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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