SEC Grants Relief for In-Person Meetings and Forms ADV and PF

SEC Grants Relief for In-Person Meetings and Forms ADV and PF

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On Friday, March 13, 2020, the SEC issued two orders granting regulatory relief for certain investment advisers affected by the spread of COVID-19. Specifically, the relief applies to in-person board meetings for public issuers and registered investment companies, and certain filing and delivery requirements for investment funds and advisers.

However, these new orders do not provide blanket relief for all investment advisers who have obligatory annual filings, such as the annual amendment to the Form ADV or the Form PF. The relief is quite limited in that it only applies to those firms that can demonstrate a direct impact from COVID-19. It will not be available to most advisers unless their key internal personnel have been directly affected by the virus.

Advisers who seek relief under the new orders are required to inform the SEC of their intent to delay the submission of their filings and meet a specific set of conditions. The SEC rarely grants this sort of relief and advisers will have to demonstrate that they are truly unable to meet the filing deadline of March 30. Further, advisers will be required to disclose their reliance on the new orders on their websites, and will be given a new deadline by which to submit their filings. A delay in obligatory filings will only be acceptable if these particular conditions are met and approved by the SEC.

Advisers should move forward with their plans to submit the annual amendment to the Form ADV on March 30 and Form PF on April 29. If you believe you or your firm may need additional time to complete the filing due to COVID-19, please reach out to us and we can assist in applying for the relief.

Greyline will continue to follow all regulatory responses to COVID-19 and provide updates as they are available.

 

 

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Darren Mooney

Partner and Co-Head of Business Development

Darren Mooney is a Partner and the Co-Head of Business Development at Greyline. Before joining Greyline, Darren served as deputy chief compliance officer of Partner Fund Management where he held primary responsibility for the compliance program of the second-largest hedge fund in the Bay Area. Prior to that, Darren spent five years providing compliance consulting services at Cordium and then ACA Compliance Group, where he led the company’s San Francisco office and west coast operations. In addition to providing ongoing consulting services to a variety of investment managers, including hedge fund, private equity, venture capital, real estate, quantitative and other wealth managers, Darren also regularly guided clients through the SEC registration process, implemented tailored compliance programs, supported clients’ live SEC exams, and served as an SEC-mandated independent compliance consultant following an SEC enforcement action. Darren’s other experience includes serving as deputy chief compliance officer and associate counsel at F-Squared Investments where he directly supported the compliance program during the investigation and subsequent enforcement regarding historical advertising practices. Darren has a B.S. in Economics from the University of Delaware and a J.D. from Suffolk University Law School. He is a member of the Massachusetts bar.

Annie Kong

Partner and Head of Venture Capital
Annie Kong is a Partner and Head of the Venture Capital Division at Greyline. She provides ongoing compliance consulting to investment advisers and manages client relationships. Prior to joining Greyline, Annie was part of compliance and operations at a long-only manager-of-managers that advised pension fund clients. While there, she conducted compliance and operational due diligence on SEC-registered investment advisers on the platform. She also oversaw and counseled on various legal matters across the firm. Annie has a B.A. in Economics from the University of California, San Diego, and a J.D. from the University of San Diego School of Law. She is an active member of the State Bar of California.
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