SEC Monitoring Effects of Hurricane Milton on Capital Markets

The Securities and Exchange Commission will monitor Hurricane Milton, set to make landfall in Florida Wednesday evening, and its effects on the capital markets, according to an agency press release.

The divisions of the SEC that oversee regulated entities—including companies, accountants, investment advisers, mutual funds, brokerage firms and transfer agents—will closely track development of the hurricane and will consider waiving any filing deadlines or other regulatory requirements for firms affected by Hurricane Milton or Hurricane Helene, which hit the Southeastern U.S. in late September.

“Entities and investment professionals affected by Hurricane Milton or Hurricane Helene are encouraged to contact SEC staff with questions and concerns,” the press release stated.

Hurricane Milton could cause as much as $175 billion in damages in a worse-case scenario, according to Yaron Kinar, a property and causality insurance analyst at the Jefferies Group, in a note to clients.

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Hurricane Beryl opened the 2024 Atlantic hurricane season in early July with the earliest Category 5 hurricane on record, and meteorologists predicted above-average storm activity in the Atlantic due to abnormally high water temperatures. To date, there have been 13 named storms this year, including nine hurricanes.