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Legal Update

US Securities and Exchange Commission Clarifies and Expands Its Interpretation of “Knowledgeable Employee” Under the US Investment Company Act

20 February 2014
Mayer Brown Legal Update
The Staff of the Division of Investment Management of the Securities and Exchange Commission has issued a no-action letter to the Managed Funds Association that clarifies and expands the SEC’s interpretation of “knowledgeable employee” in Rule 3c-5 under the Investment Company Act of 1940, as amended.


  • J. Paul Forrester
    T +1 312 701 7366
  • Stephanie M. Monaco
    T +1 202 263 3379

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