SEC Proposes Amendments to Exemptive Applications Procedures

The Securities and Exchange Commission today announced that it has voted to propose rule amendments to establish an expedited review procedure for applications under the Investment Company Act that are substantially identical to recent precedent, as well as a new informal internal procedure for applications that would not qualify for the new expedited process. The proposed actions are intended to make the application process more efficient as well as to provide additional certainty and transparency to the process. The Commission also announced its intention that the staff of the Division of Investment Management begin publicly disseminating comments on applications and responses to those comments.