SEC Extends Relief to Funds, Advisers
The SEC announced regulatory relief for funds and investment advisers whose operations may be affected by the coronavirus. The relief provided covers in-person board meetings and certain filing and delivery requirements for certain investment funds and investment advisers. The relief is designed to enable funds and advisers to meet those obligations and to continue their operations, while recognizing that there may be temporary disruptions outside of their control. “As investors, investment funds, investment advisers and other market participants endeavor to address these challenges, the Commission stands ready to take action in the interest of our investors and our markets as appropriate. Today’s targeted relief will provide additional time so affected funds and advisers can continue meeting the expectations of their investors and clients.” said SEC Chairman Jay Clayton. Lawyers from Blank Rome discussed the relief in a client alert. The SEC also relaxed the deadline for public comments on pending regulation, including the proposed derivatives rule, and said the Commission will not take final action before April 24th in order to allow commenters additional time if needed.