SEC Proposes Expediting Routine Requests For Exemptive Relief

The SEC proposed amending the application process for funds seeking exemptive relief under the Investment Company Act of 1940. Comments on the proposal must be submitted 30 days following publication in the Federal Register.

The proposal would, among other things, amend 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. Pursuant to the proposed ICA Rule 0-5 amendments, SEC staff would:

• expedite applications that are "substantially identical" to at least two other applications granted in the past two years; and