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Comments on Investment Company Act Cross-Trading Rule 17a-7
The IAA called on the SEC to modernize the Investment Company Act cross-trading rule, recommending that the SEC reverse a new definition of “readily available market quotations,” amend the rule to codify relief related to board oversight, and recognize the protections afforded to fund shareholders by the Advisers Act fiduciary duty.
April 11, 2021
Response to FTC Proposal to Aggregate Acquisitions for HSR Filings
We responded to an FTC proposal to redefine “person” under Hart-Scott Rodino premerger notification rules to include “associates.” Investment managers would need to aggregate acquisitions in an issuer across all clients to determine if the manager reaches the filing threshold. We argue that aggregation would harm investors and severely impact an adviser’s ability to meet its fiduciary duty, and that the proposal reflects a fundamental misunderstanding of how advisers treat their separate clients.
February 01, 2021
Comments on SEC Fair Value Proposal
The IAA generally supported the proposal but recommended more flexibility regarding the reporting requirements, making the definition of “readily available market quotation” reflect current valuation practices, and flexibility for a fund board to assign the fair value determination to the fund’s primary adviser or sub-adviser.
July 21, 2020
Comments on the SEC Derivatives and Sales Practice Rules
The IAA generally supported the proposed derivatives rule, with certain modifications to reduce unnecessary burdens on advisers. The IAA strongly opposed the proposed sales practice rule for investment advisers related to retail investor transactions in leveraged/inverse investment vehicles because it is both duplicative of and inconsistent with the principles-based approach to fiduciary duty.
April 30, 2020
Comments on Procedures for Review of Exemptive Applications Under the Investment Company Act
The IAA supported the objective of the proposal to make the applications process more efficient. The IAA also supported comments made by the Investment Company Institute regarding the expedited review process, transparency on the timeframe for staff action, and concerns on publication of comments and responses.
November 27, 2019
Comments on Fund of Funds Proposal
The IAA had significant concerns regarding the disruptive impact that the proposed limit on redemptions would have on fund management. The IAA also argued that private funds and foreign funds should be permitted to rely on the proposed rule.
May 02, 2019
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