The Financial Industry Regulatory Authority has compiled details on states’ and localilities’ workplace restrictions tied to the coronavirus. It also will not host its yearly conference, which had been planned for May 12-14 in Washington, D.C.
The regulator says a growing number of regions — now more than 30 — are issuing “shelter-in-place” or “stay-at-home” orders, which vary in scope and duration. These rules generally require businesses not considered “essential” to close their physical offices and continue their operations remotely.
However, many orders define financial institutions as essential businesses, meaning they can keep doing critical work onsite, subject to limitations, as outlined by the Department of Homeland Security. The department’s Cybersecurity and Infrastructure Agency views financial services workers “as essential to continued infrastructure viability during this tumultuous time.”
FINRA notes that “the situation is rapidly developing and [advisory] firms should rely on their local authorities for the latest developments.”
According to the organization: “If a member firm decides an employee is permitted to report to a physical office location, FINRA suggests that the employee carry documentation explaining that the employee works for an ‘essential’ business, and why the employee’s work requires his or her physical presence in the office.”