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, 18299 [2020-06742]

Download as PDF Federal Register / Vol. 85, No. 63 / Wednesday, April 1, 2020 / Notices Comments may be submitted by any of the following methods: SECURITIES AND EXCHANGE COMMISSION Electronic Comments [Release No. 34–88491] • Use the Commission’s internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– ISE–2020–13 on the subject line. 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 Paper Comments March 26, 2020. jbell on DSKJLSW7X2PROD with NOTICES • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File Number SR–ISE–2020–13. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s internet website (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission’s Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–ISE–2020–13 and should be submitted on or beforeApril 22, 2020. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–06739 Filed 3–31–20; 8:45 am] BILLING CODE 8011–01–P 12 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 18:31 Mar 31, 2020 Jkt 250001 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 PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 18299 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 munis@ sec.gov 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 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–88482; File No. SR–FINRA– 2019–030] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Membership Application Program (‘‘MAP’’) Rules To Address the Issue of Pending Arbitration Claims March 26, 2020. I. Introduction On December 13, 2019, Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) filed with the Securities and E:\FR\FM\01APN1.SGM 01APN1

Agencies

[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
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