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On September 30, 2023, the U.S. Congress passed, and President Biden signed, a stopgap funding bill to avert a government shutdown, keeping the government open through November 17, 2023. While this is welcome news, there remains much work to be done to avoid a government shutdown after November 17, 2023. As discussed in our recent Client Alert, if Congress is unable to avoid a government shutdown, there are several potential ramifications for the U.S. Securities and Exchange Commission and, in turn, for those companies seeking to raise capital or engage in other securities transactions, or who are or plan to submit interpretive questions, exemptive requests, or no-action requests (including Rule 14a-8 no-action requests). We are continuing to monitor developments.