SEC Issues Conditional Temporary Exemption for Advisers Affected by Coronavirus (COVID-19)

March 18, 2020 by Elaine Vincent

On Friday, March 13, 2020, the Securities and Exchange Commission ("SEC") issued IA Release No. 5463 (the “Order”) to grant a temporary exemption from certain regulatory filing deadlines or delivery requirements with respect to Form ADV and Form PF. If an adviser is unable to meet filing deadlines and/or delivery requirements for Form ADV and/or Form PF due to the effects of the coronavirus (COVID-19), it may rely on this exemption provided certain conditions are met.

  1. The adviser is unable to meet a filing deadline or delivery requirement due to circumstances related to current or potential effects of COVID-19.
  2. The adviser promptly notifies the SEC by e-mail at (Form ADV), or (Form PF). The adviser must also disclose on its public website that it is taking advantage of the Order, or notify its clients and or investors if the adviser does not have a public website. Both notices must indicate:
    • That the firm is relying on the Order,
    • A brief description of why the adviser could not file/deliver Form ADV, or Form PF on a timely basis, and
    • The estimated date (not later than 45 days after the original due date) it expects to do so.

How We Help

ACA is prepared to support our clients with their filing needs, whether you are filing by the deadline or taking advantage of the Order. If you intend to rely on the exemptions and submit filings after the March 30, 2020 Form ADV deadline or the April 29, 2020 annual Form PF deadline, please notify your ACA consultant.

For More Information

For more information about these exemptions, or if you need help with your filing, reach out to your ACA consultant or contact us here.

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