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.
SEC Staff Statement Clears Way For Closed-End Funds
Law360