SEC Adopts Amendments to Exemptive Applications Procedures

Ethan CoreyLegal Insights

Imitation is the Sincerest Form of Flattery –Charles Caleb Colton   On July 6, 2020, the Securities and Exchange Commission (SEC) issued a release adopting an expedited review procedure for exemptive and other applications under the Investment Company Act of 1940, as amended (1940 Act) that are substantially identical to recent precedent, as well as a new informal internal procedure … Read More

SEC Adopts Securities Offering Reform for Closed-End Investment Companies

Ethan CoreyLegal Insights

SEC Building

  Introduction and Overview   On April 8, 2020, the Securities and Exchange Commission (SEC) adopted Rules to modify the registration, communications and offering processes for business development companies (BDCs) and other closed-end investment companies (CEFs) under the Securities Act of 1933 (Securities Act).1   One set of Rules responds to a Congressional directive and enables BDCs and CEFs to use … Read More

SEC Extends In-Person Board Meeting Relief

Ethan CoreyLegal InsightsLeave a Comment

On March 25, 2020, the Securities and Exchange Commission (SEC) granted wide-ranging temporary exemptive relief to fund boards, funds and investment advisers as the COVID-19 pandemic caused significant disruption to all sectors of the U.S. economy.  Since then, each state and the District of Columbia has begun to relax restrictions imposed to limit the spread of COVID-19.  On June 19, … Read More

SEC Staff Withdraws Prior No-Action Letter

Ethan CoreyLegal InsightsLeave a Comment

SEC Staff Withdraws Prior No-Action Letter on Control Share Acquisition Statutes, Requests Feedback on Control Share Statutes and Closed-End Funds “Never . . . mind” – Emily Litella On May 27, 2020, the staff of the Division of Investment Management (IM) of the Securities and Exchange Commission (SEC) issued a statement (IM Statement) withdrawing a previous letter that interpreted Section … Read More

Pressure Mounts on SEC to Set Standards

Rick PasquierLegal Insights, Practus NewsLeave a Comment

Pressure Mounts on SEC to Set Standards for “Environmental, Social, Governance” Corporate Disclosure and Fund Investment Styles What Can We Expect? Before I joined Practus LLP, I served for 18 years as in-house counsel to leading global firms in the chemical industry.  Over the years I was struck by the great number of products and technologies that were pitched as … Read More

Read Ethan Corey’s article in the May edition of The Investment Lawyer

Ethan CoreyLegal Insights, Practus NewsLeave a Comment

The Investment Lawyer:  Covering Legal and Regulatory Issues of Asset Management Prospectus Delivery Obligations, Regulation Best Interest and the Buried Facts Doctrine: Has the SEC Changed the Time When Prospectuses Must Be Delivered? The SEC’s Regulation Best Interest will require a broker-dealer to provide a retail customer with information about the material fees and cost the customer will incur and … Read More

The New Normal

Robert HebronLegal InsightsLeave a Comment

Lawyer Round Table

Our “New Normal” has become a rapidly moving target during the COVID-19 pandemic   Since I started writing this blog series in late March, the subject of how the COVID-19 pandemic will affect the U.S. life insurance industry has become somewhat of rapidly moving target. As I sit here today, it has become very clear that this crisis will not be … Read More

Risk Management and Marketing during COVID-19

Robert HebronLegal InsightsLeave a Comment

Finding the Perfect Intersection of Risk Management and Marketing in a Covid-19 World COVID-19 has legitimately had a major impact on life insurance underwriting and risk management processes.  It has already become a major cause of life insurance deaths; in some hotspots eclipsing cancer and heart disease as a cause of death.  Creating a three-headed problem for life insurers Avoiding … Read More

SEC Proposes to Modernize Framework for Fund Valuation Practices

Ethan CoreyLegal InsightsLeave a Comment

“The devil is in the details” – quote generally attributed to Ludwig Mies van der Rohe   On April 21, 2020, the Securities and Exchange Commission (SEC) issued a release proposing  substantial changes to investment company valuation practices (Proposing Release).1   The SEC would adopt new Rule 2a-5 under the Investment Company Act of 1940 (1940 Act) , which would establish requirements … Read More

Life Insurance Post COVID-19

Robert HebronLegal InsightsLeave a Comment

Life Insurance Disaster Relief Navigating Legal Landscape

Legislative possibilities for the life insurance industry in a post COVID-19 world In prior blog posts, I pointed out that the COVID 19 pandemic has profoundly impacted the life insurance industry in two ways:  Increased consumer interest in the product leading to increased demand; and  Industry concern over heightened mortality risk due to the disease’s actual and potential death toll.  … Read More