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Financial Services Law Insights and Observations

New York regulator issues licensee work location guidance

State Issues New York NYDFS Licensing Covid-19

State Issues

On March 12, the Superintendent of the New York State Department of Financial Services ordered temporary relief to New York certain financial institutions to temporarily relocate or close branch offices or places of business if adversely affected by Covid-19, “without complying with the prior notice or application requirements of the Banking Law or Financial Services Law.”  However, licensed individuals may not conduct licensable activities in person with members of the public at or from their personal residence. Authorization was also given for 45-day extensions to filing deadlines for certain certifications and annual and quarterly filings.

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