SEC No-Action Letter Provides Relief for Fund Affiliated Transactions
FrontLine Compliance
On October 12, 2018, the SEC’s Division of Investment Management issued a no-action letter to the Independent Directors Council (“IDC”) regarding the oversight of affiliated transactions. Under the Investment Company Act, Rules 10f-3, 17a-7, and 17e-1 are commonly referred to in the fund industry as the “affiliated transaction rules” and are each an Exemptive Rule…
