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SEC releases No-Action Letter on Rule 203(b)(3)

SEC releases No-Action Letter on Rule 203(b)(3)

The SEC responded to a series of questions from the ABA Subcommittee on Private Investment Entities regarding the landscape and application of the new amendments to Rule 203(b)(3). Significantly, the SEC addressed issues related to the 2-year lock-up exemption and issues related to the withdrawal of the Incentive/Performance Allocation by a Fund’s Investment Adviser.

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