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SEC Proposes Amendments to Exemptive Applications Procedures

The SEC proposed rule amendments to expedite its review procedures for applications seeking orders for exemptions or other relief under the 1940 Act that are substantially identical to recent exemptive applications, as well as a new informal internal procedure for applications that would not qualify for the new expedited process. The proposed actions are intended to make the exemptive application process more efficient as well as to provide additional certainty and transparency to the process, the SEC said in its release. Additionally, a more efficient application process would benefit shareholders and make the applications process less expensive for applicants, the SEC said. Some of the proposal’s provisions are as follows:

  • Expedited review would be available if the application is substantially identical to two other applications for which an order granting the relief has been issued within two years of the date of the application’s initial filing.
  • Notice for an application filed under expedited review would be issued no later than 45 days from the date of filing unless applicants are not qualified under the rules or if the staff believes comments are necessary.

The proposal also provides that IM staff will publicly disseminate staff comments on applications, and responses to those comments, no later than 120 days after the final disposition of an application. The proposal will have a 30-day comment period following its publication in the Federal Register.

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