SEC Passes Rule To Speed Up Reviews Of Certain Funds

Law360 (July 7, 2020, 8:51 PM EDT) -- The U.S. Securities and Exchange Commission issued a final rule meant to streamline the process for seeking exemptions under the Investment Company Act of 1940 for investment vehicles like certain private-equity-linked funds that the 80-year-old rule didn't have in mind. 

The regulator noted on Monday that investment vehicles that emerged well after the act's creation would benefit through the more efficient process, providing "important economic benefits" to the funds and their shareholders as they look to launch.

"The changes … will modernize and streamline this process, resulting in improved transparency, reduced costs and a more efficient use of our staff's resources," said SEC...

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