ICI Urges State Governors to Exempt Fund Personnel from "Stay-at-Home" Orders

Investment Company Institute ("ICI") President Paul Schott Stevens urged state governors to grant mutual funds the same exemptions provided to banks when imposing "stay-at-home" directives as a result of COVID-19.

In a letter, Mr. Stevens implored Governors Andrew Cuomo of New York and Larry Hogan of Maryland to consider the mutual fund industry and its service providers "when determining essential services exemptions for shelter in place orders." Specifically, he identified the following fund operations that must be completed by personnel who are physically present at a facility:

• maintaining critical information technology and data security activities;

• processing mail to ensure that shareholder transactions are carried out on behalf of retail investors; and

• operating call centers established to address shareholder questions and concerns.

Mr. Stevens stated that if personnel providing such services are unavailable, it may prevent mutual fund shareholders from accessing their accounts at a time when being able to "redirect or redeem their money" is crucial.