COVID-19 Information and Guidance
Last updated on: April 20, 2020
Announcements and resources relevant to the developing COVID-19 situation will be aggregated below as they become available. FINRA-member dual BD/IA firms should also consult the COVID-19/Coronavirus page on finra.org for more information.
Form Filing Guidance
Please visit the SEC website for COVID-19 guidance related to Form PF and Form ADV filing relief, including a press release and the order under the Investment Advisers Act.
Investment Adviser Representative (RA) Qualification Exam Candidates
COVID-19 guidance on FINRA-administered exams (Series 7, 65 and 66 for RAs*) has been posted. Information regarding test center availability, exam cancellations and enrollment window extensions will be updated as it becomes available. Please check frequently and encourage exam candidates to consult the page before enrolling, scheduling or sitting for their exams.
*Please note that FINRA administers state law exams on behalf of NASAA.
Payroll Protection Program and Form U4
On April 13, 2020, FINRA issued guidance (found in the Individual Registration Q&A section) stating that a registered person who obtains a loan under the Paycheck Protection Program (PPP) will not have to disclose a “compromise with a creditor” in response to Question 14K on Form U4 if the loan is wholly or partially forgiven under the terms of the PPP. The NASAA CRD/IARD Steering Committee consulted with FINRA regarding this guidance. We concur with it and further advise that the same guidance would apply to Question 14K on Form U4 for an investment adviser representative who obtains a PPP loan.