A Breakdown of the SEC’s Regulatory Relief Provisions for Filings and Documentation

***UPDATE***

On March 23 and 25, 2020, the SEC released further extended dates for the items listed below. 

WHAT HAPPENED?

While the international COVID-19 outbreak continues to affect the lives of the world’s citizens and, by extension, the United States’ securities infrastructure, the SEC is taking steps to provide relief to firms and funds through delays in form filing and document delivery obligations. Below are details regarding the regulatory response measures the SEC has made to-date.

KEY TAKEAWAYS

  • Potential filing extension for Annual Amendments to Form ADV and Form PF
    • If your firm’s Annual Amendment to Form ADV or Form PF are typically due between now and April 30 (now extended to June 30, 2020), and you are unable to file on-time due to COVID-19, you may apply for a 45-day filing extension.*
    • To enact relief, you must email the SEC at IARDLive@sec.gov for Form ADV or FormPF@sec.gov for Form PF and post on your firm’s public website that you are relying on the SEC’s order.
  • Potential filing extension for Forms N-PORT and N-CEN
    • If your fund’s Form N-PORT or N-CEN filing is typically due between now and April 30 (now extended to June 30, 2020), and you are unable to file on-time due to COVID-19, you may apply for a 45-day filing extension.
    • To enact relief, you must email the SEC at IM-emergencyrelief@sec.gov and post on the fund’s public website that you are relying on the SEC’s order.
  • Potential delay in transmittal of annual and semi-annual reports
    • If your fund’s annual or semi-annual report delivery to shareholders is due between now and April 30, 2020 (now extended to June 30, 2020), you may request a 45-day extension if the delay is related to difficulties caused by COVID-19.
    • To enact relief, you must email the SEC at IM-emergencyrelief@sec.gov and post on the fund’s public website that you are relying on the SEC’s order.
  • Potential delay in prospectus delivery
    • If your fund must deliver its current prospectus to investors between now and April 30, 2020 (now extended to June 30, 2020), you may request a 45-day extension if the delay is related to difficulties caused by COVID-19.
    • To enact relief, you must email the SEC at IM-emergencyrelief@sec.gov and post on the fund’s public website that you are relying on the SEC’s order. The fund must also publish its current prospectus on the fund website.

WHAT DOES THIS MEAN FOR ME?

Fairview advises against requesting regulatory relief unless absolutely necessary. Applying for relief may raise concerns about your firm or fund’s business continuity practices or may come up during future examinations.

In the unprecedented environment created by COVID-19, regulatory bodies and securities markets are subject to change requirements as the situation evolves. Fairview will provide you with the most up-to-date information related to COVID-19. Reach out to Fairview with questions about amended filing obligations or if you have questions about whether your firm or fund may be eligible for regulatory relief.

By | 2022-12-19T10:04:04-05:00 Mar 20th, 2020|Disaster Recovery and Incident Response, Registration, Disclosure and Filing Requirements, U.S. Securities and Exchange Commission|

About the Author:

Founded in 2005 with the goal of developing streamlined solutions for investment advisers, Fairview® is now servicing investment advisers, foundations, and funds with nearly $300 billion in collective assets.