SEC Prepares for Government Shutdown

With the failure of the House of Representatives to pass a funding bill yesterday, the federal government is poised to shut down if the House cannot reach a last-minute deal to keep the government open before midnight tonight.

Federal regulations severely limit the ability of federal agencies like the SEC to operate during a government shutdown. Among other things, the staff of the SEC would be unable to review and process regulatory filings, conduct examinations, respond to questions from registrants, engage in rulemaking, or issue no-action relief or other guidance. The shutdown will not affect the submission of filings on EDGAR, however, and, while filings that require review by the SEC will be delayed until after the end of the shutdown, filings that automatically become effective upon submission or after a certain number of days will continue to do so.

The website for the Division of Investment Management notes that a limited number of staff members are available to answer questions concerning fee calculations and emergency filing relief and that investment companies and advisers should contact IMemergency@sec.gov to submit their request and contact information. The message is clear that staff will not respond to other inquiries.