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— The new legislative records demonstrates Congress meant for brand new Percentage in order to see whether a material company and you can elite group matchmaking is present to your a case-by-situation basis. H.R. Agent. 1382, 91st Cong. 2d Sess. fifteen (1970); S. Representative. 184, 91st Cong., initial Sess. 33 (1969).
No
— Similarly, the fresh ICI Consultative Category advises you to definitely former teams out-of good fund’s money agent who had high requirements within ranking to the adviser maybe not serve as independent directors of the money. Get a hold of ICI Advisory Classification Report, supra notice twenty-seven, during the thirteen.
— Concurrently, the employees notes a large number of previous officials and you will employees away from an excellent fund’s funding agent otherwise dominating underwriter could possibly get very own ties issued from the the fresh agent otherwise underwriter. Eg persons want to buy people of your loans by advantage away from parts 2(a)(19)(A)(iii) and (B)(iii) [fifteen You.S.C. 80a-2(a)(19)(A)(iii), (B)(iii)].
— Look for and Western Independent Account A good, SEC Zero-Step Letter (Mar. 8, 1976) (administrators who happen to be staff otherwise professionals away from a money adviser, dominant underwriter otherwise managing people is almost certainly not disinterested); NEA Common Fund, SEC Zero-Action Letter (June step 3, 1971) (directors who will be professionals otherwise managers away from an entity you to regulation the latest fund’s agent or principal underwriter is almost certainly not disinterested).
— Come across H.Roentgen. Representative. 1382, 91st Cong., 2d Sess. 15 (1970); S.