UPDATE: SEC Provides Temporary Relief to Regulated Funds and Investment Advisers Affected by the Coronavirus
On March 13, 2020, the U.S. Securities and Exchange Commission (“SEC”) announced regulatory relief for registered investment companies and business development companies (collectively referred to as “regulated funds”) and investment advisers whose operations may be affected by the coronavirus disease 2019 (“COVID-19”) by issuing two exemptive orders. The relief for regulated funds, which was modified and extended on March 25, 2020, covers board actions that ordinarily must be taken at in-person board meetings, and certain filing and delivery requirements for regulated funds and certain investment advisers. The SEC staff also issued guidance for conducting shareholder meetings in light of COVID-19 concerns.