Section 16.
Cross References
Investment Company Act § 30(h)
Exchange Act § 16(a)