Wall Street Firm Seeks Looser Leash on Employee Investments
Published Date: 5/20/2025
Notice
Summary
PGIM, Inc. and its employee investment fund are asking the SEC for special permission to skip some usual rules so they can create investment funds just for their employees. This change helps these funds operate more smoothly while still following important protections. If you want to speak up, you have until June 9, 2025, to request a hearing.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
PGIM Seeks Exemptions for Employee Funds
PGIM, Inc. and PGIM U.S. Employee Co-Invest, L.P. asked the SEC for an order to exempt certain funds formed for the benefit of eligible PGIM employees from many parts of the Investment Company Act of 1940. The request would exempt the Funds from all provisions of the Act except sections 9, 17, 30, and 36 through 53 (and related rules), and requests limited exemptions with respect to sections 17(a), (d), (e), (f), (g), and (j); sections 30(a), (b), (e), and (h); and rule 38a-1. Each Fund would be an "employees' securities company" under section 2(a)(13).
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