Temporary office and work locations - Filing relief for securities professionals

Due to circumstances related to COVID-19, many securities and advisory firms and their employees are temporarily conducting business from a temporary location other than their usual place of business (employee’s homes, for example).  Board Rules 115.9(a)(6) and 116.9(a)(6) require registered securities professionals (dealers and their agents and investment advisers and their representatives) to report to the Securities Commissioner within 30 days after its occurrence any change in information previously disclosed to the Securities Commissioner on any application form or filing.

Accordingly, the Securities Commissioner determined that a filer that would otherwise be required to update a filing (including but not limited to Form BR, Form U-4, Form BD, or Form ADV (Part 1A or Schedule D)) solely to report a change in the office of employment address of an employee, agent, or representative, or any newly opened temporary branch or office location during the covered time period and who meets the conditions set out below will not be penalized or sanctioned for not updating a filing to reflect a temporary branch or work location or space-sharing arrangement.

A registered firm using remote or temporary work locations during the pandemic is reminded that it may need to modify and document changes to its supervisory procedures and systems to ensure the firm maintains compliance with Board Rules 115.10 and/or 116.10.

Time Period Covered:

This Waiver is limited to temporary branch or work locations or space-sharing arrangements, as applicable, in use on or after March 13, 2020 but on or prior to June 30, 2020.  The June 30, 2020 date in the initial waiver has been extended to December 31, 2020.

Conditions:

1. The use of a temporary location or arrangement is due to circumstances related to current or potential effects of COVID-19; and

2. If the temporary location or arrangement remains in use more than 30 days after the period covered by this waiver, the filer would need to update the Form BR, Form U-4, Form BD, or Form ADV not later than 45 days after the date this waiver terminates.

Monitoring:

The Securities Commissioner will continue to monitor the current situation and may, if necessary, extend or impose additional conditions that are deemed appropriate.