1 Dugul

Investment Advisor Act Of 1940 Assignment Discovery


Division of Investment Management
Staff No-Action and Interpretive Letters

Important Note: This page contains Division of Investment Management no-action letters dated on or after January 1, 1993. Division of Investment Management no-action letters issued before that date may be obtained for a copy and processing fee. Please refer to information on How to Request Public Documents.

   Subject Categories

   Subject Category List of No-Action Letters
   Alphabetical List of No-Action Letters
   Chronological List of No-Action Letters

Subject Category List of No-Action Letters

12b-1 Fees

12b-1 Plans

Accounting

  • Fidelity Management & Research Company et al., September 22, 2017
     
  • Great-West Life & Annuity Insurance Company, November 16, 2016
     
  • Fidelity Management & Research Company et al., June 20, 2016
     
  • Copley Fund, Inc., August 2, 2013
     
  • Copley Fund, Inc., June 18, 2013
     
  • Copley Fund, Inc., April 5, 2013
     
  • Chief Financial Officer, November 7, 1997
     
  • Accounting Comment Letter, November 2, 1995
     
  • Chief Financial Officer of Investment Company Registrants, February 3, 1995
     
  • Chief Financial Officer, November 1, 1994

Acquisition Trust

Acquisition of Securities in Affiliated Underwriting

Administrative Fees

Advertising - Investment Advisers

  • The TCW Group, Inc., November 7, 2008
     
  • Investment Adviser Association, December 2, 2005
     
  • Trainer, Wortham & Co. Froley, Revy Investment Co. Starbuck, Tisdale & Assoc., December 6, 2004
     
  • Investment Counsel Association of America, Inc., March 1, 2004
     
  • Jennison Associates LLC, July 6, 2000
     
  • Franklin Management, Inc., December 10, 1998
     
  • DALBAR, Inc., March 24, 1998
     
  • Association for Investment Management and Research, December 18, 1996
     
  • Horizon Asset Management, LLC, September 13, 1996
     
  • Munder Capital Management, May 17, 1996
     
  • J.P. Morgan Investment Management, Inc., May 7, 1996
     
  • Clover Capital Management, Inc., October 28, 1986

Advertising - Investment Company

  • Department of Labor, October 26, 2011
     
  • Lindbergh Funds, October 30, 2002
     
  • Salomon Brothers Asset Management Inc and Salomon Brothers Asset Management Asia Pacific Limited, July 23, 1999
     
  • Dr. William Greene, Stern School of Business, February 3, 1997
     
  • GE Funds, February 7, 1997
     
  • ITT Hartford Mutual Funds, February 7, 1997
     
  • Nicholas-Applegate Mutual Funds, February 7, 1997
     
  • Bramwell Growth Fund, August 7, 1996
     
  • Nicholas-Applegate Mutual Funds, August 6, 1996
     
  • Blanchard Global Growth Fund, May 7, 1996
     
  • MassMutual Institutional Funds, September 28, 1995
     
  • North American Security Trust, August 5, 1994

Advisory Contracts

  • Nuveen Fund Advisors, LLC, June 20, 2017
     
  • American Century Investment Management, Inc., December 20, 2016
     
  • RS Global Natural Resources Fund, March 6, 2014
     
  • Hatteras Alternative Mutual Funds Trust, et al., September 25, 2012
     
  • Nationwide Mutual Funds, et al., April 5, 2011
     
  • Claymore Advisors, LLC, April 27, 2010
     
  • Boulder Growth and Income Fund, Inc., March 5, 2010
     
  • Boulder Total Return Fund, Inc., March 5, 2010
     
  • Madison Asset Management, LLC, et al., June 30, 2009
     
  • Iridian Asset Management LLC, April 14, 2009
     
  • Bank of Ireland Asset Management (U.S.) Ltd., April 2, 2009
     
  • Fortis Group, et al., January 27, 2009
     
  • First Trust/Gallatin Specialty Finance and Financial Opportunities Fund, July 11, 2008
     
  • Mellon Equity Associates, LLP April 1, 2005
     
  • Eaton Vance Special Investment Trust, et al March 30, 2004
     
  • Gartmore Mutual Funds, March 19, 2004
     
  • PIMCO Funds: Multi-Manager Series, August 6, 2002
     
  • AHA Investment Funds, Inc, March 8, 2001
  • Metropolitan Life Insurance Company, November 13, 1999
     
  • American Express Financial Corporation, November 17, 1998
     
  • Wells Fargo Bank, N.A., March 31, 1998
     
  • Franklin Templeton Group of Funds, July 23, 1997
     
  • Dean Witter, Discover & Co. ("DWD") and Morgan Stanley Group Inc., April 18, 1997
     
  • American Odyssey Funds, Inc., October 7, 1996
     
  • The Ayco Company L.P., December 14, 1995
     
  • Century Shares Trust, May 4, 1994
     
  • Shearson Lehman Brothers Inc. and Smith Barney, Harris Upham & Co. Incorporated, June 8, 1993
     
  • Washington Mutual Investors Fund, Inc., May 14, 1993

Advisory Fees

  • Citigroup Global Markets Inc., August 6, 2014
     
  • RiverNorth, July 28, 2014
     
  • Constellation Financial Management LLC, January 9, 2003
     
  • Seligman New Technologies Fund II, Inc., February 7, 2002
     
  • R.O.C. Taiwan Fund, February 11, 2000
     
  • BISYS Fund Services, Inc., September 2, 1999
     
  • INVESCO Funds Group, Inc., August 5, 1997
     
  • Franklin Templeton Group of Funds, July 23, 1997
     
  • American Odyssey Funds, Inc., October 7, 1996
     
  • Lazard Freres Asset Management, February 12, 1996
     
  • George Colman, July 18, 1995
     
  • Benson White & Company, June 14, 1995

Advisory Representatives

Affiliated Persons

  • Russell Investment Management, LLC, December 16, 2016
     
  • UBS AG, July 29, 2009
     
  • Investment Company Institute, March 12, 2009
     
  • Auction Rate Securities, January 6, 2009
     
  • Drinker, Biddle & Reath, December 18, 1998
     
  • First Financial Fund, Inc., at al., June 5, 1997
     
  • Mark A. Bush, August 8, 1995
     
  • The One Group, May 23, 1995
     
  • North American Security Trust and NASL Series Trust, February 2, 1993

Affiliated Transactions - Money Market Fund Letters

  • Fifth Street Finance Corp., February 25, 2010
     
  • Allianz Funds, August 3, 2009
     
  • The Hartford Mutual Funds, Inc. and Hartford Series Fund, Inc., August 3, 2009
     
  • Mount Vernon Securities Lending Trust, August 3, 2009
     
  • Victory Institutional Money Market Fund, Victory Financial Reserves Fund, and Victory Prime Obligations Fund, August 3, 2009
     
  • SEI Daily Income Trust ? Prime Obligation Fund, April 20, 2009
     
  • SEI Liquid Asset Trust ? Prime Obligation Fund, April 20, 2009
     
  • Columbia Funds Series Trust - Columbia Cash Reserves, March 2, 2009
     
  • Columbia Funds Series Trust - Columbia Money Market Reserves, March 2, 2009
     
  • Master Portfolio Trust - Liquid Reserves Portfolio and Legg Mason Partners Money Market Trust - Western Asset Money Market Fund, March 2, 2009
     
  • Northern Institutional Funds - Diversified Assets Portfolio, Liquid Assets Portfolio and Prime Obligations Portfolio and Northern Funds - Money Market Fund, March 2, 2009
     
  • SEI Liquid Asset Trust - Prime Obligation Fund, March 2, 2009
     
  • Mount Vernon Securities Lending Trust, January 8, 2009
     
  • Master Portfolio Trust - Liquid Reserves Portfolio, December 8, 2008
     
  • Reserve New York Municipal Money-Market Trust - New York Municipal Money-Market Fund, November 18, 2008
     
  • SEI Daily Income Trust - Prime Obligation Fund, November 18, 2008
     
  • Mount Vernon Securities Lending Trust, October 24, 2008
     
  • Russell Investment Company, October 24, 2008
     
  • Columbia Funds Series Trust, October 22, 2008
     
  • ING Funds Trust, ING Investors Trust, and ING Series Fund, Inc., October 22, 2008
     
  • Legg Mason Partners Institutional Trust, October 22, 2008
     
  • Legg Mason Partners Institutional Trust, October 22, 2008
     
  • MainStay VP Cash Management Portfolio, October 22, 2008
     
  • Morgan Stanley Institutional Liquidity Funds, October 22, 2008
     
  • Morgan Stanley Money Market Funds, October 22, 2008
     
  • Mount Vernon Securities Lending Trust, October 22, 2008
     
  • Northwestern Mutual Series Fund, Inc., October 22, 2008
     
  • Penn Series Funds Inc., October 22, 2008
     
  • Penn Series Funds Inc., October 22, 2008
     
  • Phoenix Opportunities Trust, October 22, 2008
     
  • Principal Funds, Inc. and Principal Variable Contracts Funds, Inc., October 22, 2008
     
  • RidgeWorth Funds, October 22, 2008
     
  • Tamarack Funds Trust, October 22, 2008
     
  • Touchstone Variable Series Trust, October 22, 2008
     
  • USAA Mutual Funds Trust, October 22, 2008
     
  • The Hartford Mutual Funds, Inc. and Hartford Series Fund, Inc., October 20, 2008
     
  • Sun Capital Advisers Trust, October 20, 2008
     
  • Advantus Series Fund, October 20, 2008
     
  • Dreyfus Cash Management Plus, October 20, 2008
     
  • Dreyfus Money Funds, October 20, 2008
     
  • Dreyfus Money Funds, October 20, 2008
     
  • Russell Investment Company, October 20, 2008
     
  • Victory Institutional Money Market Fund, Victory Financial Reserves Fund, and Victory Prime Obligations Funds, August 1, 2008
     
  • Northern Institutional Fund, July 16, 2008
     
  • Western Asset Money Market Fund, June 27, 2008
     
  • Western Asset Institutional Money Market Fund, June 27, 2008
     
  • Munder Series Trust, June 23, 2008
     
  • HSBC Investor Funds, June 25, 2008
     
  • Allianz Dresdner Daily Asset Fund, May 5, 2008
     
  • Institutional Liquidity Trust, April 30, 2008
     
  • Master Portfolio Trust, April 18, 2008
     
  • Master Portfolio Trust, April 4, 2008
     
  • SEI Daily Income Trust – Prime Obligation Fund, February 29, 2008
     
  • Northern Institutional Funds, February 28, 2008
     
  • Wells Fargo Funds Trust – Prime Money Market Fund and Heritage Money Market Fund, February 13, 2008
     
  • HSBC Investor Funds, January 18, 2008
     
  • STI Classic Funds, January 2, 2008
     
  • TDAM Money Market Portfolio, December 21, 2007
     
  • First American Funds, Inc. – Prime Obligation Fund, December 3, 2007
     
  • SEI Liquid Asset Trust Prime Obligation Fund, December 3, 2007
     
  • SEI Daily Income Trust - Money Market Fund, November 9, 2007
     
  • SEI Daily Income Trust - Prime Obligation Fund, November 8, 2007
     
  • STI Classic Funds, October 26, 2007

Affiliated Transactions - Other

  • Morgan Stanley Institutional Fund of Hedge Funds, October 7, 2011
     
  • Investment Company Institute, April 2, 2010
     
  • T. Rowe Price Associates, Inc., October 8, 2009
     
  • Regions Morgan Keegan Funds, March 30, 2009
     
  • Columbia Funds, et al., December 23, 2008
     
  • BNY Mellon Funds Trust, December 2, 2008
     
  • Franklin Templeton Investments, November 21, 2008
     
  • Highbridge Statistical Market Neutral Fund, September 29, 2008
     
  • Dreyfus Cash Management, et al., September 25, 2008
     
  • Investment Company Institute, September 25, 2008
     
  • T. Rowe Price Associates, Inc., July 10, 2008
     
  • ING Series Fund, Inc., et al., April 30, 2008
     
  • Highbridge Statistical Market Neutral Fund, April 7, 2008
     
  • Old Mutual Advisors Funds, November 16, 2007
     
  • Van Kampen Funds Inc., January 31, 2007
     
  • Gartmore Variable Insurance Trust, December 29, 2006
     
  • GuideStone Financial, et al., December 27, 2006
     
  • Federated Municipal Funds, November 20, 2006
     
  • Merrill Lynch & Co., Inc., September 27, 2006
     
  • Citigroup Global Markets, Inc., September 26, 2006
     
  • Mutual of America Investment Corporation, June 2, 2006
     
  • GE Institutional Funds, December 21, 2005
     
  • Investment Company Institute, December 14, 2005
     
  • Wells Fargo Alternative Asset Management, LLC, January 26, 2005
     
  • Neuberger Berman Management Inc., et al., April 30, 2003
     
  • AAL Mutual Funds, et al., December 12, 2002
     
  • AIM Advisors, Inc., February 12, 2002
     
  • Calvert Social Index Fund, September 4, 2001
     
  • Evergreen Investment Management Company, LLC, February 13, 2002
     
  • Longleaf Partners Funds Trust, April 9, 2001
     
  • Signature Financial Group, Inc., December 28, 1999
     
  • Drinker, Biddle & Reath, December 18, 1998
     
  • The Eaton Vance Group of Investment Companies, July 25, 1997
     
  • Merrill Lynch Asset Management, April 28, 1997
     
  • Dean Witter World Wide Investment Trust, September 17, 1996
     
  • Morgan Grenfell Investment Trust, September 13, 1996
     
  • Rowe Price-Fleming International Inc., April 12, 1996
     
  • DFA Investment Trust, March 21, 1996
     
  • DFA Investment Trust Company, October 17, 1995
     
  • Norwest Funds - Municipal Money Market Fund, August 8, 1995
     
  • ACM Institutional Reserves, Inc., July 14, 1995
     
  • Alliance Municipal Trust, July 14, 1995
     
  • Municipal Fund for California Investors, Inc., July 12, 1995
     
  • California Municipal Cash Trust, July 11, 1995
     
  • Lehman Brothers Daily Income Fund, July 7, 1995
     
  • Benham California Tax-Free and Municipal Funds, June 30, 1995
     
  • Kemper Money Market Funds, June 23, 1995
     
  • The One Group, May 23, 1995
     
  • Twentieth Century Mutual Funds, July 7, 1995
     
  • Wells Fargo Money Market Funds, July 7, 1995
     
  • Salomon Brothers Inc., April 25, 1995
     
  • PaineWebber Managed Investments Trust, August 4, 1994
     
  • Century Shares Trust, May 4, 1994
     
  • The Capitol Mutual Funds and Nations Fund Trust, February 24, 1994
     
  • North American Security Trust and NASL Series Trust, February 2, 1993

Agency Cross Transactions

Aggregated Transactions

Annual Reports

Annuity Contracts

Anti-Takeover Statutes

Asset-Backed Securities

  • Franklin Templeton Investments, June 19, 2009
     
  • New Center Asset Trust, November 5, 1998
     
  • Credit Suisse First Boston, September 9, 1998
     
  • Nebraska Higher Education Loan Program Inc., April 4, 1998
     
  • Nebraska Higher Education Loan Program, April 3, 1998
     
  • Federated Investors, July 8, 1997
     
  • Citicorp Securities, April 6, 1995
     
  • ESI S.A., February 2, 1995
     
  • Global Exempt Certificates of Ownership in NHA MBS Securities Inc., December 30, 1994
     
  • Donaldson, Lufkin & Jenrette Securities Corporation, May 26, 1994
     
  • Brown & Wood, February 24, 1994

 

Assignments

  • lNG Investments, LLC, Directed Services LLC, and lNG Investment Management Co. LLC, March 27, 2013
     
  • Emerging Global Advisors, LLC and EGA Emerging Global Shares Trust, February 27, 2013
     
  • American Century Investment Management, Inc., February 2, 2012
     
  • Fortis Group, et al., January 27, 2009
     
  • First Trust/Gallatin Specialty Finance and Financial Opportunities Fund, July 11, 2008
     
  • American Century Companies, Inc. / J.P. Morgan & Co., December 23, 1997
     
  • Dean Witter, Discover & Co. ("DWD") and Morgan Stanley Group Inc., April 18, 1997  

Attribution

Auction Rate Notes

Automatic Bar

Backward Pricing

Banks

Banks - Affiliated Mutual Funds

Banks - Collective Trust Funds

Banks - Investment Advisory Activities

Beneficial Ownership Qualified Purchaser

  • Invesco Advisers, Inc., April 8, 2014
     
  • Trusts under the Will of Marion Searle, March 29, 2005
     
  • H.E.B. Investment and Retirement Plan (H.E. Butt Grocery Company), May 18, 2001
     
  • Caxton Corporation, December 28, 1994
     
  • Latham & Watkins, December 28, 1994
     
  • Wm. S. Barnickel & Company, November 1, 1994
     
  • Owens-Illinois, Inc., June 24, 1994
     
  • PanAgora Group Trust, April 29, 1994

Board of Directors

Board of Directors - Retirement Plans

Borrowings

  • Alliance Funds, April 25, 1997
     
  • Bear, Stearns & Co. Inc., September 16, 1997
     
  • The T. Rowe Price Funds, July 31, 1995
     
  • Alliance Capital Management L.P., April 7, 1993

Broker Dealer - Special Compensation

Broker-Dealers

  • Capital Group, January 11, 2017
     
  • InTouch Global, LLC, November 14, 1995
     
  • Letter to Investment Advisers, October 25, 1994
     
  • R. Bryan Stoker, May 13, 1994
     
  • Charles Schwab & Co., May 28, 1992

Brokerage Activities

Bunching

Business Development Companies

  • Carey Credit Income Fund et al., July 15, 2015

  • New Mountain Finance Corporation, December 18, 2014
     
  • Main Street Capital Corporation, November 7, 2013
     
  • New Mountain Finance Corporation, November 4, 2013
     
  • MCG Capital Corporation, September 27, 2013
     
  • Main Street Capital Corporation, June 20, 2011
     
  • New Mountain Finance Corporation, April 27, 2011
     
  • Fifth Street Finance Corp., February 25, 2010
     
  • Philadelphia Ventures Liberty Fund, L.P., February 14, 1995

Business and Industrial Development Companies

  • American Capital, Ltd, June 30, 2009
     
  • Kohlberg Capital Corporation, March 12, 2009
     
  • NGP Capital Resources Company (Corrected), December 28, 2007
     
  • Windamere Capital Ventures, L.P., Windamere Capital Ventures Company, LLC, July 23, 2001
     
  • Plymouth Commercial Mortgage Fund, July 13, 1998
     
  • Plymouth Commercial Mortgage Fund, December 3, 1996

Business Transfers

Capital Structures (BDC)

Cash Solicitation

  • Macquarie Capital (USA) Inc., June 1, 2017
     
  • Stifel, Nicolaus & Company, Inc., December 6, 2016
     
  • F. Porter Stansberry, September 30, 2015
     
  • UBS AG, May 20, 2015
     
  • JPMorgan Chase & Co., May 20, 2015
     
  • Royal Bank of Canada, December 19, 2014
     
  • Bank of America, N.A., November 25, 2014
     
  • Credit Suisse, May 20, 2014
     
  • Stephanie Hibler, January 24, 2014
     
  • RBS Securities, Inc., November 26, 2013

  • Wells Fargo Bank, N.A., July 15, 2013
     
  • J.P. Morgan Securities LLC, January 9, 2013
     
  • Wells Fargo Bank, N.A., September 21, 2012
     
  • J.P. Turner & Company, L.L.C., et al, September 10, 2012
     
  • GE Funding Capital Market Services, Inc., January 25, 2012
     
  • Wells Fargo Bank, N.A., December 12, 2011
     
  • J.P. Morgan Securities LLC, July 11, 2011
     
  • J.P. Morgan Securities LLC, June 29, 2011
     
  • BAC Home Loans Servicing, LP (formerly Countrywide Home Loans Servicing LP), June 2, 2011
     
  • UBS Financial Services Inc., May 9, 2011
     
  • Citigroup Inc., October 22, 2010
     
  • General Electric Company, August 2, 2010
     
  • Goldman, Sachs & Co., July 22, 2010
     
  • General Electric Company, August 12, 2009
     
  • Banc of America Securities LLC, June 10, 2009
     
  • RBC Capital Markets Corporation, June 10, 2009
     
  • Deutsche Bank Securities Inc., June 9, 2009
     
  • UBS AG, March 20, 2009
     
  • Automated Trading Desk Specialists, LLC, March 13, 2009
     
  • E*Trade Capital Markets LLC, March 12, 2009
     
  • Wachovia Securities LLC, February 18, 2009
     
  • Citigroup Global Markets, Inc., December 23, 2008
     
  • UBS Securities LLC/UBS Financial Services Inc., December 23, 2008
     
  • Prudential Financial, Inc., September 5, 2008
     
  • Mayer Brown LLP, July 28, 2008
     
  • Barclays Bank PLC, June 6, 2007
     
  • Emanuel J. Friedman and EJF Capital LLC, January 16, 2007
     
  • Ameriprise Financial Services Inc., April 5, 2006
     
  • Millennium Partners, L.P., et al, March 9, 2006
     
  • American International Group, Inc., February 21, 2006
     
  • ING Bank N.V., August 31, 2005
     
  • CIBC Mellon Trust Company, February 24, 2005
     
  • Goldman, Sachs & Co., February 23, 2005
     
  • Morgan Stanley & Co., Inc., February 4, 2005
     
  • American International Group, Inc., December 8, 2004
     
  • Deutsche Bank Securities Inc., September 24, 2004
     
  • Thomas Weisel Partners LLC, September 24, 2004
     
  • J.P. Morgan Securities Inc., October 31, 2003
     
  • UBS Securities LLC (f/k/a UBS Warburg LLC), October 31, 2003
     
  • Goldman, Sachs & Company, October 31, 2003
     
  • Lehman Brothers, October 31, 2003
     
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated, October 31, 2003
     
  • Bear, Stearns & Co. Inc., October 31, 2003
     
  • Morgan Stanley & Company, October 31, 2003
     
  • Citigroup Global Markets Inc. f/k/a Salomon Smith Barney Inc., October 31, 2003
     
  • Credit Suisse First Boston LLC f/k/a Credit Suisse First Boston Corporation, October 31, 2003
     
  • U.S. Bancorp Piper Jaffray Inc., October 31, 2003
     
  • James DeYoung, October 24, 2003
     
  • J.P. Morgan Securities Inc., October 8, 2003
     
  • Dougherty & Company LCC, July 3, 2003
     
  • Fahnestock & Company Inc., April 21, 2003
     
  • Dougherty & Company LLC, March 21, 2003
     
  • Legg Mason Wood Walker, Inc., June 11, 2001
     
  • National Football League Players Association, January 25, 2002
     
  • Prudential Securities Inc., February 7, 2001
     
  • Stephens Inc., December 27, 2001
     
  • Ramius Capital Management, LLC, April 5, 1996

Cash Solicitation - Solicitors

Change of Control

Charitable Exclusions

  • Deutsche Bank Microcredit Development Fund, Inc., April 8, 2011
     
  • Goldman Sachs Asset Management, L.P., March 13, 2007
     
  • American Bible Society, June 1, 2004
     
  • Mercy Investment Program, Inc., June 12, 2003
     
  • Daughters of Charity National Health System, Inc., April 3, 1998

Clearing Agency

Closed-End Investment Companies

  • Eagle Point Credit Company Inc., February 14, 2018
     
  • PIMCO Dynamic Income Fund, December 12, 2017
     
  • Nuveen California Select Tax-Free Income Portfolio, November 21, 2017
     
  • Nuveen Municipal Income Fund, Inc. et al., July 27, 2017
     
  • Guggenheim Credit Allocation Fund, April 5, 2017
     
  • Invesco Senior Income Trust, et al., January 25, 2017
     
  • Dechert, January 25, 2017
     
  • The Herzfeld Caribbean Basin Fund, Inc., September 21, 2016
     
  • BlackRock Health Sciences Trust, February 25, 2016
     
  • Fiduciary/Claymore MLP Opportunity Fund, January 7, 2016
     
  • BlackRock Limited Duration Trust, et al., October 19, 2015
     
  • Nuveen Credit Strategies Income Fund, et al., November 7, 2014
     
  • Guggenheim Strategic Opportunities Fund, October 2, 2014
     
  • The Gabelli Convertible & Income Securities Fund, Inc., et al., April 18, 2014
     
  • The Mexico Fund, Inc., December 31, 2013
     
  • Aberdeen Asia-Pacific Income Fund, Inc., June 26, 2013
     
  • Credit Suisse High Yield Bond Fund and Credit Suisse Asset Management Income Fund, Inc., June 26, 2013
     
  • Eaton Vance, et al., June 26, 2013
     
  • First Trust, et al., June 26, 2013
     
  • John Hancock Investors Trust and John Hancock Tax-Advantaged Global Shareholder Yield Fund, June 26, 2013
     
  • NexPoint Credit Strategies Fund, June 26, 2013
     
  • Nuveen, et al., June 26, 2013
     
  • Aberdeen Australia Equity Fund, Inc., Aberdeen Chile Fund, Inc. and Aberdeen Global Income Fund, Inc., April 12, 2012
     
  • Bank of America Corporation and Affiliates ("BAC"), April 29, 2011
     
  • Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, and Calamos Global Total Return Fund, February 14, 2011
     
  • Boulder Total Return Fund, Inc., November 15, 2010
     
  • Nuveen Municipal High Income Opportunity Fund, Nuveen Municipal High Income Opportunity Fund 2, Nuveen Floating Rate Income Opportunity Fund, Nuveen Senior Income Fund, Nuveen Floating Rate Income Fund, and Nuveen Municipal Value Fund, Inc., November 9, 2010
     
  • Energy Income and Growth Fund and First Trust Active Dividend Income Fund, July 27, 2010
     
  • Tortoise Energy Infrastructure Corporation and Tortoise Energy Capital Corporation, April 23, 2010
     
  • Investment Company Institute, March 12, 2009
     
  • BlackRock Advisers LLC and Affiliates, November 4, 2008
     
  • Nuveen Virginia Premium Income Municipal Fund, October 6, 2006
     
  • Investment Company Institute, November 10, 2004
     
  • Frank Russell Investment Company, et al., October 18, 2002
     
  • R.O.C. Taiwan Fund, February 11, 2000

Code of Ethics

  • WilmerHale, LLP, July 28, 2010
     
  • M&G Investment Management Ltd., March 1, 2007
     
  • National Compliance Service, November 30, 2005
     
  • Prudential Insurance Company of America, March 1, 2005
     
  • Manufacturers Adviser Corp, September 10, 2002

Collective Investment Trusts

Commercial Paper

Commodity Pools

Commodity Trading Advisors

Compliance Policies and Procedures Rule

Consolidation

Control

Cryptocurrency

Custodial Receipts

Custodial Requirements

Custody

Custody - Investment Advisers

  • Investment Adviser Association, February 21, 2017
     
  • Robert Van Grover, Esq., Seward & Kissel LLP, October 4, 2016
     
  • Investment Adviser Association, April 25, 2016
     
  • 16th Amendment Advisors LLC, March 23, 2015
     
  • Robert Van Grover, Esq., Seward & Kissel LLP, November 5, 2013
     
  • Investment Company Institute, September 5, 2012
     
  • Seward & Kissel LLP, July 21, 2011
     
  • American Institute of Certified Public Accountants, December 23, 2010
     
  • Seward & Kissell, October 12, 2010
     
  • Investment Adviser Association, September 20, 2007
     
  • Deloitte & Touche LLP, August 28, 2006
     
  • ABA Subcommittee on Private Investment Entities, August 10, 2006
     
  • American Skandia Life Assurance Corporation, May 16, 2005

Custody - Investment Companies

  • Chicago Mercantile Exchange, December 19, 2017
     
  • ICE Clear Credit LLC, December 19, 2017
     
  • LCH Limited and LCH.Clearnet LLC, December 19, 2017
     
  • Depository Trust Company of Delaware, LLC dba Delaware Depository, September 12, 2016
     
  • Chicago Mercantile Exchange, December 29, 2015
     
  • ICE Clear Credit LLC, December 29, 2015
     
  • LCH.Clearnet Limited and LCH.Clearnet LLC, December 29, 2015
     
  • LCH.Clearnet Limited and LCH.Clearnet LLC, December 19, 2014
     
  • ICE Clear Credit LLC, December 19, 2014
     
  • Chicago Mercantile Exchange, December 19, 2014
     
  • The Brink’s Company, February 11, 2014
     
  • Chicago Mercantile Exchange, December 26, 2013
     
  • ICE Clear Credit LLC, December 26, 2013
     
  • LCH.Clearnet Limited and LCH.Clearnet LLC, December 26, 2013
     
  • Chicago Mercantile Exchange, July 10, 2013
     
  • Chicago Mercantile Exchange, September 27, 2012
     
  • Chicago Mercantile Exchange, September 27, 2012
     
  • ICE Clear Credit LLC, September 27, 2012
     
  • LCH.Clearnet Limited, September 27, 2012
     
  • ICE Clear Credit LLC, July 29, 2011
     
  • Chicago Mercantile Exchange, July 29, 2011
     
  • Chicago Mercantile Exchange, July 29, 2011
     
  • Chicago Mercantile Exchange, March 24, 2011
     
  • LCH.Clearnet Limited, March 16, 2011
     
  • ICE Trust U.S. LLC, March 1, 2011
     
  • CME Group, Inc., December 3, 2010
     
  • CME Group, Inc., July 16, 2010
     
  • Franklin Templeton Investments, June 19, 2009
     
  • Highbridge Statistical Market Neutral Fund, April 7, 2008
     
  • Austraclear Limited, April 28, 2004
     
  • Fixed Income Clearing Corporation, March 13, 2003
     
  • Government Securities Clearing Corporation, October 19, 2001
     
  • Investment Company Institute, June 15, 1999
     
  • ING Bank N.V., et al., May 24, 1999
     
  • Investment Company Institute, October 3, 1997
     
  • AmSouth Mutual Funds, July 8, 1997
     
  • ASX Settlement & Transfer Corporation, August 13, 1996
     
  • National Securities Clearing Corp., May 24, 1996
     
  • Kavilco, Inc., April 4, 1996
     
  • Morgan Guaranty Trust Company of New York, November 17, 1995
     
  • The Riverfront Funds, Inc., November 8, 1995
     
  • Hongkong Securities Clearing Company Limited, July 13, 1995
     
  • The Canadian Depository for Securities Limited, August 4, 1994
     
  • ASX Settlement and Transfer Corporation, April 19, 1994
     
  • David S. Butterworth, January 27, 1994

Defined Contribution Plans

Definitions

Derivative Securities

Director

  • Boulder Growth and Income Fund, Inc., March 5, 2010
     
  • Boulder Total Return Fund, Inc., March 5, 2010
     
  • Federated Core Trust II, L.P., February 6, 2002
     
  • Mexico Equity and Income Fund, The, November 15, 2001

Disclosure

  • Department of Labor, October 26, 2011
     
  • Kirkpatrick & Lockhart LLP, January 28, 2004
     
  • Janus Adviser Series, August 28, 2000
     
  • Eaton Vance Master Portfolio, December 11, 1996
     
  • National Association for Variable Annuities, June 4, 1996
     
  • Investment Company Registrant General Letter, February 15, 1996
     
  • Letter to Investment Company Registrants, February 3, 1995
     
  • Mutual Funds and Derivative Instruments, September 26, 1994
     

What is the 'Investment Advisers Act of 1940'

The Investment Advisers Act of 1940 is a U.S. federal law that defines the role and responsibilities of an investment advisor/adviser. The Investment Advisers Act of 1940 was largely drafted as a response to the stock market crash 11 years earlier, as well as the subsequent Great Depression. The Act originated from a report on investment trusts and investment companies that the Securities and Exchange Commission (SEC) prepared for Congress in 1935. The SEC report warned of the dangers posed by certain investment counselors and advocated the regulation of those who provided investment advice. Based on this recommendation, Congress began work on the bill that eventually became the Investment Advisers Act of 1940.

Breaking Down 'Investment Advisers Act of 1940'

The Investment Advisers Act of 1940 is the chief source of regulation for the SEC and provides the legal groundwork for monitoring those who advise pension funds, individuals and institutions on investing. It defines the nature of investment advice, who is an advisor and stipulates who must register with state and federal regulators. Its genesis can be seen in the Public Utility Holding Act of 1935, which allowed the SEC to examine investment trusts. That decision led to the passage of the Investment Company Act of 1940 and the Investment Advisers Act of 1940, which allowed further investigation into trusts and investment companies. The scrutiny found abusive or unsound practices and fees.

Establishing Advisor Criteria

The act addressed who is and isn't an advisor by applying three criteria: what kind of advice is offered, how the individual is paid for their advice/method of compensation, and whether or not the lion's share of the advisor's income is generated by providing investment advice (the primary professional function). Also, if an advisor leads a person to believe they are an investment advisor (via advertising, for example) they can be considered an advisor.

The act stipulates that anyone providing advice or making a recommendation on securities (as opposed to another type of investment) is considered an advisor. Individuals whose advice is merely incidental to their line of business may not be considered an advisor, however. Some financial planners and accountants may be considered advisors while some may not, for example.

Investment Advisers Act of 1940 Framework

Guidelines for the Investment Advisers Act of 1940 can be found in Title 15 section 80b-1 of the United States Code:

(1) their advice, counsel, publications, writings, analyses, and reports are furnished and distributed, and their contracts, subscription agreements, and other arrangements with clients are negotiated and performed, by the use of the mails and means and instrumentalities of interstate commerce;

(2) their advice, counsel, publications, writings, analyses, and reports customarily relate to the purchase and sale of securities traded on national securities exchanges and in interstate over-the-counter markets, securities issued by companies engaged in business in interstate commerce, and securities issued by national banks and member banks of the Federal Reserve System; and;

(3) the foregoing transactions occur in such volume as substantially to affect interstate commerce, national securities exchanges, and other securities markets, the national banking system and the national economy.15 U.S.C.

The Investment Advisers Act of 1940 and Registration

The Dodd-Frank Wall Street Reform Act of 2010 amended the act by stipulating that investment advisory firms or individuals with more than $110 million under management would be required to register with the SEC. Generally, though there are some exceptions and exemptions, all advisors with roughly $100 million can register with the SEC or their state regulator. Anything less than $25 million requires registration with the state only. The act also states the liability of investment advisors have and provides guidelines regarding the fees and commissions they can collect.

Leave a Comment

(0 Comments)

Your email address will not be published. Required fields are marked *