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IAA and Trades File Letter Supporting CBOE BZX Exchange Proposal to Amend Listed CEF Rule
The IAA joined other trade associations to support a CBOE BZX Exchange proposal to exempt listed closed-end funds from an annual meeting requirement so as to prevent harm to long-term retail investors that are protected by the Investment Company Act of 1940.
August 05, 2024
IAA and Trades File Letter Supporting NYSE Proposal to Amend Listed CEF Rule
The IAA joins other trade associations to support a NYSE proposal to exempt listed closed-end funds from an annual meeting requirement so as to prevent harm to long-term retail investors that are protected by the Investment Company Act of 1940.
July 30, 2024
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
Comments on SEC Fund Liquidity Disclosure
The IAA urged the SEC to reconsider the portfolio investment classification requirements of the fund liquidity rule, consistent with recommendations of a report by the Department of the Treasury.
May 18, 2018
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
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