SEC Adopts Expedited Review Procedure for Exemptive Applications under the Investment Company Act

On July 6, 2020, the SEC adopted amendments to rule 0-5 under the Investment Company Act of 1940 (“Act”) to make the process more efficient, transparent, and cost-effective. The amendments include: An expedited review procedure for routine applications An internal timeframe for review of other applications Establishing new rule 17 CFR 202.13: The internal time frame (for SEC staff) for applications excluding the ones submitted under expedited review is 90 days for initial filing and each of the first three amendments. For subsequent amendments, it is 60 days. Overview: The Commission adopted the changes based on the requests for exemption…