Ever since the SEC and other regulatory bodies (i.e., FINRA) identified the possibility of “significant business disruptions” many years ago and mandated that registrants create, maintain, and test a Business Continuity Plan (“BCP”), these plans have rarely been taken very seriously until they are needed.
On March 13, 2020, the SEC announced regulatory relief for investment advisers and investment companies who may be affected by the coronavirus. The SEC is recognizing that limits on travel, reduced personnel and other business disruptions as a result of the coronavirus may cause delays in meeting regulatory filing deadlines and other regulatory obligations.
Foreword by Bo Howell (July 2020)
At the Investment Company Institute’s Mutual Fund and Investment Management Conference, which was held in mid-March, Dalia Blass, the SEC’s Division of Investment Management, noted in her keynote speech that the regulator is concerned that competitive pressures are eliminating small fund families from the industry. As a result, the SEC is going to research whether barriers exist in the industry that prevents small fund families from competing against the largest players.