RCA - Winter 1999 - Ask the Analyst - Closed End Funds

Q. Is advertising and sales literature for a closed end investment company subject to NASD review?


A. Yes. Member firms must file within 10 days of first use advertisements and sales literature about closed end funds distributed during the fund’s public offering period. Once a closed end fund is trading on an exchange, member firms do not have to file advertisements or sales literature about the fund. However, member firms must continue to file within 10 days of first use all advertisements and sales literature about continuously offered closed end funds (sometimes called "interval" funds).