The staff of the Division of Investment Management ("Division") of the US Securities and Exchange Commission ("SEC") has published "FAQs" regarding relief for funds and advisers affected by COVID-19 (the "FAQs"). The FAQs include, among others:

  • information about how to contact the Division with questions or concerns about COVID-19 related operational or compliance matters;
  • a summary of the SEC's temporary COVID-19 related relief for registered investment advisers and exempt reporting advisers;
  • a helpful FAQ quoting a statement from the SEC's Office of Compliance Inspections and Examinations that "reliance on [COVID-19 related] regulatory relief will not be a risk factor utilized in determining whether OCIE commences an examination;"
  • a summary of the guidance that the Division has published for advisers impacted by COVID-19;
  • a summary of the SEC's temporary COVID-19 related relief for registered investment companies and business development companies;
  • a summary of the guidance that the Division has published for investment companies impacted by COVID-19;
  • a summary of the SEC's in-person board meeting relief for certain funds;
  • a Q&A regarding the SEC's temporary short-term funding relief for certain funds; and
  • a Q&A regarding how a closed-end fund may satisfy its undertaking under Item 34.1 of Form N-2 (in circumstances where the fund's NAV declines more than 10%).

Another helpful resource is the portion of the SEC's website that discusses the SEC's responses to COVID-19, which can be found on a different page within the SEC's website.

Both webpages generally are updated to reflect new information as it arises.

Originally published 23 April, 2020

Visit us at mayerbrown.com

Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

© Copyright 2020. The Mayer Brown Practices. All rights reserved.

This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.