SEC Staff Statement Clears Way For Closed-End Funds

Law360

Thomas A. DeCapo Kevin T. Hardy Michael K. Hoffman

Partners Thomas DeCapo, Kevin Hardy and Michael Hoffman discuss the SEC Staff's recent withdrawal of its 2010 no-action letter to Boulder Total Return Fund. The move reversed the Staff's prior position and cleared the way for closed-end funds in states with applicable control share statutes. Fund boards should promptly evaluate whether to avail their funds of such statutes, if available, or take other defensive action.

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