On June 24, 2009, the Securities and Exchange Commission (the "SEC") approved a release regarding proposed changes in Rule 2a-7 under the Investment Company Act of 1940 (as amended, the "1940 Act"), and requesting comments on a number of related issues. The press release announcing the proposed changes provided far less detail regarding these proposals than the presentation made by the Division of Investment Management (the "Division") at the Open Meeting of the SEC ("Meeting"). This Alert is therefore based on the Division's presentation and response to the Commissioners' questions. In light of the repeated references to the draft release during the Meeting, we anticipate that the release will be posted fairly soon. Clearly the Division has devoted its full efforts to meet the June deadline for proposed changes previously set by Chairman Shapiro.
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