SEC proposes electronic Investment Co. Exemption Applications

In the "it's about time" department -- the SEC proposes that mutual funds and other companies seeking exemptions under the Investment Company Act of 1940 submit their applications electronically so investors can access them sooner and the Commission can consider them more quickly.  The SEC’s proposed rule amendments would require that new or amended applications for orders under any section of the Investment Company Act and Regulation E filings of small business investment companies and business development companies be filed as electronic submissions. Internet availability of these exemptive applications on the Commission’s EDGAR system would improve public access, which in the past has been limited to obtaining hard copies through the SEC’s Public Reference Branch or through private services for a fee.