Client Alerts

COVID-19: Temporary Form ADV and Form PF Relief Period Extended to June 30, 2020

Client Alerts | April 2, 2020 | Investment Management

On March 25, 2020, the U.S. Securities and Exchange Commission (“SEC”) issued an exemptive order (the “Updated Order”1) expanding the temporary regulatory relief from certain Form ADV and Form PF requirements previously granted under its March 13, 2020 exemptive order (the “Original Order”) to investment advisers whose operations may be disrupted by the outbreak of the COVID-19 virus. We described the relief granted pursuant to the Original Order in a previous client which can be found here.

The Updated Order

The relief specified in the Original Order was limited to Form ADV and Form PF filing or delivery obligations (as applicable) originally due on or after March 13, 2020, but on or before April 30, 2020. The Updated Order extends this period to June 30, 2020. Filing or delivery, as applicable, would still need to be made as soon as practicable, but in any event no later than 45 days after the original due date. The Updated Order indicates that the time period for any or all of the relief may, if necessary, be extended with any additional conditions that the SEC deems appropriate.

In addition, the Updated Order removed the Original Order’s conditions that an investment adviser that intends to rely upon the relief must (i) include, in its email correspondence to Commission staff and on its website, as applicable, why it is unable to meet a filing deadline or delivery requirement and (ii) provide an estimated date of filing or delivery completion.

Investment advisers impacted by COVID-19 should engage their legal counsel to learn more about these orders.

We understand that these are challenging times for our clients and friends. Kleinberg Kaplan has been diligently monitoring the updates and developments pertaining to COVID-19 and the potential impact for our clients. We will continue to provide updates as the situation develops.


The Updated Order can be found here.