Securities and Exchange Commission October 2013 – Federal Register Recent Federal Regulation Documents

On July 10, 2013, the Securities and Exchange Commission issued for comment a number of proposed amendments to Regulation D, Form D and Rule 156 under the Securities Act in Release No. 33-9416 (July 10, 2013). In light of the public interest in the proposed amendments, the Commission is re-opening the comment period to permit interested persons additional time to analyze and comment on the proposed amendments.

Summary of Application: Applicants request an order that permits: (a) Certain open-end management investment companies or series thereof to issue shares (``Shares'') redeemable in large aggregations only (``Creation Units''); (b) secondary market transactions in Shares to occur at negotiated market prices; (c) certain series to pay redemption proceeds, under certain circumstances, more than seven days from the tender of Shares for redemption; (d) certain affiliated persons of the series to deposit securities into, and receive securities from, the series in connection with the purchase and redemption of Creation Units; (e) certain series to issue Shares in less than Creation Unit size to investors participating in a distribution reinvestment program (``Distribution Reinvestment Program''); and (f) certain registered management investment companies and unit investment trusts outside of the same group of investment companies as the series to acquire Shares.