REGULATORY DEVELOPMENTS
SEC Adopts Amendments to Exemptive Applications Procedures
On July 6, the SEC adopted: (i) amendments to Rule 0-5 under the 1940 Act to establish an expedited review procedure for routine exemptive and other applications that are substantially identical to recent precedent; and (ii) new SEC Rule of Practice 202.13, which establishes a new informal internal procedure for applications that would not otherwise qualify for expedited review.
To take advantage of the new expedited review process under amended Rule 0-5, an applicant must:
- file an application that is substantially identical to two other applications for which an order granting the relief has been issued within three years of the date of the application’s initial filing; and
- respond to SEC staff comments on the application within 30 days, otherwise the application will be deemed withdrawn.
If the new requirements under amended Rule 0-5 are followed, notice for the application will be issued no later than 45 days from the date of filing, unless the application is not eligible under other SEC rules or additional time is necessary for appropriate SEC staff consideration. Further, under…
