SEC Provides Temporary Regulatory Relief for Investment Advisers

COVID-19 Update

Date: March 18, 2020

On March 13, 2020, the SEC announced regulatory relief for investment advisers, acknowledging that advisers operating in areas affected by the COVID-19 pandemic may be delayed or prevented from meeting certain regulatory obligations due to travel restrictions, reduced access to facilities, limited personnel availability and similar disruptions. To enable advisers to meet those obligations and continue their operations, while recognizing that there may be temporary disruptions outside of their control, the SEC issued an order (Order), effective through April 30, 2020, exempting:

  • registered investment advisers and exempt reporting advisers from the requirements to file an amendment to Form ADV and to file reports on Form ADV Part 1A, respectively;
  • registered investment advisers from requirements to deliver amended brochures, brochure supplements or summary of material changes to clients; and
  • private fund advisers from Form PF filing requirements.

These exemptions are available provided that the firm:

  • is not able to meet a filing deadline or delivery requirement due to circumstances related to the coronavirus;
  • promptly notifies the SEC via email and the public via a website (or its clients/investors directly, if it has no website) that it is relying on the Order, why it’s relying on the Order and when it expects to be able to meet the filing or delivery deadline; and
  • meets the filing or delivery deadline by no later than 45 days after the original due date.
FOR MORE INFORMATION

For more information, please contact:

Andrew J. Davalla
614.469.3353
Andrew.Davalla@ThompsonHine.com

Craig A. Foster
614.469.3280
Craig.Foster@ThompsonHine.com

Additional Resources

We have assembled a firmwide multidisciplinary task force to address clients’ business and legal concerns and needs related to the COVID-19 pandemic. Please see our COVID-19 Task Force page for additional information and resources.

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