On March 25, 2020, the SEC issued a new Order extending and relaxing some of the conditions pertaining to the available relief for filing and delivering Form ADV amendments and for filing Form PF. Under the new Order, which replaces the March 13 Order, the relief is extended to applicable filing and delivery obligations on or prior to June 30, 2020.
In the replacement Order, the SEC eliminated requirements that advisers inform the SEC why an adviser is unable to meet a deadline and to provide an estimated date of filing or delivery completion. The SEC maintained requirements that the relief applies only under the following conditions:
- the adviser is impacted by COVID-19 and “unable to meet a filing deadline or delivery requirement due to circumstances related to current or potential effects of COVID-19”, and
- the adviser “promptly notifies the Commission staff via email at IARDLive@sec.gov (or at FormPF@sec.gov pertaining to Form PF filings) and discloses on its public website (or if it does not have a public website, promptly notifies its clients and/or private fund investors) that it is relying on this Order, and
- the adviser files Form ADV or Form PF and makes applicable deliveries “as soon as practicable, but not later than 45 days after the original due date for filing or delivery.”
The relief applies to registered investment advisers and exempt reporting advisers.
Because the relief applies to amendments to Form ADV, it does not impact the June 30, 2020 Form CRS filing deadline.
If you need help with your filings, reach out and contact us.
Subscribe to CSS Blog
CSS frequently publishes blog posts which are written by our team from their observations in the field, at conferences and through experiences with compliance professionals. These posts are designed to further knowledge and share industry best practices. Topics run the gamut, including Form ADV, cybersecurity, MiFID II, position limit monitoring, technology challenges and more. Complete and submit the brief form below to receive notifications when we publish new content.