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ARTICLE · 30 MAY 2022

SEC Proposes Significant Amendments To The Fund Names Rule

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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On May 25, 2022, the U.S. Securities and Exchange Commission (SEC) proposed significant amendments seeking to enhance Rule 35d-1 under the Investment Company Act of 1940 (the 1940 Act), ...

United StatesFinance and Banking
George Silfen
George Silfen
Nicholas Tarnowski
Nicholas Tarnowski
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On May 25, 2022, the U.S. Securities and Exchange Commission (SEC) proposed significant amendments seeking to enhance Rule 35d-1 under the Investment Company Act of 1940 (the 1940 Act), the "Names Rule" governing registered fund names. A summary of various components of the sweeping proposals follows.

Expansion of Fund Names Requiring 80% Investment Policy

The proposed amendments would expand the types of names that are subject to the Names Rule's requirements for adopting an 80% investment policy to also include names suggesting a focus in investments or issuers that have particular characteristics, in addition to fund names currently subject to an 80% investment policy. Thus, registered funds whose names suggest a focus in a particular type of investment characteristic or style (e.g., "global," "income," "intermediate (term)," "growth," "value") or that reflect use of environmental, social and governance (ESG) factors (e.g., "ESG," "social,"

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