SEC issues update on COVID-19 regulatory relief

Applicability

Public companies, investment companies and other market participants affected by COVID-19

On June 26, 2020, leaders from various divisions of the SEC issued a joint public statement summarizing and updating the COVID-19 temporary relief and assistance provided by the Commission and staff. The SEC has remained fully functioning throughout the pandemic and stated it will continue to assess the need for further regulatory action, including appropriate, targeted relief during times of operational challenges and market volatility as the pandemic continues.

The following table summarizes the SEC’s regulatory actions, targeted relief and assistance, including updates made by the Commission in this cross-divisional statement based on recent developments, current conditions and expectations.

Division of Corporation Finance

Currently effective	Effective/Expiration dates
Facilitating capital formation for small businesses	August 31, 2020
Forms 144 and other paper submissions	Effective until further notice
Authentication and retention requirements of Rule 302(b) of Reg S-T	Effective until further notice
Conducting shareholder meetings	Available; limited use expected
Proxy material delivery accommodation	Available; limited use expected
Expired
Additional time to file public company reports	July 1, 2020
Additional time to file Reg A and Reg Crowdfunding reports	May 31, 2020

Division of Investment Management

Currently effective	Effective/Expiration dates
Form N-23C-2 (advance notice by registered closed-end funds and business development companies (BDCs) to call or redeem securities)	August 15, 2020
Term asset-backed securities loan facility (TALF 2020) no-action letter	September 30, 2020
Temporary regulatory flexibility to assist BDCs in fulfilling their statutory mandate	The earlier of December 31, 2020 and the date the BDC ceases to rely on conditional exemptive order
In-person board meetings	Effective until further notice, but not earlier than December 31, 2020.
International mail service suspensions to certain jurisdictions	When mail delivery service by jurisdiction’s common carrier is resumed
Short-term funding flexibility for open-end funds and separate accounts	Effective until further notice
Affiliated purchases of debt securities in light of market dislocation no-action letters	Effective until further notice
Authentication and retention requirements of Rule 302(b) of Reg S-T	Effective until further notice
Conducting shareholder meetings	Available; limited use expected
Expired
Prospectus delivery	June 30, 2020
Transmittal of annual and semi-annual reports	June 30, 2020
Form N-CEN (annual report for registered investment companies) and Form N-PORT (monthly portfolio investments report)	June 30, 2020
Form ADV and Form ADV Part 1A Reports	June 30, 2020
Form ADV Part 2 Brochures, Brochure Supplements, and Summary of Material Changes	June 30, 2020
Form PF	June 30, 2020

Division of Trading and Markets

Currently effective	Effective/Expiration dates
Extension of certain deadlines under Rule 606 of Regulation NMS: Providing the first related customer-specific reports	July 29, 2020
Certain COVID-19 related FINRA guidance and relief	July 31, 2020
TALF 2020 Order	September 30, 2020
Conditional relief to municipal advisors	December 31, 2020
Relief relating to the broker-dealer financial responsibility rules: Quarterly securities count	December 31, 2020
Facilitating the continued and orderly operation of national securities exchanges	When exchanges resume normal floor trading operations
International mail service suspensions to certain jurisdictions	When mail delivery service by jurisdiction’s common carrier is resumed
Registered transfer agent relief	Effective until further notice
Relief from fingerprinting requirements	Effective until further notice
Paper submissions, manual signatures and notarization requirements	Effective until further notice
Authentication and retention requirements of Rule 302(b) of Reg S-T	Effective until further notice
Consolidated audit trail (CAT) reporting deadlines	Phased reporting timeline consistent with the February 19, 2020 exemptive request
Expired
Extension of certain deadlines under Rule 606 of Regulation NMS:
Quarterly disclosure requirements	May 29, 2020
Collection of monthly customer-specific data by certain broker-dealers engaged in outsourced routing activity	June 1, 2020
Relief relating to the broker-dealer financial responsibility rules:
The prompt transmission of customers checks	June 30, 2020

Other

Currently effective	Effective/Expiration dates
Pending administrative proceedings	Effective until further notice
Expired
Exemption from certain requirements of the Exchange Act for municipal advisors	June 30, 2020
Relief for Form ID filers, and Reg Crowdfunding and Reg A issuers	July 1, 2020

Update on SEC commission’s targeted regulatory relief for market participants affected by COVID-19

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