We routinely advise on:

• Initial Public Offerings – Guiding CEFs through all phases of the initial public offering, including filing of and amendments to the registration statement, handling SEC comments, negotiation of the underwriting agreement and related arrangements, stock exchange listing, review of marketing materials and related FINRA review process, and documenting the settlement of the offering and any exercises of the underwriters’ over-allotment option.
• Innovative Product Structures and Leverage Vehicles – Assisting CEFs in developing innovative product structures, including target term funds, and designing creative leverage vehicles, including new types of term preferred shares, and bringing these new products to market. 
• Preferred Share Offerings – Handling public and private offerings of preferred shares used for leverage and for refinancing existing leverage vehicles. 
• Credit Facility or Borrowings – Conducting public and private offerings of debt securities and commercial paper used for leverage, as well as negotiating bank borrowings; assisting CEFs with alternative forms of leverage such as tender option bonds and mortgage dollar rolls.
• Dealing with Activist and Dissident Investors – Defending CEFs in proxy fights and related litigation with activist shareholders and eliminating shareholder proposals from CEF proxies, as well as managing and making regulatory filings in connection with tender offers, mergers or other transactions negotiated by CEFs in their dealings with activist investors. 
• Addressing Market Price Discounts – Assisting CEFs in developing managed distribution plans, periodic tender offers, SEC exemptive applications for periodic capital gains distributions, and other measures designed to assist CEFs in addressing persistent market price discounts to net asset value.
• Interval Funds – Assisting clients in creating and offering interval funds products, including drafting regulatory filings for periodic tender offers and obtaining exemptive relief for multi-class and distribution fee structures.
• Fund Reorganization and Mergers – Assisting clients with product rationalization through mergers of CEFs that allow for asset retention and preservation of leverage.
• Board and Committee Meetings – Counseling CEF sponsors on all aspects of preparing for, attending and documenting registered CEF board and committee meetings. 
• Exemptive Orders and No-Action Letters – Seeking novel exemptive or no-action relief to provide clients with a competitive advantage or cost-effective, routine relief.
• Periodic Disclosures – Preparing and reviewing periodic report and annual proxy statement disclosure in response to changing markets and regulatory guidance.
• Regulatory and Compliance Issues – Navigating clients through complex compliance issues related to new or novel investment concepts, leverage products and underwriting arrangements, as well as issues arising from returns of capital and multiple capital gains distributions. 
• Regulatory Investigations and Enforcement – Guiding clients through SEC or other federal and state regulatory investigations and enforcement actions. 
• Tax – Addressing tax issues arising in the formation, operation and distribution of CEF shares, and those arising from post-offering dividends and distributions.
• Shelf Offerings, At-the-Market Offerings and Other “Follow-on” Offerings – Preparing registration statements, negotiating sales agent arrangements and handling closings related to shelf offerings, at-the-market offerings and other forms of “follow-on” offerings, including rights offerings.