On October 5, 2016, the staff of the SEC announced that, with immediate effect, it will no longer require companies (including funds) to include “Tandy” representations in their disclosure filing review correspondence. Companies that have yet to provide requested Tandy representations no longer need to do so.

Tandy representations required a company to acknowledge in writing that the disclosure in the document was its responsibility and to affirmatively state that it would not raise the SEC review process and acceleration of effectiveness as a defense in any legal proceeding.

Rather than requesting companies to make affirmative representations, the SEC staff will include the following statement in comment letters:

“We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.”