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SEC Staff Guidance on “Knowledgeable Employee” Investment Company Act Rule

by Charles A. Gilman
Cahill Gordon & Reindel LLP - New York Office

Jonathan I. Mark
Cahill Gordon & Reindel LLP - New York Office

John J. Schuster
Cahill Gordon & Reindel LLP - New York Office

February 14, 2014

Previously published on February 2014

A “knowledgeable employee” as defined in Investment Company Act Rule 3c-5 is permitted to invest in a private investment company without tainting that company’s ability to rely on a statutory exemption from registration with the Securities and Exchange Commission (“SEC”). In a letter dated February 6, 2014, the SEC Staff issued interpretive guidance as to the application of Rule 3c-5.


The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.

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