CREW Files SEC FOIA For Documents on State-Law Loophole in Shareholder’s Voting Rights
Washington, D.C. - Today, Citizens for Responsibility and Ethics in Washington (CREW) sent a Freedom of Information Act (FOIA) request to the Securities and Exchange Commission (SEC) seeking documents related to the agency’s enforcement of the Investment Company Act of 1940 with respect to closed-end funds.
Notwithstanding provisions of that Act that require all shares of stocks in closed-end funds to have equal voting rights, state laws, including in Maryland, restrict shareholders who own a certain percentage of stocks from voting control shares. These state laws have allowed boards of directors to retain control over funds even when they are not acting in the best interests of the shareholders.
Click here to read CREW’s FOIA request to the SEC.
Citizens for Responsibility and Ethics in Washington (CREW) is a non-profit legal watchdog group dedicated to holding public officials accountable for their actions. For more information, please visit www.citizensforethics.org or contact David Merchant at 202.408.5565 or dmerchant@citizensforethics.org
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