SEC Issues COVID-19 Disclosure Guidance and Extends Conditional Relief from Reporting Requirements: Staff Provides Guidance for Reporting on the Impact of the COVID-19 Crisis and Issues New Orders Extending Relief for Public Companies, Investment Funds and Investment Advisers

Sullivan & Cromwell LLP - March 30, 2020
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On March 25, the SEC issued new guidance setting forth the Division of Corporation Finance’s views on disclosure and other securities law obligations that companies should consider with respect to the COVID-19 crisis and the related business and market disruptions. On the same day, the SEC also extended the scope of the conditional relief it announced earlier in the month.  Under the extension, public companies, investment funds and investment advisers meeting certain conditions may qualify for relief from some of the requirements under the Securities Exchange Act of 1934, the Investment Advisers Act of 1940  and the Investment Company Act of 1940.