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.