Davis Polk advises managed investment companies (both open-end and closed-end funds), business development companies and their advisers, underwriters and directors. Among the types of matters on which we regularly work are the design and initial offering of innovative new products, filings with regulatory agencies, internal compliance programs, applications for exemptions and no-action letters, and advice to boards of funds concerning their oversight responsibilities for fund compliance with the Investment Company Act and other regulatory regimes. As underwriters' counsel we have pioneered mechanics to encourage long-term investors and discourage short-term "flippers." We have broad experience in the area of "country funds" and other funds focusing on investing abroad.
Our work on unit investment trusts has included all aspects of the initial offerings, including documentation, disclosure, SEC review and blue sky clearance. We provide ongoing advice on regulatory issues, relationships with trustees, accountants and others, workouts, updating of prospectuses and other SEC and state filings.
We have worked on the development of many different types of trusts offered by the co-sponsors and also have helped streamline their operations.
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