Financial Services Industry
Industry: Email Alert RSS FeedClosed-end funds try to get SEC moratorium lifted; Say that ban on plans avoiding discounts tilts playing field.(News)
Investment News, July, 2006
Byline: David Hoffman PHILADELPHIA - A moratorium imposed by the SEC two years ago is causing closed-end funds to compete on an uneven playing field, some industry experts say. The moratorium keeps closed-end funds from adopting what had been a popular policy to keep their shares from trading at discounts to their net asset values.
The reason for the uneven playing field is that funds that had already adopted the policy - a managed-distribution plan that allows long-term capital gains to be distributed monthly or quarterly - were allowed to keep it. It is a situation that isn't fair and should be rectified, one fund board chairman said in a June 8 letter to the Securities and Exchange Commission. The writer, Joel Looney, is the...
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