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Sunday, January 06, 2019 7:27:46 PM
https://www.barrons.com/articles/how-the-government-shutdown-affects-the-sec-51546535886
How the Government Shutdown Is Affecting the Nation’s Securities Regulator
If you had hoped to register your new hedge fund over this week, you’re out of luck.
Securities and Exchange Commission
Securities and Exchange Commission
By Ben Walsh
Jan. 3, 2019 12:18 p.m. ET
Thousands of workers have been furloughed, trash has piled up in the nation’s capital, and toilets are have overflown in national parks as a result of the U.S. government shutdown.
All “nonessential” functions have been halted as President Donald Trump and congressional leaders try to hash out a deal. The Securities and Exchange Commission isn’t exempt from the stoppage, and that’s having some impact on the financial world.
Only about 285 of the SEC’s 4,436 employees are being kept on duty during the shutdown, according to a planning document posted on the agency’s website.
The SEC “will be unable to process filings, provide interpretive advice, issue no-action letters or conduct any other normal Division and Office activities,” during the shutdown, the document says.
So, if you had hoped to register your new hedge fund over this week, you’re out of luck.
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What’s still running at the SEC during the shutdown? “The SEC has staff available to respond to emergency situations involving market integrity and investor protection, including law enforcement,” the agency says in a statement on its website.
Contracted work will continue, the shutdown plan says, if there is a “continued source of funding.” If not, private sector companies doing outsourced agency work will receive stop work orders.
On such contracted system is Edgar, the financial filings system, which “will remain fully functional as long as funding for the contractor remains available through permitted means,” the document says.
You can still submit tips and complaints through the SEC’s website and staff will attempt to respond to “allegations of ongoing fraud and misconduct.”
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And as markets heave in reaction to shutdown negotiations, trade talks, or ordinary market surprises like Apple’s China iPhone numbers, the SEC will continue to perform its “market monitoring and surveillance” functions.
Media relations are not on the list of functions that will continue during the shutdown. An official for the SEC, however, did respond to decline to comment for this article.
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