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Shutdown Impact on SEC Operations

Since the US Government shutdown on October 1, the Securities and Exchange Commission has been open and operational. However, in the event of a lapse in appropriations that might require the SEC to shut down, the agency has released its operations plan.

In the case of the SEC’s shutdown, EDGAR and other filing systems will remain functional for research and to answer questions about fee-bearing EDGAR filings or “emergency” questions regarding EDGAR submissions. However, processing and approvals of filings and registrations by registrants and regulated entities will be discontinued. According to the plan, “review and approval of applications for registration by entities (e.g., investment advisers, broker dealers, transfer agents, nationally recognized statistical rating organizations, investment companies, and municipal advisors)” will not occur in the event of the agency’s shutdown. Additionally, any applications with respect to new financial products or self-regulatory organization rule changes, or periodic reports will not be reviewed or approved during the shutdown period.

Other major functions of the SEC that will be discontinued, in the event of the agency shutdown, are:

• Ongoing litigation, except emergency enforcement matters, including temporary restraining orders and/or investigative steps necessary to protect public and private property;

• Non-emergency rulemaking/interpretive questions and advice; and

• Oversight of self-regulatory organizations and the PCAOB.

To read the SEC’s full shutdown operations plan, click here.