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B-332744 1 (2020-11-25)

handle is hein.gao/gaobaecgn0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332744 November 25, 2020 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Fund of Funds Arrangements Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (the Commission) entitled Fund of Funds Arrangements (RIN: 3235-AM29). We received the rule on November 19, 2020. It was published in the Federal Register as a final rule on November 19, 2020. 85 Fed. Reg. 73924. The effective date of the rule is January 19, 2021. According to the Commission, the final rule streamlines and enhances the regulatory framework applicable to funds that invest in other funds. The Commission stated it is adopting a new rule under the Investment Company Act, 15 U.S.C. § 80a-1 et seq. The Commission also stated it is rescinding rule 12d1-2 and certain exemptive relief, and is adopting related amendments to rule 12d1-1 and to Form N-CEN. Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398. Shirley A. Jones Managing Associate General Counsel Enclosure cc: Vanessa Countryman Secretary Securities and Exchange Commission

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