Chief Counsel of the SEC Division of Investment Management Offers "Tips" on No Action Relief

SEC Deputy Director and Chief Counsel for the Division of Investment Management (the "Division") Paul Cellupica detailed the work of the Chief Counsel's Office (the "Office").

In remarks at the PLI Investment Management Institute, Mr. Cellupica stated that the Office advises primarily on the Investment Company Act of 1940 and the Investment Advisers Act of 1940. In addition, the Office assists market participants and the public.

Mr. Cellupica offered "tips for engagement on exemptive applications and requests for no-action relief." He noted that:

• exemptive orders and no-action letters fall into one of two broad categories - "routine relief that has recent precedent and novel relief that has little or no precedent";

• the Office encourages dialogue with applicants, and will be interested in learning the business rationale for requests; and

• the Office generally discourages applicants from submitting draft applications for exemptive relief.