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News November 6, 2017 Issue

SEC Staff Rejects No-Action Request from Adviser Seeking Allocation Permission

Advisory firms seeking SEC staff permission to allocate certain fund operating expenses to other funds it manages and possibly invest in the funds receiving those allocations must first obtain a Rule 17d-1 exemptive order to overcome that potential conflict of interest. They should not seek a no-action letter, and they definitely should not begin allocating prior to receiving the exemptive order.

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