6/23/2006: SEC Adopts New Rules and Amendments for Fund of Funds Investments and Disclosure (U.S. Securities and Exchange Commission [SEC])

Excerpt: On June 20, 2006, the Securities and Exchange Commission adopted three new rules and amendments to several forms under the Investment Company Act that address 'fund of funds arrangements.' The new rules will codify several exemptions from the Act that the Commission has issued over the years, and will provide greater transparency of expenses investors in these arrangements pay.