Investment Management Regulatory Update
A Summary of Current Investment Management Regulatory Developments

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On June 20, 2006, the SEC adopted three new rules — Rules 12d1-1, 12d1-2 and 12d1-3 (collectively, the “New Rules”) — and amended five registration statement forms — Forms N-1A, N-2, N-3, N-4 and N-6 — (collectively, the “New Amendments”) under the Investment Company Act of 1940 (“40 Act”) to address fund of funds arrangements. The New Rules become effective on July 31, 2006, and registration statements on Forms N-1A, N-2, N-3, N-4 or N- 6, and post-effective amendments that are annual updates to effective registration statements on such forms, must include the new disclosure if filed on or after January 2, 2007.