New Rules, Propsed Rules, Guidance and Alerts -
SEC STAFF GUIDANCE AND ALERTS -
SEC Staff Extends No-Action Relief on Auditor Independence and the “Loan Provision” -
On September 22, 2017, the staff of the SEC’s Division of Investment Management (the Staff) issued a follow-up no-action letter (the Follow-Up Letter) to Fidelity Management & Research Company (FMR) extending its previous assurances, set forth in a letter dated June 20, 2016 (the Initial Letter), that, subject to certain conditions set forth in the Initial Letter, it would not recommend enforcement action to the SEC if a registered fund or other entity (a Fidelity Entity) in its “investment company complex” (as defined by Regulation S-X) employs a registered public accounting firm (an Audit Firm) that has relationships causing non-compliance with certain independence requirements under the so-called “Loan Provision
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