On March 25, 2020, the SEC issued exemptive orders replacing prior orders granting temporary relief from certain provisions of the Investment Advisers Act of 1940 (the “Advisers Act”) and the Investment Company Act of 1940 (the “1940 Act”). The SEC said that it has been monitoring developments related to the effect that COVID-19 and related remote work environments have had on the asset management industry. The new orders therefore generally extend previously granted relief by two months and eliminate certain conditions of the prior orders.

Read our client alert.