The COVID Project
The record
- Jurisdiction
- United States; Securities and Exchange Commission (federal)
- Level
- Federal
- Authority
- 15 U.S.C. § 78q-1(c)(1); § 78mm
- Issued
- 2020-03-20 Mar. 20, 2020
- Effective
- 2020-03-16 (relief covers the period from and including March 16, 2020) (read as 2020-03-16)
- End
- 2020-05-30; extended to 2020-06-30 by Release No. 34-88960 (Ex. 062) (read as 2020-05-30)
- In force
- Mar. 16, 2020 to May 30, 2020
- Quarters
- 2020 Q2
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Telework mandateOther
- Addressees
- registered transfer agents
- persons subject to Exchange Act § 17(f)(2) fingerprinting
- Functions reached
- CM capital markets operations (securities transfer, dividend and proxy processing)
- OP (mail-room and physical certificate functions closed)
- HR fingerprinting of new hires suspended
- CB issuers and shareholders
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
The Commission understands from transfer agents and their representatives, as well [as from other market participants, that COVID-19 has disrupted their operations]... Accordingly, IT IS ORDERED, pursuant to Sections 17A and 36 of the Exchange [Act, that registered transfer agents are exempt from specified processing, record-keeping and reporting requirements for] the period from and including March 16, 2020, to May 30, 2020, [provided the transfer agent notifies] the Commission by May 30, 2020 of the following [information].
Enforcement
Conditional exemption; 15 U.S.C. § 78q-1(d)
Notes
Transfer agents process physical certificates and mail; the Commission found their facilities and staff unavailable and suspended turnaround and fingerprinting requirements
Retrieval noteBracketed words summarize the order's structure between the quoted passages.