Skadden represented BlackRock Fund Advisors (BFA), a subsidiary of BlackRock, Inc., in connection with an investigation by the U.S. Securities and Exchange Commission concerning iShares MSCI Russia Capped Index Fund, Inc. (the Russia Fund), an exchange-traded fund advised by BFA. The SEC alleged that BFA caused the Russia Fund to violate the Investment Company Act of 1940 by failing to obtain the exemptive relief from sections of the act that was necessary in order for the Russia Fund to trade as an exchange-traded fund. On April 25, 2017, BFA reached a settlement agreement with the SEC, whereby BFA agreed to pay a $1.5 million penalty without admitting or denying the SEC's allegations.

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