The Texas State Securities Board has announced extended relief from certain filing obligations for securities professionals regulated by Texas, including state registered investment advisers and investment adviser representatives. Filers that would otherwise be required to update a filing solely to report a change in the office of employment address of an employee, agent, or representative, or any newly opened temporary branch or office location between March 13, 2020 and September 30, 2020 will not be penalized or sanctioned for not updating a filing to reflect a temporary branch or work location or space-sharing arrangement. When first announced in March 2020, the waiver ended on June 30, 2020.
Investment advisers and representatives subject to regulation by the Texas State Securities Board should note that the waiver is limited to temporary office and work locations. Permanent changes to office and work locations must be filed within the typical 30-day window per Texas Board Rules 115.9(a)(6) and 116.9(a)(6).
In order to qualify for the waiver for temporary office and work locations, investment adviser firms regulated by the Texas State Securities Board must meet the following conditions:
- The use of a temporary location or arrangement is due to circumstances related to current or potential effects of COVID-19; and
- If the temporary location or arrangement remains in use more than 30 days after the period covered by this waiver, the filer would need to update the Form BR, Form U-4, Form BD, or Form ADV not later than 45 days after the date this waiver terminates.
If your investment adviser firm is an existing client of RIA Compliance Consultants and would like assistance in reviewing your COVID-19 business continuity plan and related filing obligations, we encourage you to speak with your compliance consultant. Or, if you are not an existing client of RIA Compliance Consultants, click here to set up an introductory call with our Business Development Team.
Posted by RCC
Labels: COVID-19, Texas Investment Advisor