SEC’s Operational Status During Federal Government Shutdown

The SEC is currently operating in accordance with the agency’s plan for operating during a federal government shutdown.  Until the SEC receives appropriations to fund its operations, the agency has extremely limited staff available to respond only to emergency situations and certain fee and EDGAR-related questions.  While the EDGAR system is still fully operational and will accept periodic and transactional filings, the staff is not able to review filings or declare registration statements effective. Additionally, the Division of Corporation Finance (the Division) is not able to provide interpretive advice or respond to any waiver, no-action or preclearance request.  Similarly, we understand the Office of the Chief Accountant (OCA) has prioritized matters related to protecting property, as well as enforcement issues, under Section 11 of the plan. As such, OCA will have limited availability to respond to requests for interpretive guidance.  Additional information is available on the Division’s webpage.

Companies affected by these developments are encouraged to plan accordingly with their advisors. Any changes to the SEC’s operational status will be communicated on the SEC’s website.