News & Events

Corporate Partner Ryan Brizek was quoted in an article published by Fund Directions titled, “Fund boards want to know about names rule, not candidates, this fall.” The article explored how fund sponsors are grappling with the implementation of recent amendments to Rule 35d-1 under the 1940 Act (the Names Rule), which have a compliance date in December 2025.  When discussing industry preparations, Ryan explained that “[t]here’s certainly time before the compliance date, but there’s definitely a sense of urgency among firms to try to develop tests in time to ensure they can implement them from a compliance perspective...[m]ost fund firms are still developing their final recommendations [to the board] on how 80% tests would need to change in connection with the [amendments to the] names rule.” He further noted that “words like ‘growth,’ ‘value,’ [and] ‘momentum’ are...very hard to define [and] [t]he [final rule] release doesn’t really give any guidance.”

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