SEC Issues Final Rule on Regulatory Framework for Fund-of-Funds Arrangements

The SEC has issued a final rule, Fund of Funds Arrangements. The final rule will update the Investment Company Act of 1940 to “streamline and enhance the regulatory framework applicable to funds that invest in other funds (‘fund of funds’ arrangements).” In addition, the SEC is “rescinding rule 12d1-2 under the Act and most exemptive orders granting relief from sections 12(d)(1)(A), (B), (C), and (G) of the Act” and adopting amendments to Rule 12d1-1 and Form N-CEN.

For more information, see the press release on the SEC’s Web site.