SEC Provides Relief For Form ADV and Form PF Filing and Delivery Obligations in Response to COVID-19 (Updated 4/2)

On March 25, 2020, the Securities and Exchange Commission ("SEC") issued an order granting temporary relief for filing and delivery obligations of Form ADV and Form PF for investment advisers whose operations may be affected by the coronavirus. This relief supersedes the SEC's previous order from March 13. The March 25 order extends the time of the relief to June 30, 2020, and eliminates the requirement for the adviser to provide the SEC and clients with a description of the reasons why the adviser is relying on the order and an estimated date by which the required filing will occur. The relief applies to both registered investment advisers and exempt reporting advisers. In providing the relief, the SEC explained that it is necessary "[i]n light of our current understanding of the nationwide scope of COVID-19's disruptions to businesses and everyday activities, and the uncertainty as to the duration of these disruptions."

Filing Deadlines

Conditions

1. promptly notify the SEC staff of the adviser's reliance on the March 25 order via email at IARDLive@sec.gov (with respect to Form ADV) or FormPF@sec.gov (with respect to Form PF);
2. disclose on its public website (or if it does not have a public website, promptly notify its clients and/or private fund investors) that it is relying on the March 25 order; and
3. file the Form ADV or Form PF, as applicable, and deliver the brochure (or summary of material changes) and brochure supplement, "as soon as practicable, but not later than 45 days after the original due date for filing or delivery."

Conclusions