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  • CREW: SEC: Regarding Documents On State-Law Loophole in Shareholder's Voting Rights: 11/14/2010 - SEC Letter

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    On June 2, 2010, CREW sent a Freedom of Information Act (FOIA) request to the Securities and Exchange Commission (SEC) seeking documents related to the agency’s enforcement of the Investment Company Act of 1940 with respect to closed-end funds. Notwithstanding provisions of that Act that require all shares of stocks in closed-end funds to have equal voting rights, state laws, including in Maryland, restrict shareholders who own a certain percentage of stocks from voting control shares. These state laws have allowed boards of directors to retain control over funds even when they are not acting in the best interests of the shareholders.

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    CREW: SEC: Regarding Documents on State-Law Loophole in Shareholder's Voting Rights: 11/14/2010 - SEC Letter

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    On June 2, 2010, CREW sent a Freedom of Information Act (FOIA) request to the Securities and Exchange Commission (SEC) seeking documents related to the agency’s enforcement of the Investment Company Act of 1940 with respect to closed-end funds. Notwithstanding provisions of that Act that require all shares of stocks in closed-end funds to have equal voting rights, state laws, including in Maryland, restrict shareholders who own a certain percentage of stocks from voting control shares. These state laws have allowed boards of directors to retain control over funds even when they are not acting in the best interests of the shareholders.

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    CREW: SEC: Regarding Documents On State-Law Loophole in Shareholder's Voting Rights: 11/14/2010 - SEC Letter

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    CREW
    On June 2, 2010, CREW sent a Freedom of Information Act (FOIA) request to the Securities and Exchange Commission (SEC) seeking documents related to the agency’s enforcement of the Investment Company Act of 1940 with respect to closed-end funds. Notwithstanding provisions of that Act that require all shares of stocks in closed-end funds to have equal voting rights, state laws, including in Maryland, restrict shareholders who own a certain percentage of stocks from voting control shares. These state laws have allowed boards of directors to retain control over funds even when they are not acting in the best interests of the shareholders.

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    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION


    STATION PLACE 100 F STREET, NE WASHINGTON, DC 20549-2736 Office of FOIA Services

    November 15, 2010 Mrs. Anne Weismann CREW 1400 Eye Street, N.W., Suite 450 Washington, DC 20005 Re: Freedom of Information Act (FOIA), 5 U.S.C. 552 Request No. 10-07358-FOIA

    Dear Mrs. Weismann: This letter further responds to your request for enforcement actions regarding closed end funds and the amicus brief decision in Neuberger Berman Real Estate Income Fund Inc. Please be advised, searches of the following offices were initiated: Trading and Markets, Investment Management, Enforcement, Corporation Finance and the Office of General Counsel. The search of Enforcement has been completed and has resulted in no responsive records being located. The remaining searches are ongoing. We will notify you when those searches are complete. We appreciate your patience. If you have any questions, please feel free to call. I can be reached at Luetkenhausj@sec.gov or (202) 551-8352. You may also contact me at foiapa@sec.gov or (202) 551-7900. Sincerely,

    Jason Luetkenhaus FOIA Lead Research Specialist

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