[Federal Register Volume 85, Number 63 (Wednesday, April 1, 2020)]
[Notices]
[Page 18299]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-06742]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88491]
Order Under Section 15b of The Securities Exchange Act of 1934
Granting an Exemption for Municipal Advisors From Specified Provisions
of The Securities Exchange Act and Rule 15ba1-5(A)(1) Thereunder
March 26, 2020.
The Commission has been monitoring the effects of the current
outbreak of coronavirus disease 19 (``COVID-19''). In light of the
current situation, we are issuing this Order providing a temporary
conditional exemption from certain requirements of the Exchange Act for
municipal advisors. In particular, the Commission recognizes that
municipal advisors may face challenges in timely satisfying the
provisions of Section 15B of the Securities Exchange Act of 1934
(``Exchange Act'') and Rule 15Ba1-5(a)(1) thereunder concerning the
filing of a municipal advisor's annual update to Form MA as a result of
COVID-19.
Section 15B(a)(4) of the Exchange Act provides that the Commission,
by rule or order, upon its own motion or upon application, may
conditionally or unconditionally exempt any broker, dealer, municipal
securities dealer, or municipal advisor, or class of brokers, dealers,
municipal securities dealers, or municipal advisors from any provision
of Section 15B or the rules or regulations thereunder, if the
Commission finds that such exemption is consistent with the public
interest, the protection of investors, and the purposes of Section 15B.
I. Time Period for the Relief
The relief specified in this Order is limited to filing obligations
for which the original due date for an annual update to Form MA is on
or after the date of this Order but on or prior to June 30, 2020. The
Commission intends to continue to monitor the current situation. The
time period for the relief may, if necessary, be extended with any
additional conditions that are deemed appropriate, and the Commission
may issue other relief consistent with Section 15B(a)(4).
II. Form MA Annual Update Filing Requirement for Registered Municipal
Advisors
The disruptions resulting from COVID-19 mentioned above could
hamper the efforts of municipal advisors to timely meet filing
deadlines for annual updates to Form MA. In light of the current and
potential effects of COVID-19, the Commission finds that the exemption
set forth below is consistent with the public interest, the protection
of investors and the purposes of Section 15B of the Exchange Act.
Accordingly, it is ordered, pursuant to Section 15B(a)(4) of the
Exchange Act:
For time period specified in Section I, a registered municipal
advisor is exempt from the requirements under Exchange Act Rule 15Ba1-
(a)(5) to file an annual update to Form MA within 90 days of the end of
its fiscal year, where the conditions below are satisfied.
Conditions
(a) The municipal advisor is unable to meet the filing deadline for
its annual update to Form MA due to circumstances related to current or
potential effects of COVID-19.
(b) The municipal advisor relying on this Order promptly notifies
the Commission staff via email at [email protected] stating:
i. That it is relying on this Order; and
ii. A brief description of the reasons why it could not file its
annual update to Form MA on a timely basis.
(c) The municipal advisor relying on this Order must promptly
disclose on its public website (or if it does not have a public
website, promptly disclose to its clients) the information required in
condition (b) above.
(d) The municipal advisor files the annual update to Form MA
required by Rule 15Ba1-5(a)(1) under the Exchange Act, as soon as
practicable but not later than 45 days after the original due date for
filing.
By the Commission.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020-06742 Filed 3-31-20; 8:45 am]
BILLING CODE 8011-01-P