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

December 17th, 2020|Comments Off on Litigation Expected as SEC’s Ruling on Boulder No-Action Letter Limits Activism

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.

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