Update Regarding SEC Functions During the Federal Government Shutdown

In the event that the federal government shuts down, the Commission will have only an extremely limited number of staff members available to respond to emergency situations involving the safety of human life or the protection of property, including law enforcement. Certain Commission systems will be operating under modified conditions. Additionally, any Commission updates or announcements during this period will be posted on this page.

A copy of the SEC's contingency plan for operations during a lapse in appropriations can be found here.

EDGAR and Staff Guidance

Although the Commission's EDGAR system will remain fully functional, the Divisions of Corporation Finance, Investment Management, and Trading and Markets, and the Office of Compliance Inspections and Examinations will be unable to process filings, provide interpretive advice, issue no-action letters or conduct any other normal Division and Office activities. As a result, new or pending registration statements or applications for exemptive relief will not be processed regardless of the status of any review of those filings.

IARD

The Commission's IARD system will remain fully functional and will continue to accept filings. However, the Office of Compliance Inspections and Examinations will be unable to approve applications for registration by investment advisers, nor can the Division of Investment Management provide interpretive advice regarding the Advisers Act, rules, or forms, or consider applications for exemptive relief under the Advisers Act. As a result, new or pending applications for registration as an investment adviser will not be processed regardless of the status of any review of those filings. The IARD system will continue to accept annual and other-than-annual amendments to Form ADV and Form ADV-E filings.

CRD and Transfer Agent Registration System

The CRD system will remain fully functional and continue to accept filings. The Transfer Agent Registration System will also continue to accept filings. However, the Division of Trading and Markets and the Office of Compliance Inspections and Examinations will not be able to review pending filings, consider new or pending applications or registrations, provide interpretive advice, or issue no-action letters, nor will the staff be available to conduct any other normal Division and Office activities.

EFFS

The EFFS system for SRO proposed rule changes will remain functional and you will be able to submit SRO proposed rule changes through EFFS. Under Exchange Act Rule 19b-4, any day on which the Commission is not open for regular business as a result of a lapse in appropriations (or for certain other reasons) is not a "business day" as that term is used in Section 19 of the Exchange Act and Rule 19b-4 thereunder. As a result, any SRO proposed rule change submitted through EFFS on a day on which the Commission is not open for regular business will have as its filing date the next business day after the Commission opens for regular business (e.g., the next business day after a shutdown has ended).

Tips, Complaints and Referrals

The Division of Enforcement will have only a limited number of staff on duty to perform critical functions. However, staff will attempt to respond to certain critical matters, including allegations of ongoing fraud and misconduct. If you need to report a possible securities violation during the shutdown, please utilize the Tips, Complaints, and Referrals website and your submission will be reviewed for appropriate action.

Investor Complaints

The Office of Investor Education and Advocacy will have a limited number of staff on duty to review investor complaints submitted through the investor complaint form. The Office will be unable to respond to complaints, questions, or requests for information.

Comment Letters and Public Input

You may continue to submit comment letters during the federal government shutdown. However, the Commission will have an extremely limited number of staff members on duty, so please be aware that there likely will be delays in posting them under the shutdown circumstances.

Public Reference Room

The public reference room will be closed during the government shutdown and, absent a compelling need under 5 U.S.C. 552(a)(6)(E)(v)(I), all requests for information under the Freedom of Information Act will not be processed during this time.

Mail Delivery

A limited number of staff will be on duty to process incoming mail. The Commission's mail room will be open from 8 a.m. to 5:30 p.m. Monday through Friday to take in mail and accept packages from couriers, but there will be delays in processing and delivery to Commission staff. If you have an emergency delivery, please contact staff using the telephone numbers or e-mail addresses listed in the box below.

http://www.sec.gov/about/2011_fed_shutdown.htm