Fund managers and directors/trustees should view this recent and continuing activity by the Enforcement Division as a reminder to remain diligent in carrying out all of their duties and, particularly, to take an objective look at their current 15(c) process and determine whether anything should be improved. The … See more Section 15(c) of the 1940 Act provides, in part, that “it shall be unlawful for any registered investment company ... to ... renew ... any … See more On April 21, 2015, the Enforcement Division charged SEC-registered investment adviser Kornitzer Capital Management, Inc. (KCM) and the individual who … See more On June 17, 2015, the Enforcement Division charged SEC-registered mutual fund adviser Commonwealth Capital Management (CCM), the individual who served as CCM’s … See more Since the Enforcement Division launched its Asset Management Unit (AMU)7 five years ago, the Staff has been pursuing more cases involving alleged failures in the 15(c) process.8All signs seem to indicate that this … See more WebJul 6, 2024 · For example, US groups that have a history of disclosing detailed, fund-level cost information to US mutual fund boards (section 15c of the US Investment Company Act of 1940 requires US fund board directors to request and evaluate information needed to evaluate a fund’s contract terms.
Second Circuit Affirms Pre-Discovery Dismissal of Section 36(b ...
WebDec 17, 2024 · The US fund governance model requires under Section 15c of the US Investment Companies Act 1940 for US fund boards to conduct an assessment on the fund managers using a number of factors … food recipes for toddlers to gain weight
The Investment Lawyer - Schulte Roth & Zabel
WebFor more than 25 years, the “Gartenberg factors” have served as the prevailing standard for a court to determine whether investment adviser fees are excessive under Section … Web/insights/sec-brings-charges-related-to-15c-process-failures WebMar 30, 2024 · Gartenberg Factors. As noted, in order to prevail in a Section 36(b) case, a plaintiff must prove that a fund adviser’s fee is “so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” elections in scotland 2023