Advisories

SEC Adopts New Rules Allowing Funds to Invest in Other Funds

July 17, 2006

On June 20, 2006, the U.S. Securities and Exchange Commission adopted three new rules under the Investment Company Act of 1940 (“1940 Act”) as well as several related amendments to investment company registration statement forms. The new rules represent a significant liberalization of the restrictions found in Section 12(d) of the 1940 Act applicable to investment companies.