Category Archives: SEC
 

SEC Is Not Extending the Deadlines for RIAs to File/Deliver Form ADV Part 3 Due to COVID-19

April 03, 2020

In response to numerous inquiries and requests for an extension of the deadlines facing SEC registered investment advisers related to filing and/or delivering the Form ADV Part 3/Client Relationship Summary (“CRS”), the U.S. Securities  and Exchange Commission (“SEC”) issued a Public Statement on April 2, 2020 indicating that the SEC is not extending the filing and delivery deadline for the Form ADV Part 3/CRS.

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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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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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SEC Announces 2020 Exam Priorities

January 16, 2020

On January 7, 2020, the Securities and Exchange Commission (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released its 2020 Examinations Priorities for SEC registered investment advisers. After completing over 3,089 investment adviser examinations in 2019, the SEC outlined several themes for the focus of investment adviser examinations which include the following:

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SEC Risk Alert – Supervising IARs and Conflicts of Interest Deficiencies

July 31, 2019

On July 23, 2019 the Office of Compliance Inspections and Examination’s (“OCIE”)  of the U.S. Securities and Exchange Commission (“SEC”) released a Risk Alert about its assessment of the oversight practices of SEC-registered investment advisers who employ or employed individuals with disciplinary histories. Of the over 50 advisers that were examined,  nearly all of the examined advisers received deficiency letters. The OCIE exams did not focus solely on supervisory practices as they relate to the individuals with prior disciplinary histories. Instead, OCIE reviewed the advisers’ supervisory practices firm-wide. OCIE’s findings relate to all investment advisers regardless of whether they have someone with a disciplinary history. The deficiencies identified related to compliance and disclosure issues, including undisclosed conflicts of interest.

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SEC Risk Alert – Compliance Issues Related to Regulation S-P – Privacy Notices and Safeguard Policies

May 07, 2019

On April 16, 2019, the United States Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a risk alert about “Compliance Issues Related to Regulation S-P – Privacy Notices and Safeguard Policies” to encourage investment adviser firms to review their written policies and procedures to, “ensure compliance with the relevant regulatory requirements.”

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2019 SEC Examination Priorities

December 27, 2018

On December 20, 2018, the Office of Compliance Inspections and Examination (“OCIE”) of the U.S. Securities Exchange Commission (“SEC”) released its 2019 Examinations Priorities for SEC registered investment advisers. After completing over 3,150 investment adviser examinations in 2018, a 10 percent increase over 2017, the SEC outlined several themes for the focus of investment adviser examinations which include the following:

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