Vermont Securities Division Extends Deadline for Investment Advisers to File Form ADV Annual Amendment

March 19, 2020

In response to the COVID-19 outbreak, the Vermont Department of Financial Regulation has extended their deadline for state registered investment adviser firms to file their annual Form ADV amendment to April 30, 2020. The original deadline was March 31, 2020. Investment adviser firms registered in Vermont are encouraged to contact the Securities Division if they have questions. Questions concerning Vermont’s new deadline may be directed to 802-828-3420 or dfr.securitiesinfo@vermont.gov.

The Vermont Securities Division’s relief comes on the heels of the U.S. Securities and Exchange Commission’s (SEC’s) announced 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. Click here to read more about the SEC’s order announcement and the SEC’s requirements for its use.

While some state securities regulators may 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.

RIA Compliance Consultants cautions there’s a possibility that an investment adviser’s use of this deadline extension could result in additional scrutiny from the securities regulator with respect to the investment adviser’s business continuity plan.

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, Vermont Investment Advisor