Securities and Exchange Commission – Federal Register Recent Federal Regulation Documents

The Securities and Exchange Commission (the ``Commission'' or the ``SEC'') is proposing amendments under the Investment Advisers Act of 1940 (the ``Advisers Act'' or the ``Act'') to the rules that prohibit certain investment adviser advertisements and payments to solicitors, respectively. The proposed amendments to the advertising rule reflect market developments since the rule's adoption in 1961. The proposed amendments to the solicitation rule update its coverage to reflect regulatory changes and the evolution of industry practices since we adopted the rule in 1979. The Commission is also proposing amendments to Form ADV that are designed to provide the Commission with additional information regarding advisers' advertising practices. Finally, the Commission is proposing amendments under the Advisers Act to the books and records rule, to correspond to the proposed changes to the advertising and solicitation rules.

Applicant, a closed-end investment company, seeks an order declaring that it has ceased to be an investment company. On July 11, 2019, applicant made a final liquidating distribution to its shareholders based on net asset value. Expenses of $285,369 incurred in connection with the liquidation were paid by applicant's investment adviser. Filing Dates: The application was filed on September 18, 2019, and amended on November 13, 2019. Applicant's Address: 50 South LaSalle Street, Chicago, Illinois 60603.