SEC Issues Temporary Exemptions

In response to last week’s disaster, the Securities and Exchange Commission on Friday issued an industry-wide order exempting funds from certain requirements under the Investment Company Act of 1940. The order temporarily waives certain requirements concerning directors meetings and lending arrangements.

For 30 days beginning Sept. 14, a rule that mandates in-person directors meetings will be waived, allowing directors to hold meetings via telephone or other communications, the SEC said.