Karen Spiegel’s practice concentrates on the representation of investment companies, investment advisers and investment banking institutions in connection with the structuring, formation, funding and operation of a wide range of investment products and services, including mutual funds, closed-end investment companies and registered hedge funds. Karen also regularly advises clients on regulatory compliance and risk management issues associated with providing investment company, investment advisory, brokerage, securities custody and transfer agent services.


“Regulated Funds: SEC Adopts Amendments to Exemptive Applications Procedures,” SRZ Alert, July 14, 2020

“Regulated Funds: SEC Staff Reaffirms No-Action Relief Permitting Registered Investment Companies and Business Development Companies to Participate in 2020 Term Asset-Backed Securities Loan Facility (“TALF 2020”),” SRZ Alert, June 9, 2020

“Regulated Funds: SEC Proposes New Fair Valuation Framework,” SRZ Alert, June 3, 2020

“Regulated Funds and Activism: SEC Staff Issues No-Action Position on Permissibility of Reliance on State Control Share Acquisition Statutes by Closed-End Funds,” SRZ Alert, June 3, 2020

“Regulated Funds: SEC Issues Order Providing Flexibility to Business Development Companies to Issue and Sell Senior Securities and to Participate in Certain Joint Arrangements,” SRZ Alert, April 13, 2020; republished in Reorg, April 14, 2020

“Regulated Funds: SEC Provides No-Action Relief for Purchases of Debt Securities from Mutual Funds in Response to COVID-19,” SRZ Alert, April 2, 2020

“Regulated Funds: SEC Provides Temporary Exemption for Borrowing and Lending Arrangements in Response to COVID-19 Outbreak,” SRZ Alert, March 31, 2020

“SEC Update: Staff Guidance on Manual Signatures of EDGAR Filings,” SRZ Alert, March 26, 2020

“Regulated Funds: SEC Provides No-Action Relief to Money Market Funds in Response to COVID-19 Outbreak,” SRZ Alert, March 25, 2020

“Regulated Funds: SEC Provides Conditional Relief in Response to COVID-19,” SRZ Alert, March 18, 2020

“Board Meetings — SEC Staff Issues Coronavirus Guidance to Registered Investment Companies Regarding In-Person Board Meeting Approvals,” SRZ Alert, March 10, 2020

“New SEC Rule Aims to Streamline ETF Regulation,” SRZ Client Alert, Oct. 17, 2019 (co-author)

New BDC Opportunities: How the Passage of the Small Business Credit Availability Act Will Benefit Both New and Existing Business Development Companies,” SRZ Client Alert, April 4, 2018 (co-author); republished in The Hedge Fund Journal, April 2018

“Registered Investment Company Update: New Guidance on Liquidity Risk Management Programs,” SRZ Client Alert, Feb. 7, 2018 (co-author); republished in The Hedge Fund Journal, March 2018

Registered Investment Company Update: New Guidance on Liquidity Risk Management Programs,” SRZ Client Alert, Feb. 7, 2018 (co-author)

“SEC Delays Form N-PORT Filing Requirements and Adopts Related Temporary Final Rule,” SRZ Client Alert, Jan. 17, 2018 (co-author); republished in The Hedge Fund Journal, January 2018

“SEC Proposes Rule Governing the Use of Derivatives and Short Sales by Registered Investment Companies and Business Development Companies,” SRZ Client Alert, Jan. 15, 2016 (co-author); republished in Westlaw Journal — Derivatives, March 24, 2016