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ARTICLE · 29 SEPTEMBER 2023

SEC Adopts Changes To The Registered Fund Names Rule

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On September 20, 2023, the SEC issued a release (the "Release") adopting changes to the Names Rule, Rule 35d-1 under the 1940 Act (as amended, the "Final Rule"), and related form amendments.

United StatesFinance and Banking
Ropes & Gray LLP
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On September 20, 2023, the SEC issued a release (the "Release") adopting changes to the Names Rule, Rule 35d-1 under the 1940 Act (as amended, the "Final Rule"), and related form amendments. The Final Rule and the amendments substantially expand the applicability of current Rule 35d-1 and include new disclosure, compliance testing, reporting and recordkeeping requirements. Specifically, largely consistent with the related 2022 proposing release1 (the "proposing release"), the Release:

  • Expands the Final Rule's 80% investment policy requirement to apply to any fund name containing terms that suggest the fund focuses its investments in a particular type of investment or investments; a particular industry or group of industries; particular countries or geographic regions; or investments that have, or whose issuers have, particular characteristics (e.g., "growth," "value," terms indicating that the fund's investment decisions incorporate one or more ESG factors, and

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