Registered Funds Alert, February 2016
This edition of the Simpson Thacher Registered Funds Alert discusses recent developments in the registered funds industry, including a new SEC proposal that would restrict the use of derivatives by registered funds, a summary of industry comments on the recent SEC proposal requiring open-end funds and ETFs to adopt liquidity management programs and the latest SEC guidance update relating to mutual fund arrangements with financial intermediaries. In addition, this Alert discusses the result of a three-way proxy battle for control of a publicly traded BDC and OCIE’s 2016 examination priorities, including a discussion of their potential effect on registered funds and registered advisers. Finally, we report on notable transactions that occurred in the fourth quarter of 2015, including M&A transactions and closed-end fund initial public offerings.