As efforts continue to try to contain the devastating wildfires in the Los Angeles area, the Securities and Exchange Commission said that it is closely monitoring the impact of the fires on investors and capital markets.
In a press release, the SEC said that its divisions and offices will track developments in the situation to learn how it is affecting the entities it oversees, including companies, accountants, investment advisers, mutual funds, brokerage firms, transfer agents, and other regulated entities and investment professionals.
The commission said it will “evaluate the possibility of granting relief from filing deadlines and other regulatory requirements for those affected by the wildfires.”
Firefighters are continuing to battle the fires that have left at least 28 people dead, destroyed over 15,000 structures and charred about 63 square miles.
Entities and investment professionals affected by the wildfires are encouraged to contact SEC staff with questions and concerns:
-Division of Examinations staff in the Commission’s Los Angeles Regional Office can be reached by phone at 323-965-3998 or email at [email protected]
-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 [email protected]
-Division of Trading and Markets staff can be reached by phone at 202-551-5777 or email at [email protected]
-Office of Municipal Securities staff can be reached by phone at 202-551-5680 or email at [email protected]
The SEC also took the opportunity to issue a warning about the possibility of investment frauds or securities scams connected to the wildfires. The Office of Investor Education and Advocacy issued an Investor Alert encouraging investors to check the background of anyone offering them an investment by using the free search tool on Investor.gov.
Anyone having problems accessing their securities accounts or with questions or concerns relating to the wildfires was encouraged to contact the Office of Investor Education and Advocacy by phone at 1-800-SEC-0330 or email at [email protected].
The SEC said its Division of Enforcement will vigorously prosecute those who attempt to defraud victims of the wildfires. The SEC is asking investors to report any suspicious solicitations at www.sec.gov/complaint/tipscomplaint.shtml.
Meanwhile, California’s Department of Financial Protection and Innovation (DFPI) also urged consumers and investors to be alert to scams and unlawful activities in investments and other financial services related to the wildfires. The DFPI said it “encourages consumers and investors to carefully investigate any potential financial relief proposal or investment opportunity at a time when unscrupulous actors will likely try to exploit heightened economic anxieties. ”
The attorneys at Hyman Cotter PC include former senior attorneys at the SEC whose legal experience and industry knowledge make them uniquely qualified to provide counsel on securities regulatory, compliance and enforcement matters. Our attorneys fully understand the regulatory scrutiny financial professionals and their firms face from the various regulators that oversee the financial services industry. If your firm is facing an investigation from a regulatory agency, please contact Hyman Cotter PC at 312-291-4600 or through our online contact form.
