The women and men of the SEC are focused on two overriding issues: (1) we are facing a national challenge—an unprecedented health and safety crisis that requires all Americans, for the sake of all Americans, to significantly change our daily behavior, including behavior at our banks, broker-dealers, investment advisers and other market participants; and (2) the reality that the continuing orderly operation of our credit and other capital markets is an essential factor in driving an effective health and safety response to COVID-19—our health care, pharmaceutical, transportation, manufacturing, food services and many other industries all depend upon the continuing provision and receipt of capital and credit and the flow of capital more generally.

With these two issues front of mind, the Commission has focused its resources on the continued orderly functioning of our securities markets—equities, fixed income securities, funds and other products—consistent with evolving health and safety directives. [1] These efforts have centered on the continued operation of physical infrastructure, including information technology systems, and, predominantly from remote locations, continued human engagement, all the while keeping health and safety as the primary concern. More specifically, we have worked with a broad array of market participants to ensure that their business continuity plans are consistent and compatible with (1) state and local health and safety directives and other measures, (2) the continued orderly operation of our securities markets and (3) regulatory safeguards, including our steadfast commitment to investor protection. [2] We greatly appreciate our relationships with, and the cooperation of, federal, state and local authorities in the United States and abroad in these efforts, including the notably universal recognition of the importance of the continuing operation of our capital markets. [3]

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