ARTICLE
11 October 2016

Merged Asset Management Firm May Rely On Pre-Merger Relief

CW
Cadwalader, Wickersham & Taft LLP

Contributor

Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
The SEC Division of Investment Management granted no-action relief to permit certain investment advisory entities created by a merger to continue to rely on pre-merger exemptive orders.
United States Corporate/Commercial Law

The SEC Division of Investment Management granted no-action relief to permit certain investment advisory entities created by a merger to continue to rely on pre-merger exemptive orders. The argument was presented that in the event of an internal corporate reorganization where there is no change of control of the ultimate corporate parent involved, the ability to rely on "existing orders" should not depend on the continued existence of a single named entity. The Division of Investment Management staff agreed.

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