An important part of the Investment Management Group's practice is advising on issues arising under the Investment Company Act and the Investment Advisers Act. Our clients in this area include banks and holding companies, insurance companies and finance companies organized under the laws of Australia, Bermuda, Canada, France, India, Japan, Mexico, the Netherlands, New Zealand, the Scandinavian countries, Spain and the United Kingdom.
We have advised commercial banks making loans to investment company fund complexes, both to finance distribution expenses and to provide liquidity for redemptions. We have advised directors, advisers, promoters and underwriters of dozens of investment vehicles that fall outside SEC registration requirements under the Investment Company Act. We have also assisted many industrial and service companies that could be subject to the Investment Company Act because of their investment of excess cash or the nature and scope of their industrial holdings.
In addition to discussing disclosure issues and exemption and no-action requests, we work actively to encourage agencies to reduce unnecessary regulation and generally streamline the regulatory process. We routinely submit comments on SEC rule proposals to promote simpler regulation of institutionally oriented funds and advisers and the application of U.S. regulations to non-U.S. activities.
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