Rule 6-03(f) of Regulation S-X requires investment companies to make specific disclosures regarding any investments in “restricted securities,” defined as “securities which cannot be offered for public sale without first being registered under the Securities Act of 1933 [the “1933 Act”].” The recently enacted Fixing America’s Surface Transportation (FAST) Act expands the ability to sell unregistered securities. This poses the question of what impact the FAST Act may have on fund disclosures.

Part One explains what S-X requires; Part Two will explain what funds do and how this might change as a result of the FAST Act.