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Vedder Thinking | Articles Reminder Regarding Approaching Compliance Dates for New SEC Rules


Reader View

Funds and advisers should take note of the following approaching compliance dates:

-August 1, 2022—Compliance with Closed-End Fund Inline XBRL Format Requirements

  • As a result of the SEC’s 2020 adoption of securities offering reform for closed-end funds, closed-end funds that are eligible to file a short-form registration statement will be required to comply with Inline eXtensible Business Reporting Language—or “iXBRL”—structured data format, involving the tagging of certain registration statement information.

-August 19, 2022—Compliance with New Fund Derivatives Rule

  • Rule 18f-4 under the 1940 Act reflects a wholesale replacement of the asset segregation-based regulatory regime for registered funds that engage in derivatives transactions. The implementation and compliance burdens are significant; among other things, a fund relying on the rule must adopt a multi-faceted derivatives risk management program and generally must calculate new types of risk measurements, such as daily “value-at-risk” (VaR), at least weekly VaR backtesting and at least weekly stress testing. A summary of Rule 18f-4 is available here. A recording of a webinar presented by Vedder Price attorneys Deborah B. Eades, W. Thomas Conner, Juan M. Arciniegas and Nathaniel Segal about the practical implications of the new derivatives rule is available here.

-September 8, 2022—Compliance with New Fund Valuation Rule

  • Rule 2a-5 under the 1940 Act provides a new framework for fund valuation practices and clarity on how fund boards may satisfy their statutory obligation to determine the fair value of fund investments. A summary of Rule 2a-5 is available here. Vedder Price attorneys John S. Marten, Jacob C. Tiedt and Kelly Pendergast Carr discussed the new fund valuation rule at a webinar presentation, a recording of which is available here.

-November 4, 2022—Compliance with New Adviser Marketing Rule

  • The new Marketing Rule under the Advisers Act represents a significant change to investment adviser practices with respect to advertising, cash solicitation and recordkeeping. Advisers must adopt new policies and procedures to comply with the Marketing Rule. A summary of the Rule is available here. Vedder Price hosted a webinar panel discussion about the new Marketing Rule, which featured Vedder Price attorneys Joseph M. Mannon and Robert M. Crea, as well as Julie Dixon, Founder and CEO of Titan Regulation, as panelists. A recording of the webinar is available here.


John S. Marten


Nathaniel Segal


Jacob C. Tiedt