Stradley Ronon’s top-ranked investment management group represents closed-end funds (CEFs), their sponsors, investment advisers and boards of directors in connection with securities offerings, structuring leverage, periodic disclosure requirements, compliance matters, proxy fights, and related topics. Our clients include some of the most prominent and innovative CEF sponsors and complexes in the United States. We represent CEFs including traditional listed CEFs, interval funds and tender offer funds in marketing their shares via offerings registered under the Investment Company Act of 1940 (1940 Act) and the Securities Act of 1933 (1933 Act), on national stock exchanges and through private placements. We serve as counsel to CEFs, investors, industry trade groups and other law firms regarding complex issues arising under the 1940 Act, the 1933 Act, the Securities Exchange Act of 1934 (1934 Act), and the rules and regulations of national stock exchanges and the Financial Industry Regulatory Authority (FINRA).
We also serve as legal counsel to CEFs, their boards and investment advisers (including as independent legal counsel to independent directors/trustees) with respect to special projects relating to activist investors. Stradley Ronon guides CEFs in their dealings with activist and dissident investors, including drafting SEC no-action letters to exclude shareholder proposals, managing proxy contests and representing our clients in related litigation.