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01/18/2019

Department Available to Field Complaints, Assist Investors

Harrisburg, PA - Secretary of Banking and Securities Robin L. Wiessmann today reminded Pennsylvania investors that it is available to address investor complaints and questions despite the partial shutdown of the federal government.

“As a state securities regulator, the department has a long-standing working relationship with federal securities regulators,” said Wiessmann. “It is important for investors to know that the department’s work regulating securities-related business in Pennsylvania, fielding investor complaints, and providing information to small business entrepreneurs looking to raise capital is unaffected by the federal government shutdown.”

The federal Securities and Exchange Commission (SEC) has operated on a limited basis since December 28, 2018 due to the partial closure of the federal government. According to the SEC’s website, the agency is operating with a “very limited” number of staff but does have staffing available in Washington, D.C. and its district offices to respond to “emergency situations involving market integrity and investor protections, including law enforcement.”

“State and federal securities regulators share the same mission to protect investors and the integrity of our financial markets,” Wiessmann said. “The department stands ready to provide whatever assistance it can to investors as it continues on this important mission.”

The department licenses and registers more than 200,000 investment firms and professionals doing business with Pennsylvania residents, including broker-dealers, broker-dealer agents, investment advisers, investment adviser representatives, and notice filers.

Investors with questions or complaints can call 1-800-PA-BANKS or contact the department online.

The North American Securities Administrators Association has more information on the role of state securities regulators.

MEDIA CONTACT: Virginia Lucy - 717.214.4759

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