Newsflash: SEC Staff Extends Effectiveness of No-Action Relief on Auditor Independence and the “Loan Provision”

October 05, 2017

The U.S. Securities and Exchange Commission’s Division of Investment Management (SEC Staff) on September 22, 2017 extended indefinitely the effectiveness of no-action relief granted a year earlier with respect to the so-called “Loan Provision” (Relief). In the June 2016 Relief, the SEC Staff provided guidance to registered investment companies and their investment advisers concerning compliance with the Loan Provision – Rule 2-01(c)(1)(ii)(A) under Regulation S-X.

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