SEC Announces Conditional ADV Amendment Filing Extension

March 17, 2020

By Matthew T. Boos

On Friday, in response to the outbreak of COVID-19, the SEC issued an Order providing a temporary exemption from certain requirements of the Investment Advisers Act of 1940. Under the order, SEC registered investment advisers and exempt reporting advisers impacted by COVID-19 with a fiscal year end of December 31, 2019, will have until May 14, 2020, to file their Form ADV Amendments or Form PF, if applicable. The original deadline was March 30, 2020.

There are, however, conditions to qualify for the exemption, so it makes sense to file by the existing deadline where possible. The conditions to qualify for the temporary exemption are as follows:

  1. the inability to meet the filing deadline or delivery requirement must result from circumstances related to COVID-19;
  2. the adviser relying on the Order must promptly provide the SEC via email at IARDLive@sec.gov and disclose on its public website the following information:
    a. that it is relying on this Order
    b. brief description of the reasons why it could not file its form on a timely basis; and
    c. the estimated date by which it expects to file the form; and
  3. the adviser files the Form ADV and delivers the brochure (or summary of material changes) and brochure supplement as soon as practicable, but not later than 45 days after the original due date.

A copy of the Order is here.

If you have questions, please contact Matt Boos, Chair of Fredrikson’s Investment Management Group.

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