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

An SEC Order providing temporary exemptive relief for certain investment funds and advisers from (i) filing requirements and (ii) in-person board meeting requirements was published in the Federal Register. The expiration dates are August 15, 2020 and June 30, 2020, respectively.

As previously covered, the SEC provided 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 the coronavirus from Form PF filing requirements.

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

The SEC also 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."

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