SEC Withdraws Certain Pandemic-Related Relief

The staff of the SEC issued a notice that certain COVID19-related liquidity relief applicable to mutual funds and insurance company separate accounts registered as unit investment trusts would be terminated or withdrawn effective April 30, 2021. Last year at the height of the pandemic the SEC issued a conditional exemptive order providing temporary flexibility to obtain short-term funding to mutual funds other than money market funds and insurance company separate accounts registered as unit investment trusts. It is unclear how many funds participated in that relief. The Division of Investment Management had also issued temporary no-action positions in two letters related to affiliated transactions. The two letters were withdrawn, effective April 30, 2021.