Federal Register #Release No. IC-36282

SEC Technical Amendments to Investment Company Act Governance Standards

This opportunity involves a regulatory update by the Securities and Exchange Commission (SEC) regarding governance standards for regulated funds under the Investment Company Act of 1940. - Government Buyer: - Securities and Exchange Commission (SEC) - No OEMs, vendors, or commercial products are mentioned - No products or services are being procured - Key Details: - The SEC is amending governance standards for registered investment companies and business development companies - The amendments remove the 75% disinterested director and chairman requirements, reverting to a simple majority standard for disinterested directors - These changes reflect a Federal court's vacatur of certain 2004 requirements - No procurement, contract, or purchase is being announced

Description

The Securities and Exchange Commission is adopting technical amendments to a rule under the Investment Company Act of 1940 related to registered investment company and business development company governance standards. These amendments reflect a Federal court's vacatur of certain amendments adopted in 2004, which reverted the fund governance standards to those in effect before the vacated requirements. The technical amendments revise the Code of Federal Regulations to reflect the court's vacatur, removing the 75% disinterested director requirement and the chairman requirement, reverting to a simple majority of disinterested directors. Other provisions of the rule remain unchanged.

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