Today, Corp Fin posted a statement regarding its return to normal operations. For the most part, “absent compelling circumstances,” Corp Fin expects to address filings, submissions and requests in the order submitted. The message is this: expect everything to take longer than usual as the staff plays catch-up.
Unless you’ve been unplugged and hiding under a rock recently, you’ve heard that the federal government shutdown has ended—at least for the next three weeks. In a statement today, SEC Chair Jay Clayton said that the SEC has “resumed normal staffing levels and is returning to normal operations.” What that will mean in practice, we don’t really know yet, given the likelihood of significant backlogs that accumulated over the past month. Clayton advised that the leaders of Divisions, such as Corp Fin, are consulting with the staff and “are continuing to assess how to most effectively transition to normal operations.” Corp Fin is expected to publish a statement (as are other offices) “in the coming days regarding their transition plans,” which will be available on the SEC website.
Happy holidays and happy new year everyone!
Here’s the latest from the SEC:
In the event of a federal government shutdown, the SEC will follow the agency’s plan, which contemplates focusing on “market integrity and investor protection.” Starting Thursday, December 27, the SEC “will have only an extremely limited number of staff members available to respond to emergency situations involving market integrity and investor protection, including law enforcement. In addition, certain Commission systems, including EDGAR, will be operating. Additional information is available from the Division of Corporation Finance and the Division of Investment Management.” Corp Fin has provided some FAQs (summarized below) that may be helpful for those in the registration process or contemplating offerings.
The SEC has finally posted a notice about its operating status in the event of a government shutdown. If there is a shutdown “after January 19, the SEC will remain open for a limited number of days, fully staffed and focused on the agency’s mission.
by Cydney Posner The SEC has indicated on its website that, in the event of a federal government shutdown because of “a lapse in appropriations” on October 1, the SEC will remain “open and operational.” Any changes after October 1 will be announced on the SEC’s website. The SEC’s current […]