US SEC’s Division of Investment Management Publishes Coronavirus (COVID-19) Response FAQs

The staff of the Division of Investment Management (“Division”) of the US Securities and Exchange Commission (“SEC”) has published “FAQs” regarding relief for funds and advisers affected by COVID-19 (the “FAQs”).  The FAQs include, among others:

• information about how to contact the Division with questions or concerns about COVID-19 related operational or compliance matters;
• a summary of the SEC’s temporary COVID-19 related relief for registered investment advisers and exempt reporting advisers;
• a helpful FAQ quoting a statement from the SEC’s Office of Compliance Inspections and Examinations that “reliance on [COVID-19 related] regulatory relief will not be a risk factor utilized in determining whether OCIE commences an examination;”
• a summary of the guidance that the Division has published for advisers impacted by COVID-19;
• a summary of the SEC’s temporary COVID-19 related relief for registered investment companies and business development companies;
• a summary of the guidance that the Division has published for investment companies impacted by COVID-19;
• a summary of the SEC’s in-person board meeting relief for certain funds;
• a Q&A regarding the SEC’s temporary short-term funding relief for certain funds; and
• a Q&A regarding how a closed-end fund may satisfy its undertaking under Item 34.1 of Form N-2 (in circumstances where the fund’s NAV declines more than 10%).

Another helpful resource is the portion of the SEC’s website that discusses the SEC’s responses to COVID-19, which can be found on a different page within the SEC’s website.

Both webpages generally are updated to reflect new information as it arises.

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If you wish to receive periodic updates on this or other topics related to the pandemic, you can be added to our COVID-19 “Special Interest” mailing list by subscribing here. For any other legal questions related to this pandemic, please contact the Firm’s COVID-19 Core Response Team at FW-SIG-COVID-19-Core-Response-Team@mayerbrown.com.

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