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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 8 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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On June 19, the SEC announced that it was extending portions of a previously issued order (March Order) that, pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (1940 Act), granted exemptions from the 1940 Act’s in-person meeting requirements. In extending the March Order, the SEC noted that it continued to monitor the ongoing effects of COVID-19 and recognized the risks posed to boards of directors when traveling to meet the in-person voting requirements.

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Specifically, the March Order exempts registered funds, business development companies (BDCs), advisers and underwriters of registered funds from the in-person board meeting requirements of Sections 15(c) and 32(a), Rules 12b-1(b)(2) and 15(a)-(4)(b)(ii) under the 1940 Act, for the period March 13, 2020, to December 31, 2020, so long as:

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The SEC noted that it was not extending relief provided in other sections of the March Order, including the accompanying statement regarding prospectus delivery, which will expire as provided.

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Andrew J. Davalla 614.469.3353 <a href="mailto:Andrew.Davalla@ThompsonHine.com">Andrew.Davalla@ThompsonHine.com</a>

Brian Doyle-Wenger 614.469.3294 <a href="mailto:Brian.Doyle-Wenger@ThompsonHine.com">Brian.Doyle-Wenger@ThompsonHine.com</a>

This advisory bulletin may be reproduced, in whole or in part, with the prior permission of Thompson Hine LLP and acknowledgment of its source and copyright. This publication is intended to inform clients about legal matters of current interest. It is not intended as legal advice. Readers should not act upon the information contained in it without professional counsel.

This document may be considered attorney advertising in some jurisdictions.

https://admin.thompsonhine.com/wp-content/uploads/2022/04/Investment_Management_Update_-_SEC_Extends_Relief_for_Virtual_Meetings_of_Fund_Boards.pdf

SEC Extends Relief for Virtual Meetings of Fund Boards

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