SEC Extends Transfer Agent Exemptive Relief Through June 30
Friday, May 29, 2020
Posted by: Tanya Guy
On May 27, 2020, the Securities and Exchange Commission extended its temporary exemption of certain provisions of the Securities Exchange Act of 1934 until June 30, 2020. Originally issued on March 20, the order exempts:
- “Transfer agents from the requirements of Sections 17A and 17(f)(1) of the Exchange Act, as well as Rules 17Ad-1 through 17Ad-11, 17Ad-13 through 17Ad-20, and 17f-1 thereunder.”
- “Transfer agents and other persons subject to such requirements, from the requirements of Section 17(f)(2) of the Exchange Act and Rule 17f-2 thereunder.”
The exemptions were granted to provide relief from challenges resulting from the COVID-19 pandemic and related business disruptions. Before the June 30 extension, they were originally set to expire on May 30, 2020.
“To the extent a transfer agent has already provided the required written notification to the commission that they are taking advantage of the relief, they do not need to provide another notice unless the scope of the relief they are relying on has changed (e.g., if they previously wrote in about fingerprinting and need continued relief through June 30 related solely to fingerprinting, no additional notice is necessary, but if they now also need relief from Rule 17Ad-2 a new notice would be required),” said Moshe Rothman, assistant director of the SEC.
View the extension notice and the SEC’s updated COVID-19 response page and resources.