SEC Grants Exemptive Relief for Certain Investment Advisers Due to COVID-19
Due to current events related to the outbreak of the novel coronavirus (COVID-19), the Securities and Exchange Commission ("SEC") is granting potential exemptive relief to affected investment advisers. In an order released by the SEC on March 13, 2020, the SEC stated that certain investment advisers are eligible for exemption from filing or delivery obligations between March 13, 2020 and April 30, 2020. The order applies to:
- Registered investment advisers and exempt reporting advisers affected by coronavirus from requirements to file an amendment to Form ADV or file reports on Form ADV, respectively;
- Registered investment advisers affected by coronavirus from certain requirements to deliver amended brochures, brochure supplements or summary of material changes to clients; and
- Private fund advisers affected by coronavirus from Form PF filing requirements.
Eligible advisers must meet certain conditions to be eligible for and petition the SEC for exemptive relief. Advisers must (i) be unable to meet a filing deadline or delivery requirement due to circumstances related to current or potential effects of COVID-19; (ii) promptly provide notice to the SEC via email at IARDLive@sec.gov and disclose on its public website (or if it does not have a public website, promptly notify its clients and/or private fund investors of certain information); and (iii) must provide the otherwise due document to clients (if required to provide to clients) within 45 days of the original due date.
A copy of the exemptive relief order can be found here.
For help applying for exemptive relief or if you any other questions, please contact Matt Fornshell at matt.fornshell@icemiller.com or Erik Hansen at erik.hansen@icemiller.com.
This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader should consult with legal counsel to determine how laws or decisions discussed herein apply to the reader’s specific circumstances.