SEC Provides Additional Temporary Regulatory Relief for Reg A and Crowdfunding Issuers
In response to the effects of the coronavirus (COVID-19), the Securities and Exchange Commission has provided additional temporary regulatory relief to parties needing to make filings on the EDGAR system, and certain company filing obligations under Regulation A and Regulation Crowdfunding.
In response to the effects of the coronavirus (COVID-19), the Securities and Exchange Commission has provided additional temporary regulatory relief to parties needing to make filings on the EDGAR system, and certain company filing obligations under Regulation A and Regulation Crowdfunding.
The SEC has adopted a temporary final rule that provides relief from the Form ID notarization requirement from March 26, 2020 through July 1, 2020, subject to certain conditions.
Filers must indicate on the manually signed Form ID that it could not provide the required notarization due to circumstances relating to COVID-19. The filer must also submit a PDF copy of the notarized manually signed document within 90 days of obtaining an EDGAR account.
In addition, Regulation A and Regulation Crowdfunding issuers affected by COVID-19 will receive an additional 45 days to file certain disclosure reports that would have otherwise been due between March 26, 2020 and May 31, 2020.
Companies must inform their investors of their decision to rely on the extension, and when a company eventually files, it must disclose that it is relying on the extension and state the reasons why it could not file on a timely basis.
