Document ID: SEC-2020-0391-0001
Agency: sec
Document Type: Notice
Title: Order Under Section 206A of the Investment Advisers Act of 1940 Granting Exemptions From Specified Provisions of the Investment Advisers Act and Certain Rules Thereunder
Posted Date: 2020-03-19T04:00Z

[Federal Register Volume 85, Number 54 (Thursday, March 19, 2020)]
[Notices]
[Page 15829]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05710]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 5463/March 13, 2020]

Investment Advisers Act of 1940; Order Under Section 206A of the 
Investment Advisers Act of 1940 Granting Exemptions From Specified 
Provisions of the Investment Advisers Act and Certain Rules Thereunder

    The current outbreak of coronavirus disease 2019 (COVID-19) was 
first reported on December 31, 2019. 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. In light of the current 
situation, we are issuing this Order providing a temporary exemption 
from certain requirements of the Advisers Act.
    Section 206A of the Advisers Act provides that the Commission may 
conditionally or unconditionally exempt any person or transaction, or 
any class or classes of persons or transactions, from any provision or 
provisions of the Advisers Act, or any rule or regulation thereunder, 
if and to the extent that such exemption is necessary or appropriate in 
the public interest and consistent with the protection of investors and 
the purposes fairly intended by the policy and provisions of the 
Advisers Act.

I. Time Period for the Relief

    The relief specified in this Order is limited to filing or delivery 
obligations, as applicable, for which the original due date is on or 
after the date of this Order but on or prior to April 30, 2020. The 
Commission intends to continue to monitor the current situation. The 
time period for any or all of the relief may, if necessary, be extended 
with any additional conditions that are deemed appropriate, and the 
Commission may issue other relief as necessary or appropriate.

II. Form ADV and Form PF Filing Requirements for Registered Investment 
Advisers and Exempt Reporting Advisers

    The disruptions resulting from COVID-19 that are mentioned above 
could hamper the efforts of investment advisers to timely meet certain 
filing and delivery deadlines. At the same time, advisory clients and 
the Commission have an interest in the timely availability of required 
information about investment advisers, and we remind investment 
advisers who rely on this Order to continue to evaluate their 
obligations, including their fiduciary duty, under the federal 
securities laws. In light of the current and potential effects of 
COVID-19, the Commission finds that the exemptions set forth below:
    Are necessary and appropriate in the public interest and consistent 
with the protection of investors and the purposes fairly intended by 
the policy and provisions of the Advisers Act; and
    are necessary and appropriate to the exercise of the powers 
conferred on it by the Advisers Act.

    The necessity for prompt action of the Commission does not permit 
prior notice of the Commission's action.
    Accordingly, it is ordered, pursuant to Section 206A of the 
Advisers Act:
    For the time period specified in Section I, a registered investment 
adviser is exempt from the requirements: (a) Under Rule 204-1 of the 
Advisers Act to file an amendment to Form ADV; and (b) under Rule 204-
3(b)(2) and (b)(4) related to the delivery of Form ADV Part 2 (or a 
summary of material changes) to existing clients, where the conditions 
below are satisfied;
    For the time period specified in Section I, an exempt reporting 
adviser is exempt from the requirements under Rule 204-4 under the 
Advisers Act to file reports on Form ADV, where the conditions below 
are satisfied; and
    For the time period specified in Section I, a registered investment 
adviser that is required by Section 204(b) of and Rule 204(b)-1 under 
the Advisers Act to file Form PF is exempt from those requirements, 
where the conditions below are satisfied.

Conditions

    (a) The registered investment adviser or exempt reporting adviser 
is unable to meet a filing deadline or delivery requirement due to 
circumstances related to current or potential effects of COVID-19;
    (b) The investment adviser relying on this Order with respect to 
the filing of Form ADV or delivery of its brochure, summary of material 
changes, or brochure supplement required by Rule 204-3(b)(2) or (b)(4), 
promptly provides the Commission via email at IARDLive@sec.gov and 
discloses on its public website (or if it does not have a public 
website, promptly notifies its clients and/or private fund investors 
of) the following information:
    (1) That it is relying on this Order;
    (2) a brief description of the reasons why it could not file or 
deliver its Form on a timely basis; and
    (3) the estimated date by which it expects to file or deliver the 
Form.
    (c) Any investment adviser relying on this order with respect to 
filing Form PF required by Rule 204(b)-1 must promptly notify the 
Commission via email at FormPF@sec.gov stating:
    (1) That it is relying on this Order;
    (2) a brief description of the reasons why it could not file its 
Form on a timely basis; and;
    (3) the estimated date by which it expects to file the Form.
    (d) The investment adviser files the Form ADV or Form PF, as 
applicable, and delivers the brochure (or summary of material changes) 
and brochure supplement required by Rule 204-3(b)(2) and (b)(4) under 
the Advisers Act, as soon as practicable, but not later than 45 days 
after the original due date for filing or delivery, as applicable.

    By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-05710 Filed 3-18-20; 8:45 am]
 BILLING CODE 8011-01-P