By Buddy DoyleShare Article
Form ADV and Form PF Relief: Understanding the SEC’s Exemptive Order
The SEC provided an exemptive order this week in response to the COVID-19 event. In limited circumstances, Investment Advisors and Exempt Reporting Advisors will have an additional 45 days from the original deadline to complete and submit their annual filings or material changes.
Procrastinators need to understand that there are specific circumstances requirements to meet this exemption including:
- The extension must be due to circumstances related to current or potential effects of COVID-19
- You must notify the SEC via email and disclose on your public site that you are:
– Relying on the order
– Why your organization can not file its Form on a timely basis
– When you expect to be able to file the form
- You must deliver the Form as soon as practical within the 45-day window.
If you have questions regarding this Exemptive Order or want to discuss how Oyster and our clients are reacting to impact of the COVID-19 event, please do not hesitate to contact us. Helping firms during their time of need is what we do best. Oyster provides free resources such as podcasts and blogs, as well a team of consultants and software to help you organize and automate your compliance program. Oyster Consulting has the knowledge and experience to support your efforts to achieve compliance.
If you have any questions about Oyster’s services or would like to discuss how to keep your firm safely operating during this time, please do not hesitate to contact us by calling (804) 965-5400 or completing our contact form, and a Relationship Manager will be glad to connect you with an Oyster expert.
Whether you are looking to change from self-clearing to fully-disclosed (or vice-versa), exploring your clearing options or starting a broker-dealer, Oyster can assist with the assessment, analysis, vendor selection and conversion processes.Download