SEC Proposes Changes to Procedures for Exemptive Applications

The SEC has issued a proposed rule, Amendments to Procedures With Respect to Applications Under the Investment Company Act of 1940.

The proposed rule would “establish an expedited review procedure for applications under the Investment Company Act that are substantially identical to recent precedent, as well as a new informal internal procedure for applications that would not qualify for the new expedited process.”

Comments on the proposed rule are due 30 days after the date of its publication in the Federal Register. For more information, see the press release on the SEC’s Web site.