No-Action Letters

Based on the facts and representations made in your letter, we would not recommend enforcement action to the Commission under Section 17(d) of the 1940 ...

Mutual fund boards must monitor these arrangements in consultation with their investment adviser and legal counsel

"For a fund that already has such differential advisory fee waivers in place, its Board may wish to consider ... whether the steps they are ...

On Jan. 19th, 2020, the SEC formally withdrew the no-action letters. The list of the withdrawn letters is below

IM won't recommend enforcement if the advisers "treats a Reserved Powers Trust as a Non-U.S. Person (each as described and defined in your letter) in ...

As rule 17f-2 assumes actual physical possession of underlying securities (i.e., the certificates)[6], you propose that the Funds cease providing the Loan Documents to their ...

The SEC's Trading & Markets Division "will not recommend enforcement action to the Commission against broker-dealers that do not treat family offices that qualify as ...

Two SEC commissioners believe six-month relief for non-compliance presents unacceptable risk to investors

The statement levels “the playing field for funds in states with control share statutes, but it doesn’t put an end to activism”

The staff would not recommend enforcement action to the Commission against a closed-end fund under for opting in to and triggering a control share statute ...