Corporate Partner Rajib Chanda was quoted in an Ignites article titled “Three Years Later: Third Ave. Fund Implosion Casts Long Shadow.” The article highlights the impact that Third Avenue’s 2015 decision to block withdrawals from its Focused Credit fund had on the SEC’s regulatory framework for mutual funds. In the article, Rajib discusses the relationship between Third Avenue’s announcement and the SEC’s subsequently-adopted liquidity rule, which required funds to classify individual holdings into different categories based on how quickly they could be sold and/or reduced to cash.
Rajib noted, that when the SEC proposed the liquidity rule, the regulator faced significant pressure from the Financial Stability Oversight Council and other agencies to adopt a more prudential approach to regulating the asset management industry. The Third Avenue events, he said, served as a “proof of concept” that more effective than an array of bright-line tests would be a mechanism to force firms to assess their funds’ liquidity constantly.
To read the full article, please click here (subscription required).
Corporate Partner Rajib Chanda was quoted in an Ignites article titled “Three Years Later: Third Ave. Fund Implosion Casts Long Shadow.” The article highlights the impact that Third Avenue’s 2015 decision to block withdrawals from its Focused Credit fund had on the SEC’s regulatory framework for mutual funds. In the article, Rajib discusses the relationship between Third Avenue’s announcement and the SEC’s subsequently-adopted liquidity rule, which required funds to classify individual holdings into different categories based on how quickly they could be sold and/or reduced to cash.
Rajib noted, that when the SEC proposed the liquidity rule, the regulator faced significant pressure from the Financial Stability Oversight Council and other agencies to adopt a more prudential approach to regulating the asset management industry. The Third Avenue events, he said, served as a “proof of concept” that more effective than an array of bright-line tests would be a mechanism to force firms to assess their funds’ liquidity constantly.
To read the full article, please click here (subscription required).
Corporate Partner Rajib Chanda was quoted in an Ignites article titled “Three Years Later: Third Ave. Fund Implosion Casts Long Shadow.” The article highlights the impact that Third Avenue’s 2015 decision to block withdrawals from its Focused Credit fund had on the SEC’s regulatory framework for mutual funds. In the article, Rajib discusses the relationship between Third Avenue’s announcement and the SEC’s subsequently-adopted liquidity rule, which required funds to classify individual holdings into different categories based on how quickly they could be sold and/or reduced to cash.
Rajib noted, that when the SEC proposed the liquidity rule, the regulator faced significant pressure from the Financial Stability Oversight Council and other agencies to adopt a more prudential approach to regulating the asset management industry. The Third Avenue events, he said, served as a “proof of concept” that more effective than an array of bright-line tests would be a mechanism to force firms to assess their funds’ liquidity constantly.
To read the full article, please click here (subscription required).
Corporate Partner Rajib Chanda was quoted in an Ignites article titled “Three Years Later: Third Ave. Fund Implosion Casts Long Shadow.” The article highlights the impact that Third Avenue’s 2015 decision to block withdrawals from its Focused Credit fund had on the SEC’s regulatory framework for mutual funds. In the article, Rajib discusses the relationship between Third Avenue’s announcement and the SEC’s subsequently-adopted liquidity rule, which required funds to classify individual holdings into different categories based on how quickly they could be sold and/or reduced to cash.
Rajib noted, that when the SEC proposed the liquidity rule, the regulator faced significant pressure from the Financial Stability Oversight Council and other agencies to adopt a more prudential approach to regulating the asset management industry. The Third Avenue events, he said, served as a “proof of concept” that more effective than an array of bright-line tests would be a mechanism to force firms to assess their funds’ liquidity constantly.
To read the full article, please click here (subscription required).
Corporate Partner Rajib Chanda was quoted in an Ignites article titled “Three Years Later: Third Ave. Fund Implosion Casts Long Shadow.” The article highlights the impact that Third Avenue’s 2015 decision to block withdrawals from its Focused Credit fund had on the SEC’s regulatory framework for mutual funds. In the article, Rajib discusses the relationship between Third Avenue’s announcement and the SEC’s subsequently-adopted liquidity rule, which required funds to classify individual holdings into different categories based on how quickly they could be sold and/or reduced to cash.
Rajib noted, that when the SEC proposed the liquidity rule, the regulator faced significant pressure from the Financial Stability Oversight Council and other agencies to adopt a more prudential approach to regulating the asset management industry. The Third Avenue events, he said, served as a “proof of concept” that more effective than an array of bright-line tests would be a mechanism to force firms to assess their funds’ liquidity constantly.
To read the full article, please click here (subscription required).