FAQs Outline SEC’s Functions During Government Shutdown
With the Securities and Exchange Commission (“SEC”) required to cease regular activities during a government shutdown, the agency’s Division of Corporation Finance (“Corp Fin”) has issued staff guidance detailing the agency’s limited functions during the shutdown. The guidance is in the form of nine frequently asked questions (“FAQs”) that were previously issued on December 21, 2018, ahead of the shutdown. The FAQs include updates to the following questions: Question 4: If my registration statement was declared effective prior to the shutdown (my effective date was December 26, 2018 or earlier) what happens if I don’t price my offering within the 15-day time period provided in. Read More.
Government Could Shut Down Again Thursday
With the current stopgap spending bill expiring in two days, Congress is scrambling to avoid another government shutdown. The House will vote today on another short-term continuing resolution that would fund the government until Thursday, March 22. Lawmakers continue to negotiate on a budget for the 2018 fiscal year, but disagreements exist regarding proposed increases in defense, non-defense, and infrastructure spending. Other budget disputes involve funding for Dreamers/Deferred Action for Childhood Arrivals (DACA), hurricane and wildfire emergencies, and community health centers. No agreements have been reached on such matters. Meanwhile, the White House wants anomalies (i.e., additional funding) included in. Read More.
SEC Government Shutdown Operations Plan Released
Ahead of last weekend’s government shutdown, the Securities and Exchange Commission published an Operations Plan Under a Lapse in Appropriations and Government Shutdown . The document outlines how the SEC will operate due to a lapse in appropriations that causes a complete shutdown. If an actual shutdown occurs wherein the SEC must implement its operating plan, supplemental guidance from the Office Management and Budget, the Office of Personnel Management, and the General Services Administration would also apply. Read the government shutdown operating plan on the SEC website.
The Fiscal Year End Could Lead to a Government Shutdown
With the memory of the 2013 government shutdown still fresh in everyone’s minds, there is serious potential for a reoccurrence as the 2017 fiscal year draws to a close. While for many Americans the prospect of a government shutdown may just mean skipping a trip to their favorite national park, it could lead to a slew of operational and financial issues for the government contracting industry. For those involved in the latter demographic, Alan Chvotkin, executive vice president and counsel at the Professional Services Council (“PSC”), states, “Now is the right time to prepare.” The timing of this fiscal year’s. Read More.