WASHINGTON, Oct. 5 -- Securities And Exchange Commission has issued a proposed rule called: Interval Fund Modernization; Expansion of Multiple Share Class to Registered Closed-End Management Investment Companies and Business Development Companies.
The proposed rule was published in the Federal Register on Oct. 5 by Vanessa A. Countryman, Secretary.
Summary: The Securities and Exchange Commission (the "Commission") is proposing to amend the rule under the Investment Company Act of 1940 that allows registered closed-end management investment companies and business development companies (collectively, "regulated closed-end funds") to make repurchase offers to shareholders at net asset value ("NAV") at periodic intervals pursuant to a fundame...