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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 any questions, please contact the relevant state or provincial securities regulator. Contact information is available here

UPDATES

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. 

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Canadian Securities Administrators

Temporary relief from certain regulatory filings available to registrants and unregistered capital markets participants due to COVID-19

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Canadian Securities Administrators

Temporary relief from certain regulatory filings available to investment funds and non-investment fund issuers due to COVID-19

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New York

The  Investor Protection Bureau’s relief end date has been  extended to June 6, 2020

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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.

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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. 

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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.

 

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


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