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Massachusetts issues essential services FAQs
On March 25, Massachusetts posted a list of FAQs to assist businesses and consumers determine what is considered an essential business, as well as information to assist businesses seeking to qualify as essential.
Wisconsin Department of Financial Institutions issues emergency guidance on remote notarization
On March 18, the Wisconsin Department of Financial Institutions (DFI) issued emergency guidance authorizing remote online notarization in response to the Covid-19 crisis. Remote online notarizations must be performed using technology providers that are regulated under standards that meet or exceed the state safeguards. The DFI has approved four remote online notarization providers thus far, two each for remote notary services to the general public, and for title companies and other real-estate transactions.
Wisconsin Department of Financial Institutions issues temporary relief for registrants
On March 20, the Wisconsin Department of Financial Institutions (DFI) issued an emergency order granting temporary relief to registrants affected by the Covid-19 outbreak. The order offers relief from: (i) registration and filing requirements for professionals required to be registered with the division; (ii) the requirement to obtain physical signatures on the U4 form (Uniform Application for Securities Industry Registration or Transfer); and (iii) annual update filings and document delivery requirements by state-registered investment advisers.
Financial professionals who rely on and provision of the emergency order must keep a copy of the order in their records to demonstrate their reliance on it. This no-action relief will remain in effect until May 30, 2020, unless extended or rescinded.
Tennessee Department of Financial Institutions issues guidance to non-depository financial institutions
On March 23, The Tennessee Department of Financial Institutions issued interim guidance to all non-depository financial institutions and individuals licensed or registered with the Compliance Division. The guidance is intended to facilitate the ability of licensees and registrants to take precautions deemed necessary to avoid the risk of exposure to or transmission of COVID-19, and reminds businesses that business continuity plans should address the threat of pandemic outbreak and the potential impact on the delivery of financial services.
Washington offers temporary no-action relief for registrants affected by the Covid-19 outbreak
On March 24, the Washington State Department of Financial Institutions, Securities Division (DFI) announced it will take no action to enforce various provisions of the Securities Act in response to the Covid-19 crisis. This includes offering relief for: (i) registration and filing requirements for professionals required to be registered with the division; (ii) the requirement to obtain physical signatures on the U4 form (Uniform Application for Securities Industry Registration or Transfer); and (iii) annual update filings and document delivery requirements by state-registered investment advisers.
Financial professionals who rely on such no-action relief must keep a copy of the state order in their records to demonstrate their reliance on it. This no-action relief will remain in effect until April 30, 2020, unless extended or rescinded.
Vermont governor issues “stay home/stay safe” order
On March 25, Governor Scott issued an executive order directing all citizens to stay at home, leaving only for essential reasons. All businesses and not-for-profit entities must suspend in-person business operations, with limited exceptions, and are encouraged to develop on-line, telephone and web-based strategies. Banks and financial institutions are considered essential, but the order limits routine retail banking operations to transactions conducted through automated teller machines, drive-through services and online and telephone services order . The order is effective on March 25 at 5pm ET, and is in place until April 15.
Arkansas State Bank Department releases Covid-19 contingency plan
The Arkansas State Bank Department issued a “Coronavirus Contingency Plan” on March 11, with updates on March 16, March 18, and March 23. The communications instruct banks to promptly notify the Deputy Commissioner by email if branch facilities or markets must be closed and encouraged them to work with affected customer and communities. These efforts should include, among other things, waiving fees, increasing ATM cash withdrawal limits, easing restrictions on cashing checks, increasing credit card limits, and offering payment accommodations to assist members having payment difficulty. The guidance also noted that “prudent efforts” to modify loan terms would not be subject to examiner criticism, and institutions can ease their terms for new loans consistent with prudential banking practices. The Department also committed to work with affected institutions to reduce burden when scheduling examinations and inspections, utilize off-site reviews, and work with institutions experiencing difficulties fulfilling reporting requirements.
California DBO issues guidance on securities and franchise filings
On March 22, the California Department of Business Oversight issued notice urging securities and franchise filers to submit filings electronically and request waivers of automatic effectiveness for paper filings. The notice also provides that effective immediately the DBO will accept use of e-signature software in lieu of notarization and will waive the additional filing fee for renewals filed after franchise registration has lapsed through June 30.
Arizona Governor exempts essential businesses from shelter-in-place orders
On March 23, the Arizona Governor ordered that local jurisdictions may not prohibit essential functions and must coordinate any orders restricting movement outside the home with the state health department. The order identifies financial institutions as an essential business and operation.
Alaska requires entrants to self-quarantine unless they support critical infrastructure
On March 23, the Alaska Governor ordered all people arriving in Alaska, including residents, workers, and visitors, to self-quarantine for 14 days unless they support critical infrastructure. The “financial services sector” is identified as a critical industry not subject to the quarantine requirement. The order took effect on March 25.