SEC Provides Certain Relief to Funds and Advisers Due to Impact of Coronavirus

The SEC provided temporary exemptive relief for certain investment funds and advisers from filing and in-person board meeting requirements amid the coronavirus outbreak.

The SEC provided temporary exemptive relief under the Investment Company Act for:

• management investment companies, business development companies and their respective investment advisers or principal underwriters from in-person voting requirements for a company's board of directors;

• management investment companies and unit investment trusts impacted by the coronavirus from (i) filing deadlines for Form N-CEN and Form N-PORT, and (ii) transmittal deadlines for annual and semi-annual reports; and

• closed-end investment companies and business development companies from "the requirement to file Form N-23C-2 at least 30 days prior to redeeming or calling securities."

The SEC also provided the following temporary exemptive relief under the Advisers Act for:

• investment advisers and exempt reporting advisors impacted by the coronavirus from Form ADV filing and brochure delivery requirements; and

• private fund advisers impacted by coronavirus from Form PF filing requirements.

The SEC stated that it would not seek enforcement actions for delays in timely delivery of a registered fund's prospectus due to coronavirus-related circumstances.