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To analyze the recent SEC no-action relief allowing a non-US investment company to invest as a feeder fund in a US registered open-end management investment company without complying with all of the conditions of Section 12(d)(1)(E) of the Investment Company Act of 1940.

This article discusses the various conditions that a non-US investment company investing as a foreign feeder in a US registered open-end management investment company must satisfy in order to avoid complying with certain provisions of Section 12(d)(1)(E) of the Investment Company Act of 1940. In addition, the article analyzes certain potential tax and regulatory challenges facing firms seeking to rely on the relief.

This article concludes that the SEC no-action relief is an incremental step in reducing barriers to global distribution of US registered funds and may marginally increase the use of cross-border master-feeder arrangements as contemplated by the no-action letter. Nevertheless, this article cautions that significant impediments to global distribution of US registered funds remain, including tax withholding and non-US law issues.

This article contains valuable information about the regulatory impediments to global distribution of US registered funds, as well as learned assessments of the impact of recent developments in this space by experienced securities lawyers.

The aim of this paper is to give an account of a self‐evaluation process in a change programme within the US Coast Guard.

This is an autoethnographical account as form of reflection on a leadership in position facilitating change within the organization.

Adaptive organizational change is a human endeavor, not a scientific application of techniques and skills.

The authoethnography points mainly only to a change process of the writer and is therefore hardly an abstract model for others.

Meaningful organizational transformation does not occur without a corresponding self‐transformation, most importantly of the individual leading the change.

Changing oneself by managing change process as a leader, one has to become the change process in order to be successful.