The Investment Lawyer articles from May 2002

The Investment Lawyer archives from May 2002

Affiliated transactions under rule 17d-1: business implications for investment management transactions.
May 1, 2002... Those of us who practice law in the investment management arena frequently confront important business issues involving Section 17(d) of the Investment Company Act of 1940 (1940 Act) and Rule 17d-1 thereunder (collectively 17(d)). (1) Several...

Highlights of this issue. (From the Editor).
May 1, 2002... Our articles this month focus on three distinct areas of interest for our readers. Our lead article, by David Butowsky of Mayer Brown & Platt, addresses certain perennial issues arising under Section 17(d) and Rule 17d-1 of the Investment...

Invigorating the pooled income fund to promote total return investing.
May 1, 2002... In recent years, several investment companies have set up donor advised funds, contributing to the growth in assets of donor advised funds to over $10.2 billion. (1) This has been heralded as creating a new democracy of giving by making it...

Obligations of fund advisers under expense reimbursement agreements.
May 1, 2002... The US Securities and Exchange Commission (SEC) recently settled In the Matter of Rupay-Barrington Capital Management, Inc., (1) a case brought against a registered investment adviser, for allegedly causing an open-end registered investment...

Gifts and transfers to non-qualified clients. (Private Fund Development mayer, Brown, Rowe & Maw--New York, NY).(Brief Article)
May 1, 2002... Rule 205-3 under the Investment Advisers Act of 1940 (Advisers Act) generally permits an investment adviser of a hedge fund to charge a performance-based or incentive fee only if each investor in the fund is a qualified client (QC) within the...

Voting proxies is a fiduciary duty, says SEC chairman. (Private Fund Development mayer, Brown, Rowe & Maw--New York, NY).(Harvey Pitt)(Brief Article)
May 1, 2002... SEC Chairman Harvey L. Pitt has stated: [A]n investment adviser must exercise its responsibility to vote the shares of its clients in a manner that is consistent with the general antifraud provisions of the Advisers Act, as...

Federal banking agencies' equity investment capital rule takes effect. (Banking Developments Arnold & Porter--Washington, DC).(Joint Equity Investment Capital Rule)(Brief Article)
May 1, 2002... On April 1, 2002, the federal banking agencies' Joint Equity Investment Capital Rule went into effect. The new Rule was adopted jointly by the Federal Reserve (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the...