Ropes & Gray In Conversation

Supreme Court Holds No Implied Private Right of Action Under Section 47(b) of the Investment Company Act

Explore the latest Supreme Court decision in F.S. Credit Opportunities Corp. v. Sabec Capital Master Fund, LTD., as Ropes & Gray attorneys break down the 6-3 ruling’s impact on the Investment Company Act of 1940. This episode explains why the Court found Section 47B does not grant private parties the right to sue for contract rescission, how activist investors had used this provision, and what the decision means for investment management companies and business development companies. Gain insights into strengthened anti-takeover defenses, reduced litigation risk, and the reaffirmed role of the SEC as primary enforcer.

Department of Defense Releases Updated 1260H List That Includes WuXi AppTec – Implications under the BIOSECURE Act

Explore the latest updates to the U.S. Department of Defense 1260H list and their implications under the Biosecure Act on this episode. The hosts break down which Chinese companies were newly added, clarify distinctions between entities like Wuxi App Tech and Wuxi Biologics, and explain what these changes mean for federal contractors, grant recipients, and institutions. Learn about compliance timelines, upcoming prohibitions, key exemptions, and what steps organizations should take now to prepare.

IRS Announces Intent to Issue Regulations on Expanded Executive Compensation Excise Tax for Tax-Exempt Organizations

This episode breaks down how the One Big Beautiful Bill Act (OBBA) expands the Section 4960 excise tax on executive compensation, shifting the definition of "covered employee" from the top five earners to any employee earning over $1 million. The discussion covers key changes, including preserved and eliminated exceptions for related organization employees, and clarifies the retroactive reach of the new rules.

New York's Expanded Health Care Transaction Oversight Bill Fails for the Second Consecutive Year

This episode provides a concise update on New York’s health care transaction oversight following the 2026–2027 state budget. Hosts discuss the exclusion of proposed amendments, how New York’s requirements compare to other states, and what health care entities and investors should watch for next.

SEC Proposes Expanded Offering Reforms for Closed-End Funds and BDCs

In this episode, we deliver a concise analysis of the SEC’s May 19, 2026 release proposing major amendments to the registered offering framework for business development companies (BDCs) and registered closed-end funds (CEFs). The discussion centers on the SEC’s push for parity between these funds and operating companies, including the elimination of public float thresholds, the introduction of new eligibility categories based on exchange listing and reporting compliance, and expanded access to short-form registration and shelf offerings. We also break down the implications for unlisted and non-traded funds, including federal preemption of state registration for certain BDCs and changes to Rule 473.