The U.S. Securities and Exchange Commission (SEC) has published in the Federal Register a correction to its final rule as regards the naming of investment funds.
The correction modifies two statements relating to the date of application of the new rule to explicitly specify that
– larger fund groups with net assets of more than $1 billion must comply with the new rules by December 11, 2025 and
– smaller fund groups with net assets of less than $1 billion must comply with the new rule from June 11, 2026.
Before, in either case, the SEC stated that large and small investment funds with more than or less than $1 billion in net assets must comply with the rule within 24 and 30 months of its effective date, respectively.
Details of the final rule may be viewed in EventID 23087 and EventID 23339.
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Date Published: 2023-10-27
Date Taking Effect: 2023-12-11
Regulatory Framework: Investment Company Act of 1940
Regulatory Type: information
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