Novel Coronavirus COVID-19 Updates
NASAA has established this resource page to collect COVID-19-related updates from state and provincial securities regulators. At this time, NASAA is not aware of any state or provincial securities regulator that is not providing services. If you have any questions, please contact the relevant state or provincial securities regulator. Contact information is available here.
UPDATES
GEORGIA
The Georgia Secretary of State’s Securities and Charities Division has issued an order implementing fingerprint requirements. Subject to O.C.G.A. § 10-5-35(b)(4), where the Applicant’s fingerprints have been previously submitted for review to the Central Registration Depository (“CRD”) in connection with a federal or state licensing, the Commissioner may review and rely upon the criminal history reported pursuant thereto, and not require the Applicant to submit fingerprints directly to the Commissioner. This Order shall be effective as of November 2, 2020 or until modified, vacated, or superseded. Details | Instructions
Also, an order has been issued extending through December 31, 2020 unless modified, vacated, or superseded:
- Order Implementing Investment Adviser Annual Update Amendment To Form ADV Deadline In Response to COVID-10 dated March 17, 2020; and
- Order Implementing Filing Requirements In Response to COVID-19 dated March 24, 2020.
The extension order is available here.
MAINE
The Maine Office of Securities today issued an order extending Order No. 2020-11 addressing disruptions in investment adviser and broker-dealer operations and securities registrations resulting from coronavirus. The provisions contained in Order No. 2020-11 are temporary and shall remain in effect only until January 29, 2021, unless the Order is subsequently modified, extended or rescinded.
The extension order is available here.
MASSACHUSETTS
AMENDED EMERGENCY NOTICE
I. Temporary Relief from Signature and Notarization Requirements in Corporate Finance Filings
II. Temporary Relief for Registered Financial Professionals During the COVID-19 Outbreak
This amended Emergency Notice shall remain in effect until October 31, 2020, unless extended or rescinded.
The notice is available here.
EXAM ENROLLMENT WINDOW UPDATE
FINRA and NASAA will provide one additional extension of enrollment windows for the SIE, Series 6, Series 7, Series 63, Series 65 and Series 66 that are currently expired, or will expire, between March 16 and October 16, 2020. The exam enrollment end dates will be extended through the same end date of October 16, 2020. Affected enrollment windows will be systematically updated and reflected in CRD on September 29, 2020. All candidates should note that FINRA and NASAA do not contemplate any further extension of exam enrollment windows for these exams.
TEST CENTERS & EXAM ENROLLMENTS UPDATE
NASAA, FINRA and Prometric continue to take the health and well-being of our community as a top priority. Prometric has resumed testing in most of their U.S. and Canada test centers, at either full or limited occupancy, based on local and government mandates. Additionally, as previously announced on July 13, candidates and firms may schedule online test appointments for FINRA’s Securities Industry Essentials (SIE), Series 6, and Series 7 exams and NASAA’s Series 63, Series 65 and Series 66 exams.
These measures have resulted in increased capacity available for both online and in center testing to allow current candidates to schedule and take their exams. In order to do so in as timely a manner as possible, FINRA and NASAA encourage candidates and firms to use a combination of these methods to satisfy their testing needs. More information on online and test center availability can be found on Prometric’s website.
NASAA and FINRA continue to recognize the ongoing challenges our test candidates face during this COVID-19 pandemic and will extend all enrollment windows that are currently expired, or will expire, between March 16 and September 2020. NASAA, FINRA, and MSRB exam enrollment end dates will be extended through the same end date of September 30, 2020. Affected enrollment windows will be systematically updated and reflected in CRD on August 25. NASAA, FINRA, and MSRB will continue to assess this situation and consider whether any additional extension of their exam enrollment windows is necessary.
NEW MEXICO
The New Mexico Securities Division has issued a temporary order authorizing remote on-site audits by broker-dealers of agent branch offices located in New Mexico for 2020. Details
MASSACHUSETTS
Massachusetts has extended its temporary relief from signature and notarization requirements in corporate finance filings and for registered financial professionals through August 31,2020. Details
INDIANA
The Indiana Secretary of State and the Securities Commissioner have issued a Statement of Policy regarding temporary
relief from the state regulation requiring a broker-dealer to conduct annual compliance examinations of each of its branch offices. The Division will not initiate an administrative action for a broker-dealer’s failure to conduct in-person compliance examinations of branch offices during calendar year 2020. Details
Remote Exam Update
As previously announced, FINRA and NASAA have been working together to deliver an online testing service for candidates seeking to take qualification exams remotely. Beginning July 13, candidates and firms may schedule online test appointments for FINRA’s Securities Industry Essentials (SIE), Series 6, and Series 7 exams and NASAA’s Series 63, Series 65 and Series 66 exams.
FINRA and NASAA anticipate high demand for online test appointments and recognize the challenges associated with accommodating the current demand driven by months of COVID-19 restrictions. Online appointments will be limited initially so we can monitor program performance under increased volume and adjust if necessary. We expect to be able to increase appointment availability during the months of July and August. FINRA and NASAA encourage firms and candidates to utilize a combination of online testing as well as testing at an available local test center as we work with Prometric to increase online capacity. More information on test center openings and availability can be found on Prometric’s website.
To be eligible for an online test appointment, candidates must not have a concurrent appointment at a test center and must meet technical and remote environment requirements. Candidates who currently have appointments to take an exam at a test center but wish to change to an online test appointment should make sure they can meet the above-stated requirements and be aware of any rescheduling policies before cancelling a test center appointment. In addition, firms considering online test delivery through their network and firm-issued equipment should review the technical requirements pertaining to equipment, networking and information security.
As a reminder, as previously announced, all FINRA-administered exam enrollment windows that are currently expired, or will expire, between March 16 and August 2020 have been extended through the same end date of August 31, 2020.
ALABAMA
Temporary relief for registrants affected by the COVID-19 outbreak has been extended to July 31, 2020.
TEXAS
The June 30, 2020 date in the initial waiver has been extended to September 30, 2020.
QUEBEC
The Autorité des marchés financiers (AMF) is announcing today that exam sessions, which are currently on hold to limit the spread of COVID-19, will resume on July 6 in Montréal, and on July 7 in Québec City. To make this possible, the AMF is temporarily relocating the exam sessions in order to follow the Québec government’s public health recommendations for limiting the risk of spreading the virus, including social distancing.
MAINE
Maine has extended its order providing temporary relief to the securities industry from certain regulatory obligations due to the coronavirus pandemic until July 31, 2020.
NASAA
To address the impact on exam candidates as a result of COVID-19, candidate enrollment windows for the Series 63, 65, and 66 that will expire between now and August 30, 2020 will be automatically extended through August 31, 2020.
Canadian Securities Administrators
Temporary relief from certain regulatory filings available to registrants and unregistered capital markets participants due to COVID-19
NASAA
To address the impact on exam candidates as a result of COVID-19, candidate enrollment windows for the Series 63, 65, and 66 that will expire between now and August 30, 2020 will be automatically extended through August 31, 2020.
Canadian Securities Administrators
Temporary relief from certain regulatory filings available to registrants and unregistered capital markets participants due to COVID-19
Canadian Securities Administrators
Temporary relief from certain regulatory filings available to investment funds and non-investment fund issuers due to COVID-19
North Carolina
NC Secretary of State’s Emergency Video Notarization Proposal Signed Into Law by Governor Cooper
Emergency video notarizations are now temporarily authorized under state law for most notarial acts until August 1, 2020 as a result of the State of Emergency related to the COVID-19 pandemic. Previously, a notarization had to be conducted with the notary and principal signer in close physical proximity. N.C. Secretary of State Elaine F. Marshall advocated to the Governor and General Assembly for this additional flexibility for North Carolina’s 157,000 commissioned Notaries Public and those they serve.
Canadian Securities Administrators
Canadian securities regulators provide temporary relief to public companies with delayed annual meetings due to COVID-19
The Canadian Securities Administrators (CSA) announced today it is providing public companies with temporary blanket relief from certain filing and delivery requirements, which are generally tied to the sending of materials for annual general meetings (AGMs). With this conditional temporary relief, the CSA is giving public companies until December 31, 2020 to file their executive compensation disclosure.
Remote Exam Update
FINRA and NASAA are working together with input from other regulators and the industry to accelerate the delivery of an online testing service that will be administered and remotely proctored by our test delivery provider, Prometric.
The online test delivery service will allow candidates to use their personal or firm-provided, camera-equipped computer to take qualifications examinations. Prometric staff will proctor the examination through the camera and other online tools.
We are currently conducting a trial of the online testing service to work out any technical, operational or candidate experience issues.
We expect to launch the service on a limited basis in the near future, starting with the SIE, Series 6, Series 7, Series 63, and Series 66 with increasing capacity and exam offerings over the next four to six weeks. You can access additional details about this service on FINRA’s COVID-19 page, starting Friday May 1st.
Prometric also announced its intention to open select test centers in limited geographic locations as early as May 1. Select in-center testing will only be made available to essential service programs, including financial services programs, and capacity will be limited due to social distancing requirements. These requirements may impact already scheduled exam appointments. For the most up-to-date information about test center availability and COVID-19 impacts, please visit the Prometric COVID-19 website.
NASAA
Payroll Protection Program and Form U4
On April 13, 2020, FINRA issued guidance (found here) stating that a registered person who obtains a loan under the Paycheck Protection Program (PPP) will not have to disclose a “compromise with a creditor” in response to Question 14K on Form U4 if the loan is wholly or partially forgiven under the terms of the PPP. The NASAA CRD/IARD Steering Committee consulted with FINRA regarding this guidance. We concur with it and further advise that the same guidance would apply to Question 14K on Form U4 for an investment adviser representative who obtains a PPP loan.
New Hampshire
Temporary Relief for Registrants Affected by the COVID-19 Outbreak
Canadian Securities Administrators
Canadian securities regulators provide update on changes to regulatory work in light of COVID-19
Texas
State Securities Board Response to Coronavirus (COVID-19)
Canadian Securities Administrators
Ongoing Requirements for Issuers and Insiders
North Dakota
Minnesota
Regulatory Guidance, 20-08, Broker Dealers and Investment Advisers
Regulatory Guidance, 20-10, Franchise Registrants – Annual Report Deadline Extension
Regulatory Guidance, 20-11, Franchise Registrants – Notary Requirement Waiver
Texas
State Securities Board Response to Coronavirus (COVID-19)
NASAA
California
Guidance to Broker-Dealers and Investment Advisers (BDIA) During the COVID-19 Pandemic
Florida
New Jersey
Temporary Relief for Registrants Affected by the COVID-19 Outbreak
New Jersey Takes Steps to Facilitate Social Distancing Among Financial Professionals
New York
Oklahoma
Oklahoma Securities Commission Operations Update
Massachusetts
Temporary Relief for Registrants Affected by the COVID-19 Outbreak
Indiana
Temporary Relief for Registrants Affected by the COVID-19 Outbreak
Indiana Securities Division Response to the COVID-19 Outbreak
Maine
Temporary Relief for Registrants Affected by the COVID-19 Outbreak
New Mexico
Temporary Relief for Registrants Affected by the COVID-19 Outbreak
New Mexico Securities Divsion Operation Update
Washington
Temporary Relief for Registrants Affected by the COVID-19 Outbreak
Kentucky
Temporary Relief for Registrants Affected by the COVID-19 Outbreak
Arizona
West Virginia
Temporary Relief for Registrants Affected by the COVID-19 Outbreak
Nebraska
Guidance for Investment Advisers, Broker-Dealers, Investment Adviser Representatives, and Agents
Alabama
Nova Scotia
Temporary Relief for Investment Funds
Connecticut
Interim Guidance on Paperless Submission of Investment Company Filings
Colorado
Temporary Relief for Registrants Affected by the COVID-19 Outbreak
Nebraska
Emergency Order Granting Temporary Relief
Order Temporarily Mandating Electronic Filings
Florida
OFR Issues Consumer Finance Guidance and Extends License Renewal Deadlines Due to COVID-19
Wisconsin
Temporary Relief for Registrants Affected by the COVID-19 Outbreak
Hawaii
DCCA Encourages Use of Online Services
Michigan
Department of Licensing and Regulatory Affairs Lobby Closures
South Carolina
Temporary Relief for Registrants Affected by the COVID-19 Outbreak
Arkansas
Canadian Securities Administrators
Canadian securities regulators to provide blanket relief for market participants due to COVID-19
In light of recent COVID-19 developments and their impact on market participants, the Canadian Securities Administrators (CSA) will provide temporary relief from some regulatory filings required to be made on or before June 1, 2020.
Georgia
Virginia
Order Extending Franchise Renewal Deadlines
Order Extending Trademark and Service Mark Renewal Deadlines
Maryland
Georgia
Vermont
DFR Telework for Employees
As of Friday, the vast majority of our department staff was directed to work remotely from home. A small contingent of employees will be in the office to ensure specific essential functions continue to occur, such as coordinating our COVID-19 response, receiving the mail, and processing checks. We expect this schedule to remain in effect until March 31, 2020, but it could be revised based on guidance from the Governor. Read the full letter from Commissioner Pieciak.
Deadline Extension for Firms to File Annual Form ADV Amendment
Due to circumstances that a Vermont state-registered investment advisor may be experiencing related to the current or potential effects of COVID-19, the Department of Financial Regulation has extended the deadline for firms to file their annual Form ADV amendment to April 30, 2020. Please do not hesitate to contact the Securities Division if you have any questions.
Canadian Securities Administrators
Canadian securities regulators provide update on COVID-19 and potential filing delays by reporting issuers
