Document ID: SEC-2020-0483-0001
Agency: sec
Document Type: Notice
Title: 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
Posted Date: 2020-04-01T04:00Z

[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 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