SEC Adopts Final Rule Expediting Routine Requests For Exemptive Relief

The SEC adopted a final rule amending the application process for funds seeking exemptive relief under the Investment Company Act.

The final rule amends ICA Rule 0-5 ("Procedure with respect to applications and other matters") to provide for a prioritized review process for routine applications that are "substantially identical" to other recently approved applications (see previous coverage). Pursuant to the ICA Rule 0-5 amendments, SEC staff will:

• expedite applications that are "substantially identical" to at least two other applications granted in the past three years;
• generally approve qualifying expedited applications within 45 days of filing; and
• consider applications for expedited review as withdrawn if an applicant fails to respond to SEC staff comments within a 30-day period.