March 4, 2019

SEC Modifies Timing Requirements for Filing Non-Public Form N-PORT Data in Light of Cybersecurity Risk Concerns

On February 27, 2019, the Securities and Exchange Commission (SEC) modified the submission deadlines for funds filing non-public monthly reports on Form N-PORT. Instead of filing non-public monthly reports with the SEC within 30 days after each month-end, funds will be required to maintain the relevant information in their records and file all three monthly reports with the SEC no later than 60 days after the end of each fiscal quarter. The monthly reports on Form N-PORT for the first and second months of the fiscal quarter will remain non-public, while the monthly report for the third month will become publicly available upon filing (with the exception of certain specific data items). The change does not affect the amount or timing of the information made available to the public.

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March 4, 2019

SEC Staff Grants No-Action Relief Regarding Board In-Person Voting Requirements

On February 28, 2019, the staff of the Securities and Exchange Commission’s (SEC) Division of Investment Management (Staff) issued a no-action letter regarding in-person voting requirements for fund boards with respect to certain actions, such as renewing or approving an investment advisory contract or principal underwriting contract, approving an interim advisory contract, selecting an independent public accountant, or renewing or approving a fund’s 12b-1 distribution plan (“Required Approvals”). In this regard, the Staff agreed not to recommend enforcement action to the SEC for violations of Sections 12(b), 15(c) and 32(a) of the Investment Company Act of 1940, as amended (“1940 Act”), or Rules 12b-1 or 15a-4(b)(2) under the 1940 Act, if fund boards do not adhere to certain in-person voting requirements in certain circumstances.

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