New Jersey is suspending some of its regulatory requirements to help financial professionals serve clients while working from home during the coronavirus pandemic.
The state is temporarily exempting displaced broker-dealers, investment advisors, and their registered agents or representatives from certain registration and filing requirements of the New Jersey Uniform Securities Law.
The New Jersey Bureau of Securities has issued an emergency order Tuesday allowing New Jersey residents registered as financial professionals in other states — such as New York — but not in New Jersey “to temporarily conduct activities with, or on behalf of, existing customers or clients from their homes or temporary offices in New Jersey,” according to a press release jointly issued by the bureau with the office of New Jersey Attorney General Gurbir Grewal.
The order, which is in effect until April 30 but could be extended or rescinded, also applies to both out-of-state firms and individuals “who are displaced” to continue serving existing clients from New Jersey.
“In effect, the order ensures that financial services professionals who live in New Jersey, but who ordinarily work in New York or another state, can work from home or from a New Jersey office, as stay-at-home and social-distancing policies adopted by governors across the region to combat the spread of Covid-19 have made it harder for commuters to work from their usual offices,” according to the press release. New Jersey, New York, Connecticut, Delaware and Pennsylvania have all issued stay-at-home orders.
The bureau is also extending deadlines for filing Forms ADV for financial professionals registered in New Jersey and waiving the physical signature requirement on certain forms filed electronically, according to the press release.
The coronavirus has infected more than 421,500 people and resulted in at least 18,482 deaths as of Wednesday morning, according to the New York Times. In the U.S., at least 53,852 have tested positive for the virus and 728 have died, the newspaper writes.
New York has been the hardest-hit state, with at least 25,665 people testing positive and 218 deaths, according to the Times.
New Jersey has at least 3,675 confirmed cases and 44 people have died, the newspaper writes.
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