We are closely monitoring the developments around COVID-19 and the resulting economic fallout. This unparalleled situation continues to change day by day, raising new questions and creating additional challenges. As information continues to come in, we have compiled the latest updates and guidance from federal and state regulators. We have also included some additional resources for your business as well as for your clients.
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- WEBINAR – The CARES Act: Implications for Independent Financial Services Firms and Investment Advisers
- FSI CARE Act Webinar Follow-Up Questions
- CARES Act: Summary of Relevant Provisions for FSI Broker-Dealer Members and their Financial Advisors
- Baker McKenzie Tax Alert: CARES Act
Topics include: Tax Credit for Worker Retention; Deferral of Employer Payroll Taxes; Limitations on NOLs Relaxed; Modification of Limitation on Losses for Non-Corporate Taxpayers; Acceleration of Refundable AMT Credits; and more.
- CARES Act Summary
- CARES Act FAQ
Small Business Paycheck Protection Program (PPP)
*On Friday, April 24, 2020, an additional relief package was signed into law. This package provides $310 billion in new funds for the PPP with $60 billion set aside for small lenders.
- Payment Protection Program FAQ as of April 8, 2020
- Borrower Application
- Borrower Fact Sheet
- Lender Fact Sheet
- SBA: Paycheck Protection Program – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans
Guidance from the U.S. Treasury and Small Business Administration for self-employed and independent contractors applying for PPP loans.
Department of Treasury
Below are some key topics FINRA has provided updates on:
- Regulatory Relief and Business Continuity Planning for Member Firms
- Impact on Membership Application Program
- Postponement of In-Person Arbitration & Mediation Hearings
- Postponement of OHO Hearings
- COVID-19 Guidance on FINRA-Administered Exams
- Investor Education
- CAT Updates on COVID-19
- Information Notice as of March 26, 2020
FAQ Related to Regulatory Relief Due to Coronavirus Pandemic
- Filing Extensions – Annual reports and FOCUS Reports
- Qualification Examinations
- Individual Registration
- Information on Paycheck Protection Program Loans (PPP)
Pandemic/Business Continuity Planning Technical Notice
Filing Deadline for Form ADV, Form ADV Part 2 and Form PF Extended
For investment advisers affected by the COVID-19 outbreak, the SEC has extended the deadline for filing Form ADV, Form ADV Part 2 and Form PF until June 30, 2020. Investment advisers must notify the SEC via email at IARDLive@sec.gov if they wish to take advantage of the extension. They must also disclose on their public website that they are taking advantage of the extension, why they were unable to file on time and when they expect to file the Form. The deadline was initially extended until April 30, but on March 25, the SEC extended the deadline further to June 30.
Read the SEC’s March 25 update
Read Chairman Clayton’s Public Statement – April 2, 2020
Municipal Securities Market COVID-19-Related Disclosure Summary
Staff No Action Letter on Consolidated Audit Trail Reporting
For additional information, please click here for SEC’s COVID-19 Response.
- COVID-19-Related Investment Schemes Anticipated: State and Provincial Securities Regulators Outline What to Expect and Offer Guidance on How to Protect Yourself
- COVID-19 Regulatory Response Overview
Provides an overview of current policies in each state.
U.S. Small Business Administration:
Guidance for Businesses and Employers
CDC Health & Safety Information
U.S Chamber of Commerce
Coronavirus Emergency Loans: Small Business Guide & Checklist
Coronavirus Relief Resources for U.S. Business Owners
We have also included some additional resources sorted by states.