Source: https://www.ria-compliance-consultants.com/2020/04/sec-is-not-extending-the-deadlines-for-rias-to-file-deliver-form-adv-part-3-due-to-covid-19/
Timestamp: 2020-05-26 18:06:05
Document Index: 394945282

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SEC Is Not Extending the Deadline for RIAs to File Form ADV Part 3
Jay Clayton, the Chairman of the SEC, urged investment adviser firms to “continue to make good faith efforts around operational matters to ensure compliance by June 30, 2020, including devoting resources as necessary and available in light of the circumstances. “
The SEC Chairman noted that “[t]o the extent that a[n investment adviser] firm is unable to make certain filings or meet other requirements because of disruptions caused by COVID-19, including as a result of efforts to comply with national, state or local health and safety directives and guidance, the [investment adviser] firm should engage with [the SEC]. I expect that the Commission and the staff will take the [investment adviser] firm-specific effects of such unforeseen circumstances (and related operational constraints and resource needs) into account in our examination and enforcement efforts.”
For the full text of the SEC’s Public Statement entitled “Investors Remain Front of Mind at the SEC: Approach to Allocation of Resources, Oversight and Rulemaking; Implementation of Regulation Best Interest and Form CRS”, please visit https://www.sec.gov/news/public-statement/statement-clayton-investors-rbi-form-crs .
To help investment advisers understand what will be required by the Form CRS Relationship Summary/ADV Part 3, RIA Compliance Consultants created a webpage, Form ADV Part 3 FAQs. The page features 25 questions with detailed answers about the requirements for the Form CRS Relationship Summary/ADV Part 3. Because the SEC is not extending the deadline for the ADV Part 3, we encourage all SEC registered investment advisers to view these FAQs.
Free Upcoming Webinar – Preparing Form ADV Part 3
On April 22, 2020, Bryan Hill will be discussing how to prepare the Form ADV Part 3 for investment adviser firms registered with the SEC. Bryan will also talk about the SEC’s deadline for the ADV Part 3. Click the following link to register for this free webinar https://zoom.us/webinar/register/WN_CsHILWJHRQK8YZnrutpdow.
Labels: ADV Part 3, COVID-19, SEC
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