This new, temporary, section covers Coronavirus-related legislative, regulatory, legal, and scheduling developments impacting the financial and arbitration fields. We will discontinue this temporary feature when the pandemic passes – hopefully soon.
SEC & SROs: FINRA creates a dedicated Webpage on the pandemic…. FINRA issues guidance on event cancellations.… FINRA staff author Financial Peace of Mind in the Age of Coronavirus…. The Wall Street Journal reported on March 12 that the NYSE was evaluating plans to close the trading floor and switch to electronic systems…. CBOE Options Exchange temporarily shifts to fully electronic trading …. SEC issues two March 13 Press Releases: 1) SEC Staff Provides Guidance to Promote Continued Shareholder Engagement, Including at Virtual Annual Meetings, for Companies and Funds Affected by the Coronavirus Disease 2019 (COVID-19); and 2) SEC Takes Targeted Action to Assist Funds and Advisers, Permits Virtual Meetings and Provides Conditional Relief from Certain Filing Procedures…. COURTS: SCOTUS building is closed to the public until further notice…. Ninth Circuit cancels all en banc arguments and moves other oral arguments…. NJ announces 2-week suspension of municipal courts…New jury trials in NY postponed indefinitely…. NY State court systems suspends all but essential services…. Law360 issues Coronavirus: The Latest Court Closures and Restrictions…. ADR PROVIERS: AAA releases COVID-19 Update addressing among other things hearings. While facilities are open, here’s the list of categories covering who may not attend hearings (ed: repeated verbatim): “Those with a fever, cough, shortness of breath, symptoms of respiratory distress, or other symptoms of an illness; Individuals travelling from an affected area experiencing COVID-19 outbreaks or widespread transmission as defined by organizations such as the World Health Organization and the Centers for Disease Control; and those who have been in direct contact with someone known to have COVID-19…. JAMS issues an advisory for visitors…. CPR issues CPR COVID-19 Update; offices remain open at this time…. OTHER: “Edward Jones Suspends All Business Travel Until End-May”…. “Morgan Stanley, JPMorgan, Goldman Order Employees to Work from Home”…. Fordham Law cancels face-to-face classes and gatherings for the rest of the semester; sure to impact securities arbitration clinics….