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RIA, CPO and CTA compliance relief

Apr 13, 2020

With concerns for family health and well-being, delays in tax and other pertinent information, and most businesses closed or functioning at reduced productivity levels, we have had several fund managers inquire about changes to regulatory filing deadlines.

The SEC has acknowledged that, in light of the COVID-19 pandemic, some investment advisers will be prevented from meeting their regulatory deadlines. To help, the SEC has provided a 45-day extension for registered investment advisers and exempt reporting advisers incapable of meeting their filing requirements originally due between March 1 and July 1. This includes Form ADV and related disclosures, Form PF and Form 13G.

Originally the SEC expected investment advisers to provide estimates for when they expected to comply with the filing as well as explanations for why they needed the extension; however, they are now only requiring notification from entities intending to rely on this relief.

Similarly, the National Futures Association (NFA) has issued reporting relief for member commodity pool operators (CPOs) and commodity trading advisors (CTAs).

In general, similar to the SEC, the NFA is also providing 45-day reporting extensions.

This includes Form PQR, required by member CPOs for the quarter ended Dec. 31, 2019, and March 31, 2020. Typically, this form is due on March 30 and May 30, 2020, respectively, but it has now been extended to May 15 and July 15, 2020.

Similarly, Form PR for the quarter ended March 31, 2020, required to be filed by CTAs 45 days after the end of the quarter, will now be due on June 30, 2020. Furthermore, the NFA has clarified that the required distribution to pool participants of a copy of the filed annual report and periodic account statements will also adhere to the revised deadlines. 

In regard to distributing audited financial statements, the SEC does not plan on issuing any official extension to registered investment advisers. However, they are directing people to an FAQ they released in March 2010 (see question VI.9) where this issue was previously addressed.

Here the SEC has indicated that it would not recommend enforcement action for a violation due to certain “unforeseeable circumstances.”

While the SEC is not requesting notice, they do require the client to maintain documentation as to why they were unable to meet the due date, within 120 days of a private fund’s fiscal year end. It is also recommended that this documentation be reviewed by their legal counsel.

More from the SEC

Conditional regularly relief
SEC on virtual annual meetings
SEC on virtual shareholder meetings 

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Sarah K. Williams, CPA
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