The SEC Issues Regulatory Relief Amid Form ID and Notarization Challenges

March 27, 2020

WHAT HAPPENED?

On March 23, 2020, the SEC acknowledged in an announcement that it is aware of challenges with meeting certain requirements for initial access to the EDGAR filing system; in particular, the Form ID application process and similar actions requiring notarization. Due to COVID-19, some entities and individuals have not been able to meet these expectations, rendering them unable to file in the EDGAR system.

To address this issue, the SEC issued regulatory relief through a temporary final rule, which also includes provisions for Regulation A, Regulation Crowdfunding, and annual updates to Form MA.

KEY TAKEAWAYS

Form ID Notarization Requirement

• The SEC is temporarily amending requirements of the Form ID application.
• The rule applies to applications submitted between March 26 and July 1, 2020.
• Applicants may upload a signed and unnotarized copy of Form ID which must include a statement that notarization could not be obtained because of COVID-19.
• Notarization must be obtained within 90 days of gaining access to EDGAR under the rule; the notarized document must be uploaded as correspondence to the appropriate EDGAR account.
• If these conditions are not met, the EDGAR access codes may be deactivated.

Regulation A, Regulation Crowdfunding, and Form MA

• The temporary rule provides companies having trouble complying with Regulation A or Regulation Crowdfunding with an additional 45 days to file certain disclosure reports otherwise due between March 26 and May 31, 2020.
• Municipal advisors affected by COVID-19 may utilize a 45-day extension to file annual updates to Form MA otherwise due between March 26 and June 30, 2020.

How to Contact the SEC

• Questions about Form ID notarization requirements should be directed to the EDGAR Business Office at 202-551-8900.
• Questions about Regulation A or Regulation Crowdfunding should be directed to the Division of Corporation Finance’s Office of Small Business Policy at 202-551-3460.
• Questions about relief for municipal advisors should be directed to the Office of Municipal Securities at munis@sec.gov.

WHAT DOES THIS MEAN FOR ME?

Follow the above protocol if you or your business are not able to meet the Form ID notarization requirement or are unable to comply with Regulation A, Regulation Crowdfunding, or cannot file Form MA in timely manner due to COVID-19.

FilePoint is available to answer questions about the SEC’s regulatory relief provisions and how they may affect your firm or fund. Reach out to us at file@filepoint.com.