SEC Rule Would Improve Exemptive Applications — For Some

Law360 (November 8, 2019, 5:36 PM EST) -- On Oct. 18, the U.S. Securities and Exchange Commission issued a release proposing to amend Rule 0-5 under the Investment Company Act of 1940 to establish an expedited review procedure for routine exemptive applications that are substantially identical to recent precedent, and to adopt a new rule to set an internal time frame for the staff of the Division of Investment Management to take action on exemptive applications that do not qualify for the expedited review procedure.[1]

In addition, the release announced plans for the staff to begin to publicly disseminate staff comments on exemptive applications and applicants’ responses through the...

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