SEC Comment Request on Rule 0-2 Filing Requirements for Investment Company Applications
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This notice keeps the SEC’s information collection process moving for Rule 0-2, which sets basic filing requirements for investment companies and related applicants seeking exemptive relief under the Investment Company Act. Companies filing these applications must show that the person signing and submitting the filing is authorized to act for the applicant. If that authority depends on board, shareholder, or similar resolutions, those documents must be included or quoted. The practical impact is limited: affected firms and their compliance teams should review the paperwork burden and may submit comments to the SEC.
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Key Changes
- SEC is seeking public comments on extending the information collection tied to Rule 0-2.
- Applicants for exemptive relief must document that the filer is authorized to act for the company.
- Board, shareholder, or similar resolutions must be attached or quoted when they support the filer’s authority.
Obligations
What this law requires
An application for an SEC exemptive order under the Investment Company Act for which no specific form is prescribed, when executed by a corporation, partnership, or other company, must include a statement identifying the provisions of the applicant’s articles of incorporation, bylaws, or similar governing documents that authorize the person signing and filing the application to act for the applicant.
If the authority of the person signing and filing the exemptive application depends on board, shareholder, partner, trustee, or similar resolutions, the applicant must include a copy of those resolutions or quote the relevant provisions in the application.