Amendments to Procedures With Respect to Applications Under the Investment Company Act of 1940

Zusammenfassung

The Securities and Exchange Commission (the "Commission") is proposing amending rule 0-5 under the Investment Company Act of 1940 ("Act") to establish an expedited review procedure for applications that are substantially identical to recent precedent as well as a new rule to establish an internal timeframe for review of applications outside of such expedited procedure. In addition, the Commission is proposing amending rule 0-5 under the Act to deem an application outside of expedited review withdrawn when the applicant does not respond in writing to comments within 120 days.