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The SEC announced on March 13, 2020 that investment advisers affected by Coronavirus are exempted from filing an amendment to Form ADV Part 1A and the Brochure (ADV Part 2A) for up to 45 days.  The annual amendments for ADV are due March 30, 2020 for most firms.  In addition, the SEC exempted advisers affected by Coronavirus from the requirements to deliver amended brochures, brochure supplements or summary of material changes to clients where the disclosures are not able to be timely delivered because of circumstances related to Coronavirus.

To qualify for the relief the adviser must (1) be unable to meet a deadline due to circumstances related to the Coronavirus; (2) notify the SEC by email that it is relying on this order, explaining the circumstances of the delay and giving the estimated date of compliance, and (3) post the same information on the adviser’s web site.  The relief applies to filings due from March 13 through April 30.

The SEC explained the rationale for the relief,

The disease has led to disruptions to transportation, including buses, subways, trains and airplanes, and the imposition of quarantines around the world, which may limit investment advisers’ access to facilities, personnel, and third party service providers. The Commission recognizes that, in these circumstances, investment advisers may face challenges in timely satisfying provisions of the Investment Advisers Act of 1940 (“Advisers Act”) and rules thereunder concerning the filing and delivery of certain reports and disclosures.

This relief only applied to federally registered investment advisers.  No word as of yet on whether the States of Louisiana, Texas or Mississippi will grant similar relief.  Please feel free to contact me if you would like additional information.

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