January 3, 2019

The SEC’s Shutdown, Yo!

Last week, I blogged about the SEC’s shutdown – along with Corp Fin’s 14 FAQs about “what now.” The SEC quickly ran out of “emergency funds” and has been down to a skeletal staff since last Thursday. If you’re working on a deal in registration, you may be freaking out. Corp Fin’s 14 FAQs are helpful here – and well as this Davis Polk memo and White & Case memo.

If you’re not working on a deal, you may not care. But if you live in Washington DC, the government shutdown is big news as many of your friends & neighbors are nervously sitting at home. Or maybe they have run out to one of Jose Andres’ restaurants, as the famous chef is handing out free food if you can flash a government ID. Some DC bars are offering speciality cocktails, such as as “Nothing Really Mattis” (Mad Dog 20/20 and Vodka) and “Mexico Will Pay for This” (Montezuma Blue tequila, orange juice and grenadine).

The SEC’s Staff’s “Out of Office” Reply

Did you know that when the government is shut down, the Staff is not permitted to check email even if they are willing to work for free? That is true (unless a Staffer is part of the skeletal crew that is forced to work for free). Anyway, this is the standard reply that you now get when you email a SEC Staffer:

Due to a lapse in appropriations for the federal government, the U.S. Securities and Exchange Commission is currently closed. I am currently out of the office and will return to the office once an appropriation has been enacted. During the closure, I will not be monitoring or responding to my emails. Thank you.

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Broc Romanek