Registered Funds Alert, May 2016
This edition of the Simpson Thacher Registered Funds Alert discusses the industry’s response to a controversial proposal to restrict derivatives use by registered funds; the SEC’s blessing of an expanded form of exemptive relief for registered funds to co-invest with affiliates; increased tension between SEC expectations for independent directors and their traditional role of oversight; and the SEC’s framework for identifying and communicating changes in risks as a result of significant market events. Finally, we report on notable transactions that occurred in the first quarter of 2016, including M&A transactions and closed-end fund initial public offerings.