SEC Announces ADV Amendment Filing Deadline Extension

March 16, 2020

In response to the outbreak of COVID-19, the U.S. Securities and Exchange Commission (SEC) announced an order, “providing a temporary exemption from certain requirements of the Investment Advisers Act of 1940.” Per this order, SEC registered investment advisers and exempt reporting advisers impacted by COVID-19 with a fiscal year end of December 31, 2019 now will have until the May 14, 2020 to file their Form ADV Amendments. The original deadline was March 30, 2020. Regardless of the extension, RIA Compliance Consultants recommends that investment adviser firms should try to get the ADV Annual Amendment filed as soon as possible.  The extension is available only to SEC investment adviser firms that cannot meet the deadline due to the effects of COVID-19.

To qualify for the May 14, 2020 deadline, SEC registered investment adviser firms or exempt reporting advisers must me the following criteria:

  • Be unable to meet a filing deadline or delivery requirement due to circumstances related to current or potential effects of COVID-19
  • The investment adviser relying on this Order with respect to the filing of Form ADV or delivery of its brochure, summary of material changes, or brochure supplement promptly provides the SEC via email (IARDLive@sec.gov)and discloses on its public website the following information:
    • The SEC registered investment adviser or exempt reporting adviser that it is relying on this Order
    • a brief description of the reasons why it could not file or deliver its Form on a timely basis
    • the estimated date by which it expects to file or deliver the Form
  • Any investment adviser relying on this order with respect to filing Form PF required by Rule 204(b)-1 must promptly notify the Commission via email (FormPF@sec.gov) stating:
    • the registered investment adviser or exempt reporting adviser that it is relying on this Order
    • a brief description of the reasons why it could not file or deliver its Form on a timely basis
    • the estimated date by which it expects to file or deliver the Form
  • The investment adviser files the Form ADV or Form PF, as applicable, and delivers the brochure (or summary of material changes) and brochure supplement required by Rule 204-3(b)(2) and (b)(4) under the Advisers Act,  as soon as practicable, but not later than 45 days after the original due date for filing or delivery, as applicable.

At this time it is important to note that this order specifically applies to SEC registered investment adviser firms. While some state securities regulators have issued similar relief, RIA Compliance Consultants does not have an exhaustive list of such regulators and encourages you to check if your state securities regulators has granted similar relief.

In an effort to try to assist investment adviser firms dealing with COVID-19, RIA Compliance Consultants is hosting a free webinar, “Compliance Tips for COVID-19 and Volatile Market,” on Thursday, March 26 at 12:00 PM CT. During this free webinar RIA Compliance Consultants’ President, Bryan Hill, will discuss Compliance Issues with COVID-19 and volatile markets including privacy policies, succession planning, suitability, and business continuity planning. To register for this webinar please click the following link https://zoom.us/webinar/register/WN_RCsmPcGKRJ6N1gl67LsTuA

Posted by Grant Parr
Labels: Annual Amendment, COVID-19, SEC