Investment Company Act Release No. 33824, Order Under Section 6(c) and Section 38(a) of the Investment Company Act of 1940 Granting Exemptions from Specified Provisions of the Investment Company Act and Certain Rules Thereunder; Commission Statement Regarding Prospectus Delivery

The record

Jurisdiction

United States; Securities and Exchange Commission (federal)

Level

Federal

Authority

15 U.S.C. § 80a-6(c)

Issued

2020-03-25 Mar. 25, 2020

Effective

2020-03-13 (from the date of the Original Order) (read as 2020-03-13)

End

In-person board relief through 2020-08-15 (extended by IC-33897 to Dec. 31, 2020 and thereafter until a staff termination notice, Ex. 064); filing and transmittal relief for obligations due on or before 2020-06-30 (read as 2020-08-15)

In force

Mar. 13, 2020 to Aug. 15, 2020

Quarters

2020 Q22020 Q3

2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3

Limitation types

Gathering capOther

Addressees

• registered management investment companies
• business development companies
• investment advisers and principal underwriters of such companies
• unit investment trusts

Functions reached

• WM fund governance (board meetings converted to remote)
• OP fund administration (Form N-CEN, N-PORT, shareholder reports, Form N-23C-2)
• CB shareholders (prospectus delivery)

Collection

Federal financial regulators AGY-FED-FINANCIAL

Operative words

II. IN-PERSON BOARD MEETING REQUIREMENTS FOR REGISTERED [MANAGEMENT INVESTMENT COMPANIES AND BUSINESS DEVELOPMENT COMPANIES]... It is ORDERED, pursuant to Sections 6(c) and 38(a) of the Act: [that a registered management investment company or BDC and its adviser and principal underwriter are exempt from the requirements] that votes of the board of directors of either the registered management investment company or BDC be cast in person, provided that: (i) reliance on this Order is necessary or appropriate due to circumstances related to current or potential effects of COVID-19; (ii) the votes required to be cast at an in-person meeting are instead cast at a meeting in which directors may participate by any means of communication that allows all directors participating to hear each other simultaneously during the meeting;... [for the period from] (and including) the date of the Original Order to (and including) August 15, 2020.

Enforcement

Notes