Philadelphia partner Josh Deringer was quoted in a MutualFundWire article titled, “SEC Staff Goes Home: No New Funds.”

In light of the recent government shutdown, the SEC will not be processing any new fund filings, among other things.

The following are a list of the SEC’s functions that are in hiatus: Law enforcement/litigation; processing and approvals of filings and registrations by registrants and regulated entities; rulemaking/interpretative questions/exemptive relief; and oversight of self-regulatory organizations and the public company accounting oversight board, to name a few.

Specifically, the time required for the shutdown is one half-day, the number of employees retained is 147 out of 4,149 and the number of employees to be retained to protect life or property is 105.

In response to how this will affect mutual funds, Josh said: “The SEC’s EDGAR filing system is expected to remain open during a government shut-down, so mutual fund firms should be able to continue to make routine filings. However, the SEC would not be processing requests for no-action positions or exemptive orders, so fund groups that are depending on the SEC staff for such relief would be stuck waiting until the government shut-down ends.”

Read the entire article.