SEC Offers Regulatory Relief to Advisers Affected by Hurricanes

On September 28, 2017, the SEC provided regulatory relief to individuals and entities subject to the ’33 Act, ’34 Act and ’40 Act who were affected by Hurricanes Harvey, Irma or Maria. The relief came in the form of conditional exemptions from certain requirements.

The hurricanes, which struck between August and September of 2017, devastated large swaths of the Caribbean as well as areas of Texas, Louisiana and Florida. Advisers located in these regions have experienced issues ranging from loss of power to destruction of infrastructure. The SEC has used its statutory authority to offer relief to those affected by the storms.

Regarding registered investment advisers, the relief came in four main initiatives:

  1. Advisers affected by Hurricane Harvey will have their ADV filing requirements considered satisfied if: (1) their deadline for filing fell between August 25 and October 6, 2017; (2) the Adviser couldn’t meet their filing deadline because of Hurricane Harvey; and (3) the Adviser submits their Form ADV filing by October 10, 2017.
  2. Advisers affected by Hurricane Irma will have their ADV filing requirements considered satisfied if: (1) their deadline for filing fell between September 6 and October 18, 2017; (2) the Adviser couldn’t meet their filing deadline because of Hurricane Irma; and (3) the Adviser submits their Form ADV filing by October 19, 2017.
  3. Advisers affected by Hurricane Maria will have their ADV filing requirements considered satisfied if: (1) their deadline for filing fell between September 20 and November 1, 2017; (2) the Adviser couldn’t meet their filing deadline because of Hurricane Maria; and (3) the Adviser submits their Form ADV filing by November 2, 2017.
  4. Advisers affected by Hurricane Harvey, Hurricane Irma or Hurricane Maria will be considered to have satisfied their requirement to deliver written disclosure statements to their advisory clients if: (1) the client’s mailing address has a zip code for which mail service has been suspended as the result of Hurricane Harvey, Hurricane Irma or Hurricane Maria; and (2) the Adviser promptly delivers the written disclosure either (i) if requested by the client or (ii) at the earlier of November 2, 2017 or the resumption of mail service.

This should be welcomed relief for those affected by any of these storms. For further information on how Ascendant can help those affected, please contact us today.

 


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.

Latest Content

Texas Outlaws and a Silver Bullet: Position Limits in the USA

In this first installment on position limits, Regulatory Guidance expert Greg Hotaling surveys the current landscape of position limits imposed for U.S.-listed commodity derivative holdings, which can affect investment firms and other speculative investors regardless of where they are based. Stay tuned for coverage of EU position limits in the next edition. “Who shot J.R.?!” … Continued

FAQs From the Cyber Desk

Cybersecurity is a fast-moving target, so it is not uncommon for firms to have questions when it comes to assessing and understanding their cybersecurity risks. Here at CSS we receive a lot of cybersecurity questions, so we thought we would take the time to answer 10 of the most common Frequently Asked Questions. (1) What … Continued

EU Position Limits: Born in the USA?

This is the second installment of Regulatory Guidance Expert Greg Hotaling’s blog on position limits, this time addressing EU-listed commodity derivatives and related products.  As always, keep in mind that these limits can apply to asset managers, and other market participants, regardless of where they are based. In 2009, the European Union’s first comprehensive position … Continued