COVID-19 RELATED DEVELOPMENTS -

SPECIAL REGULATORY UPDATE -

SEC Updates Investment Company Act Exemptive Order in Response to COVID-19 -

On March 25, 2020, the Securities and Exchange Commission (“SEC”) issued an exemptive order (the "Order") superceding its March 13, 2020 exemptive order, which provided relief from certain provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), to registered funds in light of the current outbreak of coronavirus disease 2019 (COVID-19). In each case, the relief is available if reliance on the Order is necessary or appropriate in light of the current or potential effects of COVID-19.

In extending the previous 1940 Act exemptive relief by two months and eliminating prior conditions requiring disclosure as to why the exemptive relief was being relied upon, the SEC recognized the evolving challenges market participants are facing in meeting the requirements of the federal securities laws...