The digital age continues to make inroads at the Securities and Exchange Commission, as the SEC said on Nov. 2 it is considering a plan to permit fund managers to file applications for exemptive relief, or variances from agency procedures, over the Internet. The industry has through Dec. 14 to comment on the proposal.
The requests for permission to customize some fund procedures and products could be filed electronically, rather than in multiple hard copies, if the plan is adopted. It would create an easily searchable electronic database of exemptive requests that would benefit investors and fund attorneys alike. By creating easier online access to these filings, mutual funds and their legal counsel would be able to obtain previous applications to use as blueprints for their own request.