On Friday, the
On Sept. 14, the SEC issued a 5-day temporary relief order exempting funds from certain requirements regarding lending arrangements (MFMN 9/17/01). The Commission has extended that order for five additional business days, and so mutual funds will be permitted to borrow and lend money to related parties through this Friday.
The Commission also issued an interpretive release regarding the effects of the attacks on rules governing the number of shares an insider can sell on the open market and when people can trade with nonpublic information. The release allows insiders to ignore the week of Sept. 11 in their volume calculation and gives them "greater leeway concerning written plans to purchase or sell securities," according to the SEC.
Finally, the SEC issued three exemption letters to offer flexibility in certain operating procedures that were affected. A letter to the
