In order to expedite the review of routine applications, the Commission adopted a final rule instituting amendments to rule 0-5 under the Investment Company Act, which sets forth the procedure for applications under the Act.

The rule is not meant to cover specific products. It covers all applications under the Investment Company Act — so primarily by mutual funds and business development companies (BDCs), as well as other entities like broker-dealers and advisors interacting with a mutual fund.

Click HERE to read the full story via ThinkAdvisor