CHART: NASAA Member COVID-19 Regulatory Response Overview

WASHINGTON, D.C. (April 16, 2020) — The North American Securities Administrators Association (NASAA) today released a new resource to provide information about the operational status of state securities regulators and any regulatory relief that has been granted in response to the ongoing COVID-19 crisis. A chart outlining this information is available on NASAA’s COVID-19 Update Center.

“The most important message we’re hearing is that state securities regulators are maintaining essential regulatory operations,” said Christopher Gerold, NASAA President and Chief of the New Jersey Bureau of Securities. “While virtually all state offices are closed to the public, their staffs are teleworking and are generally available through the normal communication channels of state phone and email systems.”

Gerold said enforcement investigations are proceeding forward, although in-person contact is being limited as states maximize the use of virtual technologies. Virtually all states report they continue to process licensing applications via CRD/IARD systems with little or no disruption. Examinations and audits of firms have shifted from on-site to remote, or are being deferred when necessary. Very few states are reporting service disruptions but, when reported, they tend to involve the processing of mail and paper filings. Although the mechanism varies from state to state, nearly all states are providing regulatory relief to licensees/registrants adversely impacted by COVID-19.

“While state securities authorities are working to help financial professionals withstand our current difficulties and continue to serve their customers, NASAA members remain focused on our mission to protect investors,” Gerold said.