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March 16, 2020 at 12:08 PM
The Securities and Exchange Commission and the Financial Industry Regulatory Authority announced several measures over the past few days in reaction to the coronavirus.
The SEC issued regulatory relief to mutual funds and advisors related to reporting forms. RIAs with filing deadlines before April 30 have an additional 45 days from their deadline to file an amendment to Form ADV or file reports on Form ADV part 1A — which details an advisor’s business, ownership, clients, employees, business practices, affiliations, and any disciplinary events of the advisor or its employees.
The forms are normally due within 90 days after a firm’s fiscal year.
The commission also said it would not seek an enforcement action if a registered fund does not “timely” deliver to investors the current fund prospectus because of circumstances related to coronavirus. Fund boards were also given relief from holding in-person meetings.
SEC Chairman Jay Clayton said the extensions “provide additional time so affected funds and advisers can continue meeting the expectations of their investors and clients.”
The SEC said that it continues to assess impacts relating to the coronavirus on investors and market participants and “will consider additional relief from other regulatory requirements.” The agency encouraged financial professionals affected by the coronavirus to contact the SEC with questions and concerns.
The Chicago Board Options Exchange temporarily closed its options trading floor Monday as a precautionary measure to prevent the potential spread of COVID-19. However, options trading continues on an electronic platform.
