RULEMAKING AND GUIDANCE -

SEC Adopts Amendments to Exemptive Applications Procedures -

On July 6, 2020, the U. S. Securities and Exchange Commission adopted rule amendments to establish an expedited review procedure for exemptive and other applications under the Investment Company Act of 1940, as amended, that are substantially identical to recent precedent, as well as a new informal internal procedure for applications that would not qualify for the new expedited process. According to the SEC, these actions are intended to create efficiencies and to provide transparency regarding the process.