SEC Extends Relief for Virtual Meetings of Fund Boards

Today, the Securities and Exchange Commission announced that it is extending conditional relief from the in-person voting requirements for fund boards that it originally provided in March 2020. That relief will now extend at least through December 31, 2020. Today’s extension is designed to provide flexibility to boards of registered funds and business development companies (funds) that may continue to face challenges meeting in person. The Commission initially provided in-person board meeting relief in March as part of broader exemptive orders providing temporary relief from several requirements of the Investment Company Act and Investment Advisers Act.[1] Based on staff outreach to fund and adviser representatives, the Commission has determined not to extend the other relief provided in those orders at this time. The Commission and its staff continue to assess impacts relating to COVID-19 on investors and market participants.