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Health Care Entities – AICPA Issues Additional CARES ACT TQAs for Health Care Entities NEW!

PPP Lenders – AICPA Issues Additional TQA Guidance for PPP Lenders NEW!

COVID-19 – AICPA Publishes COVID-19 Related Deadline Extensions of Audited Financial Statements and Other Reports 

State and Local Governments – AICPA Publishes FAQs on State and Local Government Accounting and Auditing Issues Related to COVID-19 

Confidential Treatment – Corp Fin Provides Guidance on Rule 83 Confidential Treatment Requests 

Audit Committees – PCAOB Publishes Staff Guidance on Conversations with Audit Committee Chairs Related to COVID-19

COVID-19 – GASB Publishes Technical Guidance on Accounting and Reporting Related to the CARES Act and COVID-19

COVID-19 – SEC Chief Accountant Emphasizes the Continued Need for High Quality Financial Reporting

COVID-19 – SEC Staff Publishes Statement on Paper Document Requirements for Non-Form 144 Documents

COVID-19 – SEC Chairman Provides Update on SEC Relief

Forms 144 – SEC Staff Publishes Statement on Paper Copies of Forms 144

Payroll Protection Program Lenders – AICPA Issues Accounting Guidance for PPP Lenders

Employee Benefit Plans – AICPA Publishes ERISA Employee Benefit Plan Financial Statement Audit Special Considerations for COVID-19

COVID-19 – SEC Staff Provides Guidance on COVID-19 Related Disclosures

COVID-19 – GASB Proposes Application Guidance on Cares Act and COVID-19 Assistance

Affects of Tax Regulation Changes Due to COVID-19

SEC Staff Speech, Division of Corporation Finance Statement Regarding Requirements for Form 144 Paper Filings in Light of COVID-19 Concerns

Requirements for Certain Paper Documents (other than Forms 144) in Light of COVID-19 Concerns

SEC Staff Speech, Keynote Address: Securities Enforcement Forum West 2020 by Steven Peikin, Co-Director, Division of Enforcement

Financial Stability Oversight – SEC Chairman Addresses Financial Stability Oversight Council

Asset Management – SEC Chairman Addresses SEC’s Asset Management Advisory Committee

SEC Staff Q&A: COVID-19 Related FAQs 

Articles 

Health Care Entities – AICPA Issues Additional CARES ACT TQAs for Health Care Entities

Summary - The AICPA has issued new Technical Questions and Answers (TQAs) under Section 6400, Health Care Entities. This set of TQAs provides guidance on CARES Act provisions specific to health care entities.

TQA Section 6400, Health Care Entities, includes guidance in the form of questions and answers for practitioners in application of FASB standards by hospitals, physician’s offices, and other health care providers and entities. Because the pandemic continues to create a financial strain on hospitals, physicians, and other health care entities, the AICPA issued this new set of TQAs to help nongovernmental health care entities account for payments received from the CARES Act, the Provider Relief Fund, and boosted Medicare and Medicaid payments.

These TQAs comprise ten pages of nonauthoritative accounting guidance developed by the AICPA Health Care Expert Panel. They address questions regarding CARES Act provisions and COVID-related FEMA funding specific to nongovernmental health care entities, which include business entities and not-for-profit entities.

“There is currently no explicit guidance within U.S. Generally Accepted Accounting Principles (GAAP) on the accounting for government grants to health care business entities,” said Andy Mrakovcic, CPA, AICPA Manager – Public Accounting and Staff Liaison to the AICPA Health Care Expert Panel. “We hope these TQAs will help health care business entities select an appropriate accounting model when applying for a government grant.”

The TQAs provide background information in the first TQA and address seven inquiries, including:

  • TQA section 6400.63, “Background to Sections 6400.64–.70 — CARES Act Provisions Specific to Health Care Entities;”
  • TQA section 6400.64, “Accounting for Provider Relief Fund Phase 1 General Distribution Payments;”
  • TQA section 6400.65, “Recognition Uncertainties Associated With Provider Relief Fund General Distribution Payments;”
  • TQA section 6400.66, “Period of Accounting for Provider Relief Fund General Distribution Payments;”
  • TQA section 6400.67, “Accounting for Uninsured Pool Portion of Provider Relief Funds;”
  • TQA section 6400.68, “Accounting for Payments Received Under the Medicare Accelerated and Advance Payment Program;”
  • TQA section 6400.69, “Accounting for Temporary Increases in Medicare and Medicaid Payments;” and
  • TQA section 6400.70, “FEMA Public Assistance Payments to NFP Health Care Entities for Emergency Protective Measures During the COVID-19 Pandemic.”

The AICPA also advises that when selecting an appropriate accounting model to apply to a government grant, a health care business entity should consider:

  • U.S. GAAP guidance on selecting accounting principles for transactions or events for which no guidance exists (FASB ASC 105, Generally Accepted Accounting Principles);
  • The specific characteristics and facts and circumstances associated with the grant; and
  • Any preexisting accounting policies the entity may have established for government grants.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

PPP Lenders – AICPA Issues Additional TQA Guidance for PPP Lenders

Summary - The AICPA and its Depository Institutions Expert Panel (DIEP) have released an additional Technical Questions and Answer (TQA) to help depository institutions, credit unions, credit card companies, broker-dealers, insurance companies and other lenders appropriately account for the loans they distribute under the Paycheck Protection Program (PPP).

The new TQA provides guidance for accounting for the loan when the borrower is not eligible for loan forgiveness, or failed to timely complete a loan forgiveness application and submit the required documentation to its lender, and when the Small Business Administration (SBA) determines in the course of its review that the borrower was ineligible for the PPP loan. In these situations, the loan will not be eligible for forgiveness, and immediate payment will be required.

The TQA answers the question, how should a lender account for the forgivable portion of the loan that is eligible for forgiveness during the settlement process, including the time period subsequent to the lender’s determination that the borrower is eligible for forgiveness and through the receipt of payment from the SBA?

The answer provides that the lender should continue to account for the forgivable portion of the loan as an interest-bearing loan (including amortization of loan origination fees, as noted in TQA Section 2130.44) through receipt of payment from the borrower or the SBA. Payments received from either the borrower or the SBA prior to maturity of the loan (other than required payments of principal and interest) are considered prepayments of the loan. Further, when payment is received from the borrower or the SBA (either in full or in part) prior to the loan’s maturity, amounts received should be accounted for as a prepayment, and unamortized loan origination fees should be accounted for in accordance with FASB ASC 310- 20, Receivables—Nonrefundable Fees and Other Costs.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

COVID-19 – AICPA Publishes COVID-19 Related Deadline Extensions of Audited Financial Statements and Other Reports

The AICPA has published a COVID-19 Related Deadline Extensions of Audited Financial Statements and Other Reports. This tools reviews deadline extensions for various federal agency reporting due dates that have been extended in light of COVID-19.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

State and Local Governments – AICPA Publishes FAQs on State and Local Government Accounting and Auditing Issues Related to COVID-19

As reported above, the AICPA has published the staff document, FAQs – State and Local Government Financial Statement Accounting and Auditing Matters and Auditor Reporting Issues Related to COVID-19.
The AICPA released this FAQ for use by practitioners performing financial statement and audit engagements of state and local governments and preparers of such financial statements during the COVID-19 pandemic. This nonauthoritative guidance covers accounting and audit matters, including the following topics, among others:

  • Subsequent events as defined in GASB Statement No. 56, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards;
  • • Management’s discussion and analysis, including financial reporting considerations related to the pandemic using GASB Statement No. 34, Basic Financial Statements — and Management’s Discussion and Analysis — for State and Local Governments and what auditors should keep in mind as it relates to MD&A related to the pandemic;
  • Going concern matters;
  • Loss contingencies and claims and judgments;
  • Noncompliance with finance-related legal or contractual provisions;
  • Fair value of investments;
  • Capital asset impairment considerations;
  • Termination benefits;
  • Extraordinary and special items;
  • Operating versus nonoperating for proprietary funds;
  • Tax revenue – delayed due dates;
  • Pension and OPEB valuation;
  • Audit-specific and auditor-reporting specific matters;
  • Planned meetings;
  • Fraud inquiries;
  • Risk assessment; and
  • Internal control over financial reporting.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Confidential Treatment – Corp Fin Provides Guidance on Rule 83 Confidential Treatment Requests

The SEC’s Division of Corporation Finance (Corp Fin) has published guidance Regarding Submission of Supplemental Materials and Information Subject to Rule 83 Confidential Treatment Requests in Light of COVID-19 Concerns. In light of ongoing health and safety concerns related to COVID-19, Corp Fin is providing a temporary secure file transfer process for the submission of supplemental materials pursuant to Securities Act Rule 418 and Exchange Act Rule 12b-4 and information subject to Rule 83 confidential treatment requests.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Audit Committees – PCAOB Publishes Staff Guidance on Conversations with Audit Committee Chairs Related to COVID-19

The PCAOB has published Staff Guidance: PCAOB Conversations with Audit Committee Chairs - COVID-19 and the Audit. As part of its ongoing outreach efforts, the PCAOB has held conversations with audit committee chairs on the ongoing COVID-19 pandemic. Given the unprecedented challenges for auditors, audit committees, and issuers created by the COVID-19 pandemic, the PCAOB asked audit committee chairs how they are thinking about the effect of COVID-19 on financial reporting and the audit as they perform their oversight duties.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

COVID-19 – GASB Publishes Technical Guidance on Accounting and Reporting Related to the CARES Act and COVID-19

Summary - The Governmental Accounting Standards Board (GASB) has released Technical Bulletin 2020-1, Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Coronavirus Diseases.

Technical Bulletin 2020-1 provides guidance for applying existing standards to transactions related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and certain outflows incurred in response to the coronavirus. The Technical Bulletin clarifies the application of existing recognition requirements to resources received from certain programs established by the CARES Act. It also clarifies how existing presentation requirements apply to certain inflows of CARES Act resources and to the unplanned and additional outflows of resources incurred in response to the coronavirus disease.

The Technical Bulletin is set up in question and response. These questions address specific questions raised by the GASB’s stakeholders. The questions include matters related to:

  • Resources received from the Coronavirus Relief Fund;
  • The government entity’s loss of revenue attributable to the effects of COVID-19;
  • Subsequent events and the effect of amendments to the CARES Act and financial statements;
  • Reporting requirements of forgivable loans under the Paycheck Protection Program (PPP) when a governmental entity determines that the loan will be forgiven in a subsequent period;
  • Operating or nonoperating revenue presentation; and
  • Special or extraordinary item presentation for outflows of resources incurred in response to coronavirus disease.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

COVID-19 – SEC Chief Accountant Emphasizes the Continued Need for High Quality Financial Reporting

Summary - SEC Chief Accountant Sagar Teotia has published a statement emphasizing the continued importance of high-quality financial reporting for investors in light of COVID-19. Teotia indicates that as “many public companies now prepare for their next reporting cycle (e.g., second quarter financial reporting), we emphasize that the participants in the financial reporting system continue to play an important role in the functioning of our markets and in our collective national effort to mitigate the COVID-19 pandemic. We look forward to our financial reporting system continuing to provide a steady flow of timely, decision-useful information to investors and our public capital markets.”

Topics discussed by Teotia include:

  • OCA’s Engagement and Work Related to High-Quality Financial Reporting;
  • Engagement with the FASB and the PCAOB;
  • Engagement with International Standard Setters and Other Regulators; and
  • Engagement with and the Vital Role of Audit Committees.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

COVID-19 – SEC Staff Publishes Statement on Paper Document Requirements for Non-Form 144 Documents

Summary - The staff of the Division of Corporation Finance (Corp Fin) has published a Statement Regarding Requirements for Certain Paper Documents (other than Forms 144) in Light of COVID-19 Concerns. Corp Fin is aware of logistical difficulties submitting certain forms (other than Forms 144) in paper given the spread of COVID-19. In light of ongoing health and safety concerns related to COVID-19, the staff is providing the following statement to those affected by COVID-19 regarding forms listed in the statement. This staff statement is temporary and covers those who submit the following forms until the staff provides public notice that it no longer will be in effect; that notice will be published at least two weeks before the announced termination date.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

COVID-19 – SEC Chairman Provides Update on SEC Relief

Summary - SEC Chairman Jay Clayton provided an updated on SEC relief provided in light of COVID-19. The update provides a summary of current targeted, temporary relief and assistance provided by the SEC and staff, along with the staff’s views on whether and, if so, how that relief should be adjusted taking into account market outreach and observations. Clayton indicates that it “is clear that the need for certain relief remains, such as relief to ensure continued remote operations and to provide flexibility in light of continued market volatility.”

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Forms 144 – SEC Staff Publishes Statement on Paper Copies of Forms 144

Summary - Corp Fin has published a Statement Regarding Requirements for Form 144 Paper Filings in Light of COVID-19 Concerns. Corp Fin is aware of logistical difficulties of submitting Forms 144 on paper given the spread of COVID-19. In light of ongoing health and safety concerns related to COVID-19, the staff is providing the following statement to those affected by COVID-19 regarding Forms 144. This staff statement is temporary and covers those who submit Forms 144 until the staff provides public notice that it no longer will be in effect; that notice will be published at least two weeks before the announced termination date.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Payroll Protection Program Lenders – AICPA Issues Accounting Guidance for PPP Lenders

Summary - The AICPA and its Depository Institutions Expert Panel (DIEP) has released several Technical Questions and Answers (TQA) to help depository institutions, credit unions, credit card companies, broker-dealers, insurance companies and other lenders appropriately account for the loans they distribute under the Paycheck Protection Program (PPP).


The new TQAs include questions and answer questions under Q&A Section 2130, Receivables, and address how creditors may restructure loans made in response to COVID-19 that result in restructurings that are not troubled debt restructurings and include periods of reduced payments, including payment deferrals, fee waivers, extension of repayment terms or delays in payment. They also answer other related questions regarding the PPP, loan origination fees, and the SBA guarantee.


“Given the unique nature of the PPP, lenders have had many questions about how to account for these types of loans and report on their arrangements. These TQAs provide answers to technical accounting questions that are important for the appropriate financial reporting of PPP program loans and any concessions granted in light of the recent pandemic,” said Jason Brodmerkel, CPA, AICPA Senior Manager, Accounting Standards —Depository and Lending Institutions.

The TQAs include the following:

  • Section TQA 2130.41 Determination of the Effective Interest Rate;
  • Section TQA 2130.42 Classification of Advances Under the Paycheck Protection Program;
  • Section TQA 2130.43 Consideration of the SBA Guarantee Under the Paycheck Protection Program; and
  • Section TQA 2130.44 Accounting for the Loan Origination Fee Received From the SBA.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Employee Benefit Plans – AICPA Publishes ERISA Employee Benefit Plan Financial Statement Audit Special Considerations for COVID-19

Summary - The AICPA has published ERISA employee benefit plan financial statement audit special considerations—2020: COVID-19 environment implications and financial statement disclosures. This non authoritative tool is intended to help auditors identify whether there are any unique situations to consider from an employee benefit plan audit and/or financial reporting perspective for plan calendar years ending on December 31, 2019.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

COVID-19 – SEC Staff Provides Guidance on COVID-19 Related Disclosures

Summary - The staff in the SEC’s Division of Corporation Finance (Corp Fin) has issued CF Disclosure Guidance Topic: COVID-19 Disclosure Considerations Regarding Operations, Liquidity, and Capital Resources. This guidance provides additional Corp Fin views regarding operations, liquidity, and capital resources disclosures companies should consider with respect to business and market disruptions related to COVID-19.

Corp Fin indicates that it “continues to monitor how companies are disclosing the effects and risks of COVID-19 on their businesses, financial condition, and results of operations and is supplementing CF Disclosure Guidance Topic No. 9 with guidance regarding additional disclosure considerations. We continue to encourage companies to provide disclosures that allow investors to evaluate the current and expected impact of COVID-19 through the eyes of management and to proactively revise and update disclosures as facts and circumstances change. These disclosures should enable an investor to understand how management and the Board of Directors are analyzing the current and expected impact of COVID-19 on the company’s operations and financial condition, including liquidity and capital resources.”

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

COVID-19 – GASB Proposes Application Guidance on Cares Act and COVID-19 Assistance

Summary - The Governmental Accounting Standards Board (GASB) has released the proposed staff Technical Bulletin, Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus Diseases. The GASB is proposing the technical guidance as part of its continuing efforts to assist state and local governments during the COVID-19 pandemic.

The proposal contains application guidance related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and certain outflows incurred in response to the coronavirus. The Technical Bulletin, if adopted in its present form, addresses questions raised with the GASB by its stakeholders. The Exposure Draft of the proposal clarifies the application of existing recognition requirements to resources received from certain programs established by the CARES Act. It also clarifies how existing presentation requirements apply to certain inflows of CARES Act resources and to the unplanned and additional outflows of resources incurred in response to the coronavirus disease.

Because the GASB is working to issue this guidance as quickly as practicable, the comment deadline for the Exposure Draft is June 25, 2020. The GASB is scheduled to review stakeholder feedback and consider clearing a final Technical Bulletin on June 30.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Affects of Tax Regulation Changes Due to COVID-19

Authored by Tabitha Ford, Tax Senior, MaloneBailey, LLP.

Summary – In an effort to mitigate the negative impact that COVID-19 has had on affected Americans, Congress enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The majority of the tax relief is offered mainly through the deferment of taxes, as well as relaxing some of the limitations placed on businesses from the Tax Cuts and Jobs Act (TCJA). The most significant of these changes are summarized below and are attributable to net operating losses, 163(J) business interest expenses and AMT credits.

Net Operating Losses (NOL)

Just recently, the Tax Cuts and Jobs Act (TCJA) eliminated the carryback of NOL’s for tax years beginning in 2018, allowing only an indefinite carryforward. The CARES act is reversing this limitation with the following changes:

Allowing corporations and individuals a 5-year carryback for tax years 2018-2020. Corporations and individuals can amend their returns all the way back to 2013 in order to receive any potential refunds.
Foreign income subject to transition tax (section 965) that normally would have been included as income during the 5-year carryback period can be disregarded.
For taxable years beginning before Jan 1., 2018 and ending after Dec. 31, 2017, the carryback period can be waived, reduced or the election to waive the carryback period can be revoked.
NOL arising before 1/1/2021 can be fully utilized without the 80% taxable income limitation.
For passthrough entities and sole proprietors, the CARES Act eliminates the $250,000 (per non-corporate taxpayer) business loss limitation.
163(J) Business Interest Expense Limitations

Current law, also enacted by the TCJA, limits business interest expenses for entities subject to section 163(J) up to 30% of adjusted taxable income. The Act increased this limitation to 50% for taxable years 2019 and 2020 with a special allocation election required for partnerships for 2019. For tax year 2020, the taxpayer may also elect to use the adjusted taxable income from 2019 to calculate this limitation. Additionally, the taxpayer may also elect out of deducting the 50% excess business interest expense for taxable years beginning in 2020 without limitation.

Alternative Minimum Tax (AMT) Credit Refund

Prior to the Act, AMT was eliminated for corporations beginning in 2017, though refundable portions of any unused tax credits were allowed to be claimed through 2021, after a 50% limitation is applied on any excess minimum tax in 2018 through 2020, before it is fully refundable in 2021. The Act is essentially allowing the refundable credit to be fully claimed in 2019, as well as allowing the corporation to elect to claim the refundable credits in 2018.

If you have questions or need assistance with any IRS tax relief options mentioned above, please feel free to contact our Senior Tax Manager, Nicole Zhao.

SEC Staff Speech, Division of Corporation Finance Statement Regarding Requirements for Form 144 Paper Filings in Light of COVID-19 Concerns

Summary - The staff of the SEC’s Division of Corporation Finance (Corp Fin) has indicated that it “is aware of logistical difficulties of submitting Forms 144 in paper given the spread of coronavirus disease 2019 (COVID-19). In light of ongoing health and safety concerns related to COVID-19, the staff is providing the following statement to those affected by COVID-19 regarding Forms 144. This staff statement is temporary and covers those who submit Forms 144 for the period from and including April 10, 2020 to June 30, 2020.”

Corp Fin indicates that it will not recommend enforcement action to the SEC if Forms 144 filed in paper under Rules 101(b)(4) or 101(c)(6) of Regulation S-T are submitted via email in lieu of mailing or delivering the paper form to the SEC if the filer or submitter attaches a complete Form 144 as a PDF attachment to an email sent to PaperForms144@SEC.gov.

If the filer or submitter is unable to provide a manual signature on the Form 144 submitted by email, Corp Fin will not recommend enforcement action to the SEC if the filer or submitter provides a typed form of signature in lieu of the manual signature and:

  • The signatory retains a manually signed signature page or other document authenticating, acknowledging, or otherwise adopting his or her signature that appears in typed form within the electronic submission and provides such document, as promptly as practicable, upon request by Corp Fin;
  • Such document indicates the date and time when the signature was executed; and
  • The filer or submitter (with the exception of natural persons) establishes and maintains policies and procedures governing this process.

Filers and submitters may continue to submit Forms 144 to the SEC mailroom. There may, however, be delays in the processing of such documents.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Requirements for Certain Paper Documents (other than Forms 144) in Light of COVID-19 Concerns

Summary - The staff of the Division of Corporation Finance (Corp Fin) has published guidance for certain paper documents in light of COVID-19. Corp Fin indicates that it is aware of logistical difficulties submitting certain forms (other than Forms 144) in paper given the spread of COVID-19. Corp Fin has previously issued guidance on Forms 144.

This staff statement is temporary and covers those who submit the following forms for the period from and including April 23, 2020 to June 30, 2020:

  • Annual reports to security holders furnished by foreign private issuers on Form 6-K pursuant to Rule 101(b)(1) of Regulation S-T;
  • Forms 11-K pursuant to Rule 101(b)(3) of Regulation S-T;
  • Periodic reports and distribution reports filed by certain international development banks pursuant to Rule 101(b)(5) of Regulation S-T;
  • Reports or other documents furnished by foreign private issuers on Form 6–K pursuant to Rule 101(b)(6) of Regulation S-T; and

Unabridged foreign language documents and English translations of a foreign government’s or its political subdivision’s latest annual budget pursuant to Rules 306(b) and (c) of Regulation S-T.

Corp Fin will not recommend enforcement action to the SEC “if the above documents are submitted via email in lieu of mailing or delivering the paper document to the SEC if the filer attaches a complete document, including any required exhibits, as PDF attachments to an email sent to CorporationFinancePaperForms@SEC.gov.”

If the filer is unable to provide a manual signature on a document submitted by email, the staff will not recommend enforcement action to the SEC if the filer provides a typed form of signature in lieu of the manual signature and:

The signatory retains a manually signed signature page or other document authenticating, acknowledging, or otherwise adopting his or her signature that appears in typed form within the email submission and provides such document, as promptly as practicable, upon request by the Division or other SEC staff;
Such document indicates the date and time when the signature was executed; and
The filer establishes and maintains policies and procedures governing this process.

Filers may continue to submit these documents to the SEC mailroom. There may, however, be delays in the processing of such documents.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

SEC Staff Speech, Keynote Address: Securities Enforcement Forum West 2020 by Steven Peikin, Co-Director, Division of Enforcement

Summary - Steven Peikin, Co-Director of the SEC’s Division of Enforcement, recently discussed the SEC’s enforcement during COVID-19. Peikin indicates that the Division of Enforcement “have focused significant time and resources on responding to COVID-related matters. In organizing our response, we have looked to the experiences had, and the lessons learned, by our predecessors in other periods of emergency and serious market disruption, including the September 11 attacks and the 2007-08 global financial crisis.”

Topics discussed by Peikin included: (a) COVID-19 enforcement matters; and (b) ongoing non-COVID-19 work. Peikin expects there to be more trading suspensions related to COVID-19 and more fraud cases related to potential COVID-19 investment scams.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Financial Stability Oversight – SEC Chairman Addresses Financial Stability Oversight Council

Summary - SEC Chairman Jay Clayton recently addressed the Financial Stability Oversight Council indicating that the “continued orderly operation of our funding markets and other capital markets has been and will continue to be an essential factor in driving an effective national health and safety response to COVID-19. Consumers, the thousands of firms and entrepreneurs that are working to fight and respond to COVID 19—not to mention the state and local governments, hospital systems, transportation and public services that are critical to the response—all depend on continued access to financial services and markets.”

Clayton discussed the SEC primary responsibilities in the areas of market function, market monitoring, and corporate or other issuer disclosure.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Asset Management – SEC Chairman Addresses SEC’s Asset Management Advisory Committee

Summary - SEC Chairman Jay Clayton recently addressed the Asset Management Advisory Committee. Chairman Clayton described the SEC’s efforts in light of COVID-19. Clayton indicated that going forward the SEC “will continue to monitor the effects of our responses to COVID-19 as they evolve, and we will consider modifying, supplementing, and withdrawing relief and guidance as appropriate.”

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

SEC Staff Q&A: COVID-19 Related FAQs

Summary - The staff in the SEC’s Division of Corporation Finance (Corp Fin) has published COVID-19 Related FAQs. These FAQs provide guidance specific to financial reporting guidance related to the COVID-19 pandemic. The FAQ provides guidance on: (1) implementing the SEC’s guidance with the COVID-19 Order modifying exemptions from the reporting and proxy delivery requirements for public companies; and (2) questions related to registration statements on Form S-3.

For more information, click here.

© 2020 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.