The Securities and Exchange Commission has granted its first no-action letter easing the personal holdings requirements for independent directors of a fund's investment advisor. The decision puts the SEC's treatment of independent directors of a fund's investment advisor on more equal footing with the independent directors of a mutual fund company.

The no-action letter excuses the independent directors of Mackenzie Investment Management and Mackenzie Financial Corporation, the advisor and administrator to the Ivy Funds of Boca Raton, Fla., from having to disclose holdings as they purchase them and in annual reports.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.