For Immediate Release


Peter Bjork 202.408.5565

CREW Files SEC FOIA for Documents on State-Law Loophole in Shareholders’ Voting Rights

WASHINGTON - Today, Citizens for Responsibility and Ethics in Washington (CREW)
sent a Freedom of Information Act (FOIA) request to the Securities and
Exchange Commission (SEC) seeking documents related to the agency's
enforcement of the Investment Company Act of 1940 with respect to
closed-end funds. Notwithstanding provisions of that Act
that require all shares of stocks in closed-end funds to have equal
voting rights, state laws, including in Maryland, restrict shareholders
who own a certain percentage of stocks from voting control shares.
These state laws have allowed boards of directors to retain control over
funds even when they are not acting in the best interests of the

to read CREW's FOIA request to the SEC.


This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Won't Exist.

Please select a donation method:

Citizens for Responsibility and Ethics in Washington (CREW) is a nonprofit 501(c)(3) organization dedicated to promoting ethics and accountability in government and public life by targeting government officials -- regardless of party affiliation -- who sacrifice the common good to special interests. CREW advances its mission using a combination of research, litigation and media outreach.

Share This Article

More in: