Regulators Provide Emergency Relief in Wake of Events of September 11, 2001
In response to the terrorist attacks on September 11, 2001, the SEC, Internal Revenue Service ("IRS"), Department of Labor ("DOL") and NASD Regulation have provided temporary relief from a number of regulatory requirements. Various trade organizations have also made information available regarding recent regulatory action and issues of concern in the current market environment. See http://www.sia.com/ (The Securities Industry Association) and http://www.bondmarkets.com/ (The Bond Market Association).
The SEC has provided relief from provisions of the Investment Company Act of 1940 relating to borrowing and in-person directors’ meetings, and provisions of the Securities Exchange Act of 1934 relating to stock repurchases, short swing profits and broker net capital, among others. The SEC relief is discussed in greater detail in a Goodwin Procter Client Alert that is available upon request. See
