TheCorporateCounsel.net

Our hearts go out to all who have been impacted by Hurricane Helene. The devastation and loss of life has been heartbreaking to watch over the past five days. On the other hand, it is always uplifting to observe the response to such a terrible tragedy, as local, state and Federal resources work with individuals and private organizations to provide aid where it is needed most.

On Friday, the SEC announced that it is closely monitoring the impact of Hurricane Helene on investors and capital markets. The announcement notes:

The SEC divisions and offices that oversee companies, accountants, investment advisers, mutual funds, brokerage firms, transfer agents, and other regulated entities and investment professionals will continue to closely track developments. They will evaluate the possibility of granting relief from filing deadlines and other regulatory requirements for those affected by the storm. Entities and investment professionals affected by Hurricane Helene are encouraged to contact SEC staff with questions and concerns:

• Division of Examinations staff in the SEC’s Miami Regional Office can be reached by phone at 305-982-6300 or email at miami@sec.gov
• Division of Examinations staff in the SEC’s Atlanta Regional Office can be reached by phone at 404-842-7600 or email at atlanta@sec.gov
• Division of Corporation Finance staff can be reached by phone at 202-551-3500 or via online submission at www.sec.gov/forms/corp_fin_interpretive
• Division of Investment Management staff can be reached by phone at 202-551-6825 or email at imocc@sec.gov
• Division of Trading and Markets staff can be reached by phone at 202-551-5777 or email at tradingandmarkets@sec.gov
• Office of Municipal Securities staff can be reached by phone at 202-551-5680 or email at munis@sec.gov

Individuals experiencing problems accessing their securities accounts or with similar questions or concerns relating to the hurricane are encouraged to contact the SEC’s Office of Investor Education and Advocacy by phone at 1-800-SEC-0330 or email at help@sec.gov.

Investors should be vigilant for Hurricane Helene-related securities scams and check the background of anyone offering them an investment by using the free and simple search tool on Investor.gov. The SEC’s Division of Enforcement will vigorously prosecute those who attempt to defraud victims of the storm. The SEC is asking investors to report any suspicious solicitations at www.sec.gov/complaint/tipscomplaint.shtml.

I note that one of my proudest moments while serving at the SEC was working on the SEC’s response to Hurricane Katrina in August 2005. I fondly recall sitting in Marty Dunn’s office for hours coming up with ways in which Corp Fin could provide relief to public companies that were impacted by the storm. I can still hear Marty exclaiming “We just made this up!” as he looked at his legal pad where he had scratched out the proposed relief efforts. Our work culminated in a Commission exemptive order and Staff guidance for affected companies. That Hurricane Katrina relief effort served as model for future disasters, including the COVID-19 pandemic. It definitely felt good to help out in some way in the face of a such a historic weather-related event.

– Dave Lynn