Reimagining the 1940 Act
April 10, 2025
Published by the Investment Company Institute
Dechert LLP was one of a select group of firms that worked with the Investment Company Institute (ICI) and its members to consider potential ways to modernize the regulatory framework for 1940 Act funds. The Dechert team — led by partners David Bartels, Tom Bogle and Chris Harvey — included over 25 registered funds specialists with deep experience representing funds, fund advisers and independent directors. As various requirements were examined and their modernization considered, several core questions were addressed:
- Why was the requirement adopted in the first place?
- Why might it need to be revised?
- How important is the issue and what segment(s) of the industry is affected?
- What reform(s) might be appropriate to address the identified issue?
- How would a given reform improve the adviser’s management of the fund and delivery of related services to investors?
- How would the identified reform(s) enhance oversight by fund directors?
- Have we identified and tried to address legitimate policy concerns?
- How would the identified reform(s) benefit fund investors?
To learn more, please view ICI's resources below.