Temporary Relief from the Form ID Notarization Requirement

This portion of the relief package addresses difficulties filers may encounter in securing the notarization required to gain access to particular filings on the EDGAR system. The SEC has adopted a temporary rule that provides relief from the notarization requirement from March 26, 2020 through July 1, 2020, subject to certain conditions. Those conditions stipulate, among other things, that the filer indicates on its manually signed Form ID that it could not provide the required notarization due to circumstances related to COVID-19 and that the filer submits a PDF copy of the notarized manually signed document within 90 days of obtaining an EDGAR account.

Compliance with Regulation A and Regulation Crowdfunding

The SEC has adopted temporary rules that extend the filing deadlines for specified reports and forms that companies must file pursuant to regulations specified in Regulation A and Regulation Crowdfunding. Issuers who must comply with these regulations may be affected by COVID-19 and thus encounter difficulties in meeting their obligations. Subject to particular conditions, the rules provide affected companies with an additional 45 days to file certain disclosure reports that would otherwise have been due between March 26, 2020 and May 31, 2020. A company relying on the temporary rules must promptly disclose to its investors such reliance, among other qualifying conditions and requirements. In addition, when a company files the required report or form, it must disclose that it is relying on the temporary rules and state the reasons why, in good faith, it could not file such report or form on a timely basis. 

Annual Update to Form MA for Municipal Advisors

To address potential compliance issues municipal advisors may have in performing timely submissions of
annual update filings (Form MA-A), the SEC issued a temporary conditional exemptive order that provides, subject to certain
conditions, affected municipal advisors with an additional 45 days to file annual updates to Form MA that would have
otherwise been due between March 26, 2020 and June 30, 2020. The municipal advisor must be 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, among other
conditions. It must also provide a brief description of the reasons why it could not file its report in a timely manner.

The SEC may extend the time period for this relief package, with any additional conditions it deems appropriate. It may also provide additional relief as circumstances warrant. Companies, municipal advisors, and their representatives are encouraged to contact SEC staff with questions or matters of particular concern. Parties with questions about the relief provided to Form ID filers should contact the EDGAR Business Office at 202-551-8900. Parties with questions about the relief provided to Regulation A and Regulation Crowdfunding filers should contact the Division of Corporation Finance’s Office of Small Business Policy at 202-551-3460. Parties with questions about the relief provided to municipal advisors should contact the Office of Municipal Securities at munis@sec.gov or 202-551-5680.

Sources:

SEC Provides Additional Temporary Regulatory Relief and Assistance to Market Participants Affected by COVID-19 (www.sec.gov)

Relief for Form ID Filers and Regulation Crowdfunding and Regulation A Issuers Related to Coronavirus Disease 2019 (COVID-19) (www.sec.gov)

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) Thereudner (www.sec.gov)