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Vedder Thinking | Articles COVID-19 Update – Limited Form ADV & Form PF Filing Relief

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On March 13, 2020, the Securities and Exchange Commission (“SEC”) issued an exemptive order providing temporary relief from Form ADV and Form PF filing obligations applicable to registered investment advisers and exempt-reporting advisers that would otherwise become due between March 13, 2020 and April 30, 2020 (the “Order”). Please click here to be directed to our 2020 Annual Compliance Obligation Reminders, including Form ADV and Form PF deadlines.

The Order extends applicable filing and delivery obligations up to a maximum of 45 days from the original due date and is available to advisers whose filing and delivery obligations, as applicable, cannot be met “due to circumstances related to current or potential effects of COVID-19” who meet the following conditions:

To rely on the Form ADV relief, an adviser must:

  • promptly notify the SEC staff via email at IARDLive@sec.gov and disclose on the adviser’s public website (if the adviser does not have a public website, it must promptly notify its clients and/or private fund investors) (i) that the adviser is relying on the Order, (ii) include a brief description of the reasons why the adviser could not file or deliver its Form ADV on a “timely basis” and (iii) estimate the day by which the adviser expects to file or deliver its Form ADV; and
  • file and deliver its Form ADV as soon as practicable, but in no event later than 45 days of the original due date for filing or delivery. 

To rely on the Form PF relief, an adviser must:

  • promptly notify the SEC staff via email at FormPF@sec.gov (i) that the adviser is relying on the Order, (ii) include a brief description of the reasons why the adviser could not file its Form PF on a “timely basis” and (iii) estimate the day by which the adviser expects to file its Form PF; and
  • file its Form PF as soon as practicable, but in no event later than 45 days of the original due date.

Advisers contemplating reliance on the Form ADV relief should carefully consider whether the advantages of the relief outweigh the disadvantages of complying with its public disclosure requirements. For additional information, please contact Joseph M. Mannon at +1 (312) 609 7883, Cody J. Vitello at +1 (312) 609 7816 or another Vedder Price attorney with whom you have worked.



Professionals



Joseph M. Mannon

Shareholder



Cody J. Vitello

Associate



Adam S. Goldman

Associate