Defining Issues | October 2017

SEC provides regulatory relief for hurricane victims - 2017

Applicability

SEC Order Granting Exemptions Related to Hurricane Harvey

SEC Release No. 3310416

SEC Provides Regulatory Relief and Assistance for Hurricane Victims

  • Publicly traded companies, investment companies and professional advisors that are affected by Hurricane Harvey, Hurricane Irma or Hurricane Maria

Relevant dates

  • Effective immediately

Key impacts

The regulatory relief granted by the SEC:

  • extends the filing deadlines for required filings under the Securities Exchange Act of 1934 (the Exchange Act), Regulation Crowdfunding and Regulation A
  • exempts a company from the delivery requirements for proxy and information statements to security holders with a zip code in a location where mail service has been suspended
  • exempts a company from the Investment Company Act’s requirements to provide annual and semi-annual reports to investors in regions affected by hurricanes under certain circumstances
  • temporarily exempts transfer agents from the requirements of (1) Sections 17A of the Exchange Act and Rules 17Ad-1 through 17Ad-20 and (2) Section 17(f) of the Exchange Act and Rules 17f-1 and 17-f2 for processing securities transfers, safekeeping investor and issuer funds and securities, and maintaining records of investor ownership
  • extends the deadline for registered municipal advisors to file their annual updates to Form MA that are required by Section 15B of the Exchange Act and Rule 15Ba1-5(a)(1)

Report contents

  • Applicability
  • Key facts and impacts
  • Regulatory relief
  • Additional information
  • Extended filing deadlines
  • Auditor independence

 

 

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