The SEC announced on March 22nd that it is providing further regulatory relief due to the effects of COVID-19, in this case for registered transfer agents and certain other persons with regulatory obligations under the federal securities laws. The impacts of COVID-19 may directly or indirectly present challenges for transfer agents and other persons. To address these challenges, the SEC issued an order that provides registered transfer agents and certain other persons with exemptive relief for certain regulatory obligations under the federal securities laws subject to certain conditions. This relief is applicable through May 30, 2020. Importantly, at all times transfer agents are subject to the requirements of Exchange Act Rule 17Ad-12. This rule requires transfer agents to ensure that they adequately safeguard securities and funds in their possession or custody, and the mandate is unaltered by the current situation.
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