Category Archives: Annual Amendment
 

SEC’s Response to COVID-19 – Changes Conditions for Utilizing the 45-Day Extension for Filing/Delivering Form ADV

March 27, 2020

Due to the further disruptions facing investment adviser firms related to COVID-19, the U.S. Securities and Exchange Commission (SEC) modified its original order of March 13, 2020 (“Original Order”), which provided an investment adviser firm registered with the SEC or an exempt reporting adviser (“ERA”) a 45-day extension to file the Form ADV Annual Amendment or Form PF and deliver the Form ADV Part 2A (or summary of material changes) to existing investment advisory clients if certain conditions were met by the investment adviser firm.  (Please see our previous blog entry for more details about the SEC’s initial Response to COVID-19 and the conditions for an investment adviser to obtain relief.)

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Colorado Extends Its ADV Filing Deadline for Investment Advisers

March 24, 2020

Due to disruptions caused by COVID-19 pandemic, the Colorado Securities Commission issued a Temporary Order relief for investment adviser firms registered with the Colorado Division of Securities. According to the relief order, an investment adviser firm registered with the Colorado Securities Commissioner, “may perform any of the Form ADV filing, updating and customer delivery requirement set forth by the Colorado Securities Act and related regulations up to 45 days after such action is due to be performed.” In effect, with this order relief Colorado extends its ADV filing deadline.

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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.

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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.

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Ensure Timely Preliminary Renewal Statement Payments

November 21, 2019

Don’t wait until the last minute to submit your annual renewal fees. FINRA must be in receipt of the full payment listed on the Preliminary Renewal Statement, which is now available, by Monday December 16, 2019. Investment advisers with sufficient funds in their Flex-Funding Account to cover the Preliminary Renewal Statement payment will have funds automatically transferred beginning December 16, 2019 to the Renewal Account to cover total renewal fees owed. Investment advisers that choose to mail in their payments are advised to do so now to avoid delays and to ensure funds are received by the deadline. If your investment adviser would like assistance with the annual renewal service, click here for more information on or to purchase RIA Compliance Consultants’ IARD Renewal Program and ADV Amendment Services.

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Preliminary Renewal Statement Available Monday

November 07, 2019

Starting Monday, November 11, 2019, a registered investment adviser firm can access, via its IARD account, its Preliminary Renewal Statement for 2020 renewals. The Preliminary Renewal Statement must be paid, in full, by Monday, December 16, 2019. Depending on your method of payment, it may take at least two days for a payment to post to the IARD account. Because of this, your firm’s payment should arrive at FINRA no later than Wednesday, December 11, 2019, to ensure that funds are posted to your firm’s IARD account by December 16, 2019.

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Investment Advisers Should Begin Preparations for 2020 Renewals

October 29, 2019

As annual renewal season rapidly approaches, investment advisers should be proactive and begin preparing for renewals by reviewing to make sure the investment adviser is properly registered or notice filed, as applicable, and that its investment adviser representatives are properly licensed with all required state securities regulators. The IARD Renewal Program serves to facilitate the annual renewal of investment advisers and their investment adviser representatives’ registrations with the appropriate state securities regulators. Although, an investment adviser’s registration, notice filing, and licensing requirements are some things that should be reviewed and monitored on an ongoing basis, during the annual renewal process all investment advisers should review their existing registration or notice filing status and each investment adviser representative’s licensing status to confirm that the investment adviser and its representatives are properly registered, notice filed, or licensed (as applicable). Additionally, all state registered investment advisers should also review the state requirements to see if branch office registration is required and, if it is, investment advisers should confirm that all branch office locations have been properly registered.

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