SEC Adopts New Regulatory Framework for Fund-of-Funds Rule

On October 7, 2020, the Securities and Exchange Commission (the “SEC”) adopted Rule 12d1-4 under (the “Rule”) the Investment Company Act of 1940 (the “1940 Act“) and related amendments designed to put in place a comprehensive and streamlined regulatory framework for fund-of-funds arrangements.[1] This alert provides an overview of the recently adopted Rule and related rule and form amendments.

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[1] See Fund of Funds Arrangements, Investment Company Act Release No. 34045 (Oct. 7, 2020) (“Adopting Release”).