SEC Guidance on Gifts and Entertainment Received by Registered Fund Affiliates and Employees

February 26, 2015

Client Alert
The staff of the Securities and Exchange Commission recently issued guidance to remind affiliates of registered investment companies that the receipt of gifts or entertainment may violate Section 17(e)(1) of the Investment Company Act of 1940. Among others, registered investment company investment advisers, depositors and their officers, directors and employees are considered affiliates of a fund and therefore may trigger the prohibition in Section 17(e)(1).

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