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Your professionally curated research and reference resource fully integrating treatise and how-to guidance with underlying laws, rules, interpretations, and hundreds of sample documents.

May 4:  New Marketing Rule Effective

This note is posted May 4: today the new marketing rule becomes effective. However, there is an 18 month transition period. So the drop dead compliance date is Nov. 4, 2022 Please refer to our collection of materials on the new rule in the adjoining News column for more information.

Adviser Regulatory & Compliance News

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Key New Checklists:  FoF, ESG, Valuation, Derivatives

May 7, 2021

Our friends, the great lawyers at Morgan Lewis just published a set of checklists pertinent to advisers managing funds! The checklists cover four key areas of recent regulatory action and easily can be integrated into a compliance program: fund of funds, valuation, derivatives and ESG investing. Please click the headline to this summary to access the PDF file of checklists.

Marketing Rule Reference Materials

April 29, 2021

While we draft a whole section of the website regarding the recently adopted Marketing Rule, this posting provides members with a good collection of materials for reference. Note that for many advisers there will be a critical choice over the next year to 18 months: stay with the old rules until the new rule compels compliance (Nov. 4, 2022) or opt in to the new rule's requirements beginning May 4, 2021. But it's a one way path: once you've opted in, you must comply with the new rule. Please click the headline to this summary to access the reference page.

NYSE Proposal to LImit Closed-End Fund Investments in Private Funds

April 29, 2021

History doesn’t usually repeat but it often rhymes. One of the reasons we have the ’40 Acts is that in the 1920s and 1930s there was a dangerous layering of investment companies. The SEC and NYSE acted recently to propose limits on investments by listed closed-end funds in unregistered investment funds. The proposal was made on April 20, 2021 and involves a potential amendment to Section 102.04 of the NYSE Listed Company Manual. This may be of importance to our members who managed closed-end funds. Please click the headline to this blurb to learn more.

ESG Under Scrutiny

April 27, 2021

Can anyone clearly define what ESG investing is? Anyone? Well, that's the problem: there are a multitude of definitions and much confusion. The SEC Examinations division (f/k/a OCIE) discovered a variety of issues related to ESG during its recent examinations of advisers and funds. Accordingly, it has issued a Risk Alert to highlight a variety of these issues and to note that it will focus on them on future exams. A bit earlier the CFTC also chimed in on the issue by creating a Climate Risk Unit to "o support the agency’s mission by focusing on the role of derivatives in understanding, pricing, and addressing climate-related risk and transitioning to a low-carbon economy." Please click the headline to this summary to access a more complete explication of the SEC's Risk Alert and for links to key materials.

Upcoming Events

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