SEC Grants No-Action Relief For The Sale of Debt Securities to Affiliates
On March 26, 2020, the SEC granted no-action relief to help open-end registered investment companies enhance liquidity and fund shareholder redemptions in light of significant securities market disruptions related to COVID-19. The relief broadly allows any Fund holding debt securities, under Rule 17a-9 as slightly modified, to be purchased by any affiliated person of the […]
Valuation Fund Transfers — COVID-19 Considerations
Coming Soon: Increased Fund Restructuring in 2020 COVID-19 will significantly accelerate the restructuring of private funds through asset transfers from existing funds to related-party funds or affiliate entities. Such fund transfers have significant valuation and fairness issues that should be considered by GPs, LPs, and their advisors. The timing of the COVID-19 crisis creates further […]