12d1- 4 effective date

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On 7 Octoberthe Securities and Exchange Commission the SEC adopted new rule 12d Rule 12d and related amendments under the Investment Company Act of the Act that it believes will streamline and enhance the regulatory framework applicable to fund of funds arrangements. Accordingly, as proposed, the SEC is rescinding Rule 12d under the Act and most exemptive orders for fund of funds arrangements, as well as related no-action letters.

These conditions overlap to some extent with prior exemptive orders. However, advisers with existing fund of funds arrangements will need to evaluate operational and procedural changes necessary to comply with Rule 12d and may need to restructure fund investments.

Thus, current fund of funds arrangements in which an acquired fund relies on an ETF or fund of funds exemptive order to invest more than 10 percent of its total assets in other funds may need to be restructured. The SEC also adopted related amendments to Rule 12d to preserve the ability of funds that rely on Section 12 d 1 G to invest in money market funds that are not part of the same fund group.

Rule 12d will be effective 60 days after publication in the Federal Register. As a result of evolving views on fund of funds arrangements, Congress created statutory exceptions and the SEC adopted rules that permitted different types of fund of funds arrangements subject to certain conditions, and the SEC has further provided exemptive relief for fund of funds arrangements subject to various conditions.

On 19 Decemberthe SEC proposed Rule 12d to provide a comprehensive exemption for fund of funds arrangements. The SEC received feedback from a wide range of commenters. While Rule 12d was adopted largely as proposed, several changes were made to controversial provisions in the proposal in light of industry concerns. Mirror voting is generally required when funds hold a control position in funds outside the same group of investment companies.

The Act creates a rebuttable presumption that any person who, directly or indirectly, beneficially owns more than 25 percent of the voting securities of a company controls the company and that any person who does not own that amount does not control it.

This restriction does not vary based on the type of acquired fund. Rule 12d requires an acquiring fund and its advisory group to mirror vote shares held in an acquired fund that is, cast votes in the same proportion as the other holders of the acquired fund if ownership of the acquired fund exceeds certain thresholds. The voting requirements do not apply to an acquiring fund: 1 in the same fund group as the acquired fund; or 2 with a sub-adviser that also acts as adviser to the acquired fund.

Rule 12d imposes different thresholds for mirror voting depending on the type of acquired fund. An acquiring fund and its advisory group must use mirror voting if they hold more than 25 percent of the voting securities of an acquired fund that is an open-end fund or UIT due to a decrease in the outstanding securities of the acquired fund.

If the acquired fund is a closed-end fund or BDC, the acquiring fund and its advisory group must use mirror voting if they hold more than 10 percent of the voting securities of the acquired closed-end fund or BDC. The SEC Release provides that in circumstances where mirror voting by an acquiring fund simply would not be possible, such as when acquiring funds are the only shareholders of an acquired fund, the acquiring fund must use pass-through voting.

Rule 12d contains two exceptions from the control and voting conditions. Rule 12d requires an adviser to a management company an open-end fund or closed-end fund, including a BDC operating in accordance with Rule 12d to evaluate and make certain findings regarding the arrangement.Company Filings More Search Options.

The Securities and Exchange Commission today voted to adopt a new rule and related amendments designed to put in place a comprehensive regulatory framework for fund of funds arrangements. Retail investors similarly use fund of funds arrangements as a convenient way to allocate and diversify their portfolio through a single, professionally managed investment. Rule 12d will allow a fund to acquire the shares of another fund in excess of the limits of the Investment Company Act without obtaining an individual exemptive order from the Commission if the funds comply with conditions designed to enhance investor protection.

The Commission is also rescinding rule 12d as well as most exemptive relief permitting fund of funds arrangements because the rule will create a new, comprehensive exemptive rule on which funds of funds can rely.

The Commission is not rescinding exemptive relief granted to funds of funds that is outside the scope of the rule. The Commission also is rescinding rule 12d under the Act and most exemptive orders granting relief from sections 12 d 1 ABCand G of the Act. Open-end funds, unit investment trusts, closed-end funds including BDCsexchange-traded funds and exchange-traded managed funds will all be able to rely on rule 12d as both acquiring and acquired funds.

To help create a consistent and streamlined regulatory framework for fund of funds arrangements, the Commission is also taking several related actions:. The Commission is also amending Form N-CEN to require funds to report whether they relied on rule 12d or the statutory exception in section 12 d 1 G of the Investment Company Act during the applicable reporting period.

The rule will be effective 60 days after publication in the Federal Register, but, in order to facilitate a transition period, the compliance date for the amendments to Form N-CEN will be days after publication in the Federal Register.

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An acquiring fund that is part of the same fund group as the acquired fund and an acquiring fund that has a sub-adviser that acts as adviser to the acquired fund will not be subject to the control and voting conditions. Required Evaluations and Findings. To address concerns that an acquiring fund could exert undue influence over an acquired fund or charge duplicative fees and expenses, the rule will require certain evaluations and findings be made before the acquiring fund invests in an acquired fund.

These differ depending upon whether a fund is the acquiring or acquired fund and whether it is a management company, unit investment trust, or a separate account funding variable insurance contracts. Required Fund of Funds Investment Agreements. In addition, the rule will require funds that do not share the same investment adviser to enter into a fund of funds investment agreement memorializing the terms of the arrangement.

Limits on Complex Structures. Rescission of Rule 12d and Certain Exemptive Relief, and Amendments to Rule 12d To help create a consistent and streamlined regulatory framework for fund of funds arrangements, the Commission is also taking several related actions: Rescission of Rule 12d and Certain Exemptive Relief. The Commission is rescinding rule 12d, which permits funds that primarily invest in funds within the same fund group to invest in unaffiliated funds and non-fund assets. As a result, funds wishing to create certain types of fund of funds arrangements that exceed the statutory limitations will be required to rely on rule 12d and comply with its associated conditions.

Amendments to Rule 12d The Commission is amending rule 12d to allow funds that primarily invest in funds within the same fund group to continue to invest in unaffiliated money market funds. Related Materials Final Rule.Be sure to leave feedback using the 'Feedback' button on the bottom right of each page!

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Fund of Funds Arrangements

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12d1- 4 effective date

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Learn more here.Company Filings More Search Options. Rule 12d permits acquiring funds to acquire the securities of acquired funds in excess of the limits in section 12 d 1 of the Investment Company Act while applying a consistent set of conditions to such fund of funds arrangments. In addition, the rule sets forth tailored conditions for acquiring and acquired funds that are in the same group of investment companies.

Rule 12d also provides an exemption from section 17 a of the Investment Company Act, which would otherwise prohibit an affiliated person of a fund, or any affiliated person of such person, from selling any security or other property to, or purchasing any security or other property from, the fund. Rule 12d requires funds of funds to comply with certain conditions. Some of these conditions are summarized below.

Rule 12d requires an acquiring fund and its advisory group to use mirror voting if the acquiring fund and its advisory group in the aggregate hold more than:. In circumstances where acquiring funds are the only shareholders of an acquired fund pass-through voting must be used.

A fund will be required to indicate whether it relies on rule 12d or the statutory exception in section 12 d 1 G in reports on Form N-CEN. Acquiring and acquired funds relying on rule 12d must maintain and preserve the following records for not less than five years, the first two years in an easily accessible place:. Funds may begin relying on rule 12d after the effective date, which is January 19, Also on January 19,the Commission will rescind rule 12d and will rescind certain exemptive orders that grant relief from the investment limits of 12 d 1 of the Investment Company Act.

The guide summarizes and explains rules and form amendments adopted by the Commission, but is not a substitute for any rule or form itself. Only the rule or form itself can provide complete and definitive information regarding its requirements. Search SEC. Securities and Exchange Commission.

Fund of Funds. What exemptive relief does Rule 12d provide? What conditions are required to rely on Rule 12d? What disclosure requirements apply? What recordkeeping requirements apply? Who is covered by Rule 12d? Control The rule prohibits an acquiring fund and its advisory group from controlling an acquired fund.On 7 Octoberthe Securities and Exchange Commission the SEC adopted new rule 12d Rule 12d and related amendments under the Investment Company Act of the Act that it believes will streamline and enhance the regulatory framework applicable to fund of funds arrangements.

Accordingly, as proposed, the SEC is rescinding Rule 12d under the Act and most exemptive orders for fund of funds arrangements, as well as related no-action letters.

12d1- 4 effective date

These conditions overlap to some extent with prior exemptive orders. However, advisers with existing fund of funds arrangements will need to evaluate operational and procedural changes necessary to comply with Rule 12d and may need to restructure fund investments.

Thus, current fund of funds arrangements in which an acquired fund relies on an ETF or fund of funds exemptive order to invest more than 10 percent of its total assets in other funds may need to be restructured.

The SEC also adopted related amendments to Rule 12d to preserve the ability of funds that rely on Section 12 d 1 G to invest in money market funds that are not part of the same fund group.

Rule 12d will be effective 60 days after publication in the Federal Register. As a result of evolving views on fund of funds arrangements, Congress created statutory exceptions and the SEC adopted rules that permitted different types of fund of funds arrangements subject to certain conditions, and the SEC has further provided exemptive relief for fund of funds arrangements subject to various conditions.

On 19 Decemberthe SEC proposed Rule 12d to provide a comprehensive exemption for fund of funds arrangements. The SEC received feedback from a wide range of commenters. While Rule 12d was adopted largely as proposed, several changes were made to controversial provisions in the proposal in light of industry concerns.

Mirror voting is generally required when funds hold a control position in funds outside the same group of investment companies. The Act creates a rebuttable presumption that any person who, directly or indirectly, beneficially owns more than 25 percent of the voting securities of a company controls the company and that any person who does not own that amount does not control it.

This restriction does not vary based on the type of acquired fund. Rule 12d requires an acquiring fund and its advisory group to mirror vote shares held in an acquired fund that is, cast votes in the same proportion as the other holders of the acquired fund if ownership of the acquired fund exceeds certain thresholds.

The voting requirements do not apply to an acquiring fund: 1 in the same fund group as the acquired fund; or 2 with a sub-adviser that also acts as adviser to the acquired fund. Rule 12d imposes different thresholds for mirror voting depending on the type of acquired fund. An acquiring fund and its advisory group must use mirror voting if they hold more than 25 percent of the voting securities of an acquired fund that is an open-end fund or UIT due to a decrease in the outstanding securities of the acquired fund.

If the acquired fund is a closed-end fund or BDC, the acquiring fund and its advisory group must use mirror voting if they hold more than 10 percent of the voting securities of the acquired closed-end fund or BDC. The SEC Release provides that in circumstances where mirror voting by an acquiring fund simply would not be possible, such as when acquiring funds are the only shareholders of an acquired fund, the acquiring fund must use pass-through voting.

Rule 12d contains two exceptions from the control and voting conditions. Rule 12d requires an adviser to a management company an open-end fund or closed-end fund, including a BDC operating in accordance with Rule 12d to evaluate and make certain findings regarding the arrangement.

Because concerns regarding duplicative fees and complexity of structure are relevant for an acquiring fund, only the adviser to an acquiring fund will need to evaluate and make findings related to these concerns.

Rule 12d requires tailored findings regarding acquiring UITs. With respect to a separate account funding variable insurance contracts that invests in an acquiring fund, Rule 12d requires an acquiring fund to obtain a certification from the insurance company issuing the separate account that it has determined that the fees and expenses borne by the separate account, acquiring fund, and acquired fund, in the aggregate, are consistent with the standard set forth in Section 26 f 2 A of the Act.

This standard provides that the fees must be reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the insurance company. In lieu of the proposed 3 percent limitation on redemptions, funds that do not share the same investment adviser will be required to enter into a Fund of Funds Investment Agreement memorializing the terms of the arrangement.

Rule 12d incorporates a modified version of the concept of participation agreements between otherwise unrelated acquiring and acquired funds. The SEC Release provides that in negotiating a Fund of Funds Investment Agreement, the funds could set the terms of the agreement that support the required fund findings discussed above. Participation agreements under such orders require both funds in a fund of funds arrangement and their investment advisers to fulfill their responsibilities under the order and, as such, participation agreements can vary.

Participation agreements also require that the acquiring fund notify the acquired fund prior to investing in excess of the limits of Section 12 d 1 A and provide the acquired fund a list of the names of each of its affiliates to help the acquired fund ensure compliance with the affiliated transaction provisions of the Act.

However, because all funds operating in accordance with Rule 12d will be required to comply with its conditions, the SEC determined that Rule 12d will not require that a Fund of Funds Investment Agreement include these types of contractual provisions.

Instead, a Fund of Funds Investment Agreement will be required to memorialize the terms of the arrangement that serve as a basis for the required fund findings described above. The SEC believes this approach may enable funds to tailor various terms of a Fund of Funds Investment Agreement to their specific arrangements and thereby provide greater protection against undue influence. The efficacy and enforceability of the provisions of Fund of Funds Investment Agreements remains an open question, however.

Indeed, for acquired funds that are listed on an exchange or are sold primarily through intermediaries using omnibus accounts, it is unclear whether the acquired funds would always know if an acquiring fund planned to or had invested in excess of Section 12 d 1 A limits or be able to prevent such excess purchases even if known.Retailers who promote product quality, transparency, and sustainability will flourish.

Free whitepaper: Prepare for the future of shopping. Download free whitepaper 1 1. The best way to accommodate this. And as a result, retailers will have to find ways to meet that demand. Some examples of what we can expect. Recap: Here are the trends to watch out for in 2017. Is your retail business ready for the future.

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She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville.

SEC Adopts New Rule 12d1-4 Overhauling Fund of Funds Arrangements--Are You Ready?

She has experience as a writer and public relations expert for a wide variety of businesses. Clearly, the technology genius has turned out to be even more of a visionary than anyone could have realized decades ago. Early government efforts at building an Internet in the U. Travelocity and Priceline immediately come to mind, although there are many sites for comparison shopping across nearly every industry. Even Google can be used to comparison shop easily by simply typing in a product name and getting a list of sites that sell it.

Some of the early efforts in terms of online contests were run by local TV stations, where they have easy access to people who are watching sports programming on their channels.

The micro-blogging site has done some things to grasp hold of its lead in this area, although it is in danger of losing it to stronger rivals like Facebook.

ESPN and other sports sites also allow users to comment on games in real time.

12d1- 4 effective date

You can also comment on the articles you read on most websites. LinkedIn comes to mind immediately, but there are also other sites like Monster that are all about job listings without the social media aspect. Examples of this include Elance, which is now Upwork.

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Contractors can bid on a wide variety of projects, and those who are looking for a contract can post their projects to collect bids from people all over the world. Facebook now has nearly 2 billion users, demonstrating just how widespread social media has become. MySpace and others existed before Facebook, but they failed to adapt when competition arrived on the scene. And now social media has grown into messaging apps and photo-sharing sites like Snapchat, Instagram, Facebook Messenger, WhatsApp and many others.

PayPal, online banking, crypto-currencies, and bill pay, and online trading and financial advice like robo-advisors all fulfill this prediction. Online advertising has gotten so smart that privacy watchdog groups have called attention to it, resulting in more controls on Facebook, Google and other popular sites to enable users to decide how much of their information is shared with advertisers.

Such sites use clicks, webs searches, purchase history and interests when selecting ads to display to users. But then again, perhaps he knew that one day, Microsoft would have to transform from a software business model into one focused on Internet services.

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Expedia and other travel websites offer deals based on where the user has traveled before, while Ticketmaster and similar sites offer tickets to shows like those the user has been to previously.

Microsoft Azure is one of a host of online and cloud-based project management tools that enable teams to work together on a project.

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The first BlackBerry device was released in 1999, however, which may have provided some clues. This prediction has Siri, Google Now and Amazon Alexa written all over it, and these digital assistants are only going to grow in their capabilities.

The Nest thermostat can automatically adjust the temperature inside your home, and a host of products can automatically adjust things in your home, like the Koogeek Smart Socket.

There are also many products that offer online monitoring for your home. Indeed, nearly everything can be connected to the Internet these days, and Apple is even getting in on the action here with its HomeKit SDK for iOS.

Follow:Developed by ValueWalk Team News Categories Top Stories Business Technology Science Politics Stocks About Us About ValueWalk Premium Member Login Premium FAQ Password Reset Profile Investor Studies Premium Benefits. Mathematical Football Predictions 24predict. Their predictions for selected football games today and tomorrow (the next 24 hours) are based on the Wisdom of the Crowd.Now check your email.

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12d1- 4 effective date

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SEC Updates Regulatory Framework for Fund of Funds Arrangements

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