On March 25, 2020, the Securities and Exchange Commission issued two orders updating and extending relief previously provided to registered funds and investment advisers whose operations may be affected by the COVID-19 coronavirus outbreak. The Updated Orders supersede the corresponding prior SEC orders issued on March 13, 2020. In addition to extending the periods for relief, the Updated Orders eliminate certain conditions in the prior SEC orders that required funds and advisers to provide a reason for reliance on the relevant prior order and an estimated date by which the relevant filing, transmittal or delivery obligation would be satisfied.

In the Updated Orders, the SEC again acknowledged that COVID-19 coronavirus-related disruptions may pose challenges to satisfying certain requirements under the Investment Company Act of 1940 and rules thereunder, as well as the Investment Advisers Act of 1940 and rules thereunder. In light of these challenges, the SEC updated and extended the previously-granted temporary, conditional relief, which includes...