Where Is the SEC's MAGIC?
In March 2018, Investment Management Director Dalia Blass noted the SEC's development of a tool called Monitoring and Analytics GUI for Investment Companies (MAGIC) in her keynote address to the Investment Company Institute's 2018 Mutual Funds and Investment Management Conference. MAGIC was supposed to allow the Division of Investment Management's disclosure staff to implement a risk-based review of disclosure in registration statements. But since the speech, there's been no mention of the SEC's MAGIC, at least none that we could find.
So what happened to the SEC's MAGIC? Is the analytical tool still being sharpened? Has it had an impact on comments given by disclosure staff. From our perspective, the staff continues to rely on its traditional comments when reviewing registration statements.