Defining Issues | October 2017
SEC provides regulatory relief for hurricane victims - 2017
Applicability
SEC Order Granting Exemptions Related to Hurricane Harvey
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