COVID-19 RELATED DEVELOPMENTS –

SPECIAL REGULATORY UPDATE –

New SEC Guidance on PPP Loans, Form ADV Brochure Delivery and the Custody Rule -

On April 27, 2020, the staff of the Securities and Exchange Commission (the “SEC”) updated its Division of Investment Management Coronavirus (COVID-19) Response FAQs and Staff Responses to Questions About the Custody Rule FAQs to address the following topics in light of the COVID-19 pandemic:

1. Disclosure of Paycheck Protection Program (“PPP”) Loans: Whether an adviser needs to disclose receipt of a PPP loan in its Form ADV Part 2A (“Brochure”). In discussing this issue below, we also discuss the Small Business Administration’s (the “SBA”) recent guidance on a new Interim Final Rule…