Articles CEF Panels

Litigation Expected as SEC’s Ruling on Boulder No-Action Letter Limits Activism

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By |2020-12-22T12:26:49-05:00December 17th, 2020|

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The SEC’s decision in May to rescind the Boulder No-Action letter, allowing a closed-end fund to opt into a state control share statute without risking an enforcement action, could have a chilling effect on activism, and could face litigation for violating the Investment Company Act.

Managers Now Offering Term CEFs to Minimize Premium Discounts

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By |2020-12-22T09:07:40-05:00December 17th, 2020|

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While closed-end funds (CEFs) have traditionally been perpetual offerings, more CEFS have term offerings that allow investors to liquidate at net asset value and minimize premium discounts.