SEC Extends Form ADV Filing Deadline to RIAs Amid COVID-19 Outbreak

The U.S. Securities and Exchange Commission (SEC) has extended the Form ADV filing deadline for registered investment advisers (“RIAs”) impacted by the COVID-19 coronavirus outbreak. The filing extension is outlined in an order issued under the Investment Advisers Act of 1940 (Advisers Act).

Under the order, SEC-registered investment advisers who qualify will have up to an additional 45 days to make any ADV or Form PF filings or deliveries due between now and April 2020.

To qualify for relief, an RIA must be “unable to meet a filing deadline or delivery requirement due to circumstances related to current or potential effects of the coronavirus pandemic.”

Advisers who meet the criteria need to email the SEC at IARDLive@sec.gov and disclose on its public website the following information:

  • That it is relying on the SEC order providing for an extended filing
  • The reasons why it could not file or deliver its Form ADV on a timely basis
  • The estimated day by which it expects to file or deliver the Form

The extension applies to the annual updating amendment and other-than-annual amendments, which are typically required to be made upon a material change. It also applies to Form PF, a separate form filed by private fund advisers with over $150,000,000 in private fund regulatory assets under management.

In a press release, Jay Clayton, the SEC’s chairman, explained, “As investors, investment funds, investment advisers and other market participants endeavor to address these challenges, the commission stands ready to take action in the interest of our investors and our markets as appropriate. Today’s targeted relief will provide additional time, so affected funds and advisers can continue meeting the expectations of their investors and clients.”

At this time, there is no word on whether the coronavirus disruption will delay the implementation of new requirements like Form CRS which registered advisors and registered broker-dealers are responsible for filing for the first time between May 1 and June 30.

Filing relief for state-registered firms varies by state.  You should check with your state securities regulator website for the latest information, or check the North American Securities Administrators Association website.