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SEC Provides Regulatory Relief for Funds and Advisers Affected by COVID-19

Posted 5:00 PM by

On March 13, the Securities and Exchange Commission (SEC) announced that it is providing regulatory relief for registered funds and investment advisers, citing the impact on their operations due to COVID-19. The SEC is providing temporary exemptive relief related to requirements in the Investment Company Act of 1940 and the Investment Advisers Act of 1940.

Investment Company Act of 1940

The temporary relief applies to registered management investment companies, business development companies, investment advisers or principal underwriters of such companies, and unit investment trusts, and it relates to the following requirements:

  • In-person board meetings
  • Form N-CEN and Form N-PORT filings
  • Annual and semi-annual shareholder report transmittal
  • 30-day notice filings prior to calling or redeeming securities
  • Prospectus delivery

Investment Advisers Act of 1940

The temporary relief applies to registered investment advisers (RIAs), exempt reporting advisers (ERAs), and private fund advisers, and it relates to the following requirements:

  • Form ADV filings and amendments
  • Form ADV part 2 delivery
  • Form PF filings

However, entities relying on these exemptions are expected to announce their intention to rely on the exemptions on their website and are required to notify the SEC as well. For more information on these relief measures and to ensure your compliance, visit the SEC website.

VISIT THE KSM COVID-19 RESOURCE CENTER

About Katz, Sapper & Miller
KSM is a nationally recognized consulting, tax, and audit firm. Through our deep experience across multiple disciplines and industries, we leverage emerging technologies, combined with our people’s differing perspectives, ingenuity, and creativity, to help our clients solve their most difficult challenges.

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