Minnesota Commerce Department provides relief to financial professionals

State Issues Covid-19 Minnesota Broker-Dealer

On March 30, the Minnesota Commerce Department issued Regulatory Guidance 20-08 to provide certain relief to broker-dealers, state registered investment advisers, federal covered investment advisers, and their registered agents or representatives (collectively, “financial professionals”). The guidance provides the following relief:

• Certain financial professionals who are not registered or notice filed with the commissioner and have been displaced from their ordinary business locations are granted a temporary exemption from the registration and filing requirements of certain provisions of the Minnesota Securities Act, provided that certain requirements are met. Qualifying financial professionals may engage in certain enumerated activities without registering or filing with the commissioner.
• Broker-dealers, state registered investment advisors, and federal covered investment advisors are permitted to submit Forms U4 without first obtaining physical signatures from individual agents and representatives, provided that certain requirements are met.
• State registered investment advisors are provided relief from annual update filings and certain document delivery requirements.