NASAA Offers Resources for State and Provincial Pandemic Responses
Now is not a time to be shy about interacting with regulators to help understand how to respond to your issues and concerns in response to the Covid-19 outbreak. The North American Securities Administrators Association, Inc. (NASAA) is comprised of states and provincial securities regulators in the United States, Canada and Mexico.
NASAA is acting as a resource for its members to collect updates on the operations of offices and proclamations and orders issued by these members to provide temporary relief from certain regulatory requirements during this crisis. Examples of the temporary relief include extensions on the requirement to file Form ADV to April 30, 2020 and certain registration requirements for financial professionals that have been displaced from their ordinary business locations as a response to the COVID-19 outbreak.
Even though physical access to state and provincial offices may be limited or not available, every office continues to provide services, via telephone or online services. A list of NASAA members who have provided information as to their operations is posted on the NASAA website and will continue to be updated as information from the membership is available. Please note this information is reliable to the extent that information has been provided to NASAA.
Before acting on any information, Oyster suggests that contact be established with the jurisdiction to determine the existence of any temporary relief granted and to receive the most current information from the jurisdiction. Click here for information for each NASAA jurisdiction.
If you have questions regarding how to navigate regulatory requirements during the COVID-19 event, please do not hesitate to contact us. Helping firms during their time of need is what we do best. Oyster provides free resources such as podcasts and blogs, as well a team of consultants and software to help you organize and automate your compliance program. Please do not hesitate to contact us by calling (804) 965-5400 or completing our contact form, and a Relationship Manager will be glad to connect you with an Oyster expert.
About the Author: Bill Reilly leverages his examination expertise and relationships with state and federal regulators and self-regulatory organizations to guide broker-dealers and investment advisers through both proactive and reactive regulatory processes and compliance issues. Among others Bill conducts FINRA Rule 3120, Supervisory Control Reviews, Annual Compliance Reviews for federally and state-covered investment advisers, creates and/or updates policies and procedures for opening and monitoring senior and vulnerable adult client accounts, has been retained as an expert witness by law firms representing industry participants in arbitrations and regulatory matters, updates policies and procedures for both broker dealer and investment advisers, and acts as an independent third party in reviewing firm activity prior to and as a result of regulatory actions and settlements.