Eight Investments That Could Cause a Tax Headache For Your Registered Fund

Posted by Richard Wagner on Mar 25, 2021 11:26:33 AM

As the saying goes, "You don't know what you don't know."  Below we have detailed eight investments that could cause a tax headache if not approached carefully.

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On-Demand Webcast- The SEC's New Derivatives Rule: Understand the Significance For Your Funds

Posted by admin on Feb 18, 2021 11:48:26 AM

In BBD's latest Webcast, John Braun and Cory Stewart teamed up with Karen Aspinall from Practus and Terry Gallagher from UMB for a dynamic discussion on the SEC's new Derivatives Rule.

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Upcoming Webcast- The SEC's New Derivatives Rule: Understand the Significance For Your Funds

Posted by admin on Feb 9, 2021 2:14:55 PM

Join our webcast on February 17 at 2:00 p.m. EST for an important update regarding this new Rule and how to navigate potential impacts to your funds.

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Rule 2a-5: Let's Work Together

Posted by John Braun on Feb 5, 2021 7:34:00 PM

On December 3, 2020, the SEC voted to approve Rule 2a-5 (the “Rule”) to address valuation practices and the role of the Board of Directors for registered investment companies and business development companies relative to the fair value of investments. The new Rule is meant to modernize existing SEC regulations that have not been comprehensively addressed by the SEC for 50 years. BBD has summarized the Rule in a previous post.

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Your Funds Don't Employ Derivatives, or Use Them Sparingly? 5 Questions You Still Need To Ask About the SEC's New Derivatives Rule

Posted by Richard Wagner on Jan 12, 2021 10:58:52 AM

On October 28, 2020, the SEC adopted a new rule designed to address the investor protection purposes and concerns underlying Section 18 of the Investment Company Act of 1940. More specifically, Rule 18f-4 provides an updated and more comprehensive approach to the regulation of funds’ use of derivatives. This Rule is effective for all funds February 19, 2021, with a compliance date of August 19, 2022. While the final Rule offers a more than 450-page comprehensive framework for funds utilizing derivatives, management and Boards of funds not employing derivatives, or utilizing them on a limited basis, still should be aware of the impact of certain key points of the Rule.

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Join the Conversation on the SEC's New Derivatives Rule- 11 Things You Need to Know

Posted by Richard Wagner on Jan 12, 2021 9:41:15 AM

On October 28, 2020, the SEC adopted a new Rule designed to address the investor protection purposes and concerns underlying Section 18 of the Investment Company Act of 1940. More specifically, Rule 18f-4 provides an updated and more comprehensive approach to the regulation of funds’ use of derivatives. This Rule is effective for all funds February 19, 2021, with a compliance date of August 19, 2022.

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On-Demand Webcast- Significant Changes Ahead: Your Guide to the SEC's Proposed Filing and Disclosure Modernization

Posted by admin on Dec 16, 2020 4:03:58 PM

In BBD's latest Webcast, John Braun and Cory Stewart teamed up with Steve Connors from SEI and David Freese and Sean Graber from Morgan Lewis for a dynamic discussion on the SEC's new proposed filing and disclosure modernization. 

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Upcoming Webcast- Significant Changes Ahead: Your Guide to the SEC's Proposed Filing and Disclosure Modernization

Posted by admin on Dec 9, 2020 10:21:23 PM

Join our webcast on December 15 at 2:00 p.m. EST for an important update on how filing and disclosure modernization will impact your funds.

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Regulated Investment Companies and Section 163(j) of the 2017 Tax Cuts and Jobs Act

Posted by admin on Dec 3, 2020 12:45:00 PM

One of the main provisions of the 2017 Tax Cuts and Jobs Act (“TCJA”) was Section 163(j), which limits the deductibility of business interest expense (“BIE”) for corporations. On July 28, 2020, Treasury and the IRS released proposed regulations that provided substantial guidance, specifically with its application to Regulated Investment Companies (“RICs”). 

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Fund Annual Reports Made Simple: 11 Key Changes in the SEC's Proposed Filing and Disclosure Modernization

Posted by John Braun on Nov 23, 2020 12:37:09 PM

Update: Don't miss our Webcast on this topic, in partnership with Morgan Lewis and SEI, on December 15!

On August 5, 2020, the Securities and Exchange Commission issued a rule proposal to modernize the disclosure framework specific to mutual funds and exchange-traded funds (collectively referred to herein as “funds”). The general premise of the proposed rule is that different presentations are useful to different audiences relating to a fund’s reporting of operations and offerings. More specifically, while the traditional methods of providing full financial statements and a prospectus to shareholders may be useful to investment professionals and institutional investors, the average investor finds this information clumsy and confusing and would rather have more limited and graphical information focused on items such as the performance and expenses of the fund. In fact, it would not surprise most in the industry to find out that most retail investors are not engaging in a detailed review of the financial statements or offering documents.

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