In response to the coronavirus disease COVID 19, the SEC has provided a conditional extension of the March 30, 2020 deadline for annual amendments to Form ADV. The extension applies to both Exempt Reporting Advisers (“ERAs”) and Registered Investment Advisers (“RIAs”). 

RIAs’ brochure delivery and updating deadlines have also been extended, as have RIAs’ Form PF filings that would otherwise be due during the exemption period (March 13 – April 30, 2020).

New Deadlines.  Since the relief applies to multiple filing deadlines, the SEC states the extension as: “as soon as practicable, but to no later than 45 days after the original due date….” 

For annual Form ADV amendments otherwise due on March 30, 2020, this extension is until no later than May 14, 2020

Conditions.  To be eligible for the Form ADV and brochure delivery the extension, ERAs and RIAs must meet the following conditions:

  1. You must be unable to meet the applicable deadline due to circumstances related to current or potential effects of COVID-19.
  2. You must promptly provide the SEC an email notice that you are relying on the SEC extension, along with a brief description of the reasons you could not meet the regular deadline and an estimate of when you expect to comply. The email address is IARDLive@sec.gov. 
  3. You most also post on your website the information required in the email to the SEC. Advisers without a website must provide notice directly to fund investors and any other clients.

To be eligible for the extension for Form PF filings, RIAs must meet the following conditions: 

  1. You must be unable to timely file Form PF due to circumstances related to current or potential effects of COVID-19.
  2. You must promptly provide the SEC notice that you are relying on the SEC extension, along with a brief description of the reasons why you could not file Form PF on a timely basis and an estimate of when you will make the filing.  The email address is FormPF@sec.gov. 

Additional details may be found at:  https://www.sec.gov/rules/other/2020/ia-5463.pdf.

Bernard Hatcher

Posted by Bernard Hatcher