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Regulatory Update: Advisers Act Filing Relief

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Relief Related to the Investment Advisers Act of 1940

On March 25, 2020, the Securities and Exchange Commission (SEC) extended the time period for filing relief for Form ADV and Form PF.1 The Order extends the following obligations until June 30, 2020:

  • Registered investment advisers and exempt reporting advisers affected by the Coronavirus to file an amendment to Form ADV or file reports on Form ADV Part 1A, respectively;
  • Registered investment advisers affected by the Coronavirus from requirements to deliver amended brochures, brochure supplements or summary of material changes to clients where the disclosures are not able to be timely delivered because of circumstances related to Coronavirus; and
  • Private fund advisers affected by the Coronavirus from Form PF filing requirements.

To rely on this relief, the investment adviser or exempt reporting adviser who is unable to meet a filing deadline or delivery requirement due to circumstances related to current or potential effects of COVID-19 must notify the SEC staff as follows:

  • The investment adviser relying on the Order with respect to the filing of Form ADV or delivery of its brochure, summary of material changes or brochure supplement required by Rule 204-3(b)(2) or (b)(4), must promptly notify the SEC staff via email at [email protected] and disclose on the adviser’s public website (or if it does not have a public website, promptly notify its clients and/or private fund investors) that it is relying on the Order.
  • Any investment adviser relying on the Order with respect to filing Form PF required by Rule 204(b)-1 must promptly notify the Commission staff via email at [email protected] stating it is relying on the Order. 
  • The investment adviser should file the Form ADV or Form PF, as applicable, and deliver the brochure (or summary of material changes) and brochure supplement required by Rule 204-3(b)(2) and (b)(4) under the Advisers Act as soon as practicable, but not later than 45 days after the original due date for filing or delivery, as applicable.

 

See Order Under Section 206A of the Investment Advisers Act of 1940 Granting Exemptions from Specified Provisions of the Investment Advisers Act and Certain Rules thereunder (March 25, 2020) (the "Order), available here.

 

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