On July 6, the Securities and Exchange Commission announced that it had approved rule amendments to establish an expedited review procedure for exemptive and other applications under the Investment Company Act of 1940 that are substantially identical to recent precedent, as well as a new informal internal procedure for applications that would not qualify for the new expedited process. Additionally, the SEC is amending rule 0-5 under the Investment Company Act of 1940 to deem an application outside of expedited review withdrawn when the applicant does not respond in writing to comments within 120 days.

The press release is available here. The Final Rule is available here.