• US Securities and Exchange Commission Clarifies and Expands Its Interpretation of “Knowledgeable Employee” Under the US Investment Company Act
  • February 25, 2014 | Authors: Rory M. Cohen; J. Paul Forrester; Stephanie M. Monaco
  • Law Firms: Mayer Brown LLP - New York Office ; Mayer Brown LLP - Chicago Office ; Mayer Brown LLP - Washington Office
  • On February 6, 2014, the Staff of the Division of Investment Management of the Securities and Exchange Commission (“SEC”) issued the Managed Funds Association (the “MFA) a no-action letter (the “MFA Letter”) clarifying and expanding the SEC’s interpretation of the defined term “Knowledgeable Employee” in Rule 3c-5 under the Investment Company Act of 1940 (as amended, the “Investment Company Act”).